Saudi Arabia issues over 450 exploration licenses in 2 years: Alkhorayef

Bandar Alkhorayef Minister of Industry and Mineral Resources

Saudi Arabia issued more than 450 minerals exploration licenses in two years Bandar, driven by its geological survey program, Bandar Alkhorayef, Minister of Industry and Mineral Resources, said.

Saudi Arabia made a significant leap in its logistics services strategy, port development, and legislative framework. It is considered a vital hub in global trade due to its numerous capabilities, Alkhorayef told Asharq News during the World Economic Forum (WEF) at Davos.

Saudi Arabia is capable of being an important partner globally in solving logistical problems, he added, emphasizing that the logistics services sector is a fundamental support for local and global industries.

The Kingdom is betting on modern technologies, and adopting business models that align with the future rather than the past. It ventured into future sectors, such as electric cars despite being an oil-producing country.

The ministry has several programs aimed at empowering small factories, along with the establishment of a subsidiary company of the Saudi Industrial Development Fund to accelerate investments for medium and small enterprises using modern technologies.

There are programs operating in the petrochemicals, oil, gas, and mining sectors, in addition to collaborations with major companies such as Saudi Aramco, SABIC, and Ma'aden, supporting small and medium-sized enterprises.

Saudi Arabia is a key partner with WEF and has succeeded in attracting global attention through international conferences, hosting one of the most important global economic forums next April. It will focus on discussing global issues, Alkhorayef said, expecting it to achieve fruitful results in line with the objectives of Saudi Vision 2030.