Saudi Arabia successfully reduces investment risks in mining sector: Alkhorayef

Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef

Minister of Industry and Mineral Resources, Bandar Alkhorayef, said Saudi Arabia has succeeded in reducing the risks of investment, production and manufacturing in the mining sector.

Addressing the second roundtable meeting of ministers concerned with mining affairs as part of the Future Minerals Conference in Riyadh, he indicated that the Kingdom attracted investments that exceeded $32 billion in 2022. This is in addition to launching the first tender for this sector with the participation of several countries, expanding supply chains in phosphate and gold, and developing an environment suitable for the electric vehicle industry.

The mining sector plays a leading role currently, and the world is in need of minerals and metals, said the minister. He stressed the need to develop supply chains that meet global needs, besides developing minerals and metals in the region to increase levels of commitment and improve the trade balance between different countries, as well as participation in the zero-carbon transition.

He also pointed out that the World Bank estimates show that the energy transition will see a five-fold increase by 2050 through the use of modern technologies.

"The US government has focused on the role of supply chains, technology, the automotive industry, defense industries, and green technology. Our region can be a bridge that extends across these countries in this transformation," Alkhorayef said.