Saudi Arabia key investment hub for mining: AlKhorayef

Bandar AlKhorayef, Minister of Industry and Mineral Resources

Saudi Arabia has emerged as one of the most crucial global hubs for direct investment in the mining sector, said Minister of Industry and Mineral Resources Bandar Alkhorayef.

During the Public Investment Fund (PIF) Private Sector Forum held today, Feb. 6, the minister highlighted that partnering with the private sector has become systematic.

The ministry is collaborating with the PIF and the private sector to outline numerous new value chains, with a focus on considering value chains for 11,000 products. The objective is to position the Kingdom as a competitive, significant player in each of these products.

Alkhorayef specified that the ministry evaluates the PIF based on four key pillars: Major projects, listed companies, newly established companies, and investment diversification. This all offers substantial investment opportunities, and the PIF is recognized as a critical partner.

The ministry also encourages the private sector to establish sector-specific forums to discuss government matters and leverage the capabilities and legislation required by each industry. During the first auto industry forum, for example, an automotive academy will be unveiled.

Efforts are in progress at the National Industrial Development Center, in collaboration with the PIF and private companies, to attract investors to the Saudi auto industry.

Highlighting the commitment to promoting local content, Alkhorayef added that the relevant regulations apply since the beginning of 2023 to all companies, including those affiliated with the PIF.

In the long term, the Kingdom will transition from being a technology importer to becoming a technology exporter, the minister added.