Saudi Arabia aims to expand industrial base in industry, mining sectors: Alkhorayef

Bandar Alkhorayef, Minister of Industry and Mineral Resources

Saudi Arabia aims to expand its industrial base in industry and mining, enhancing its sophistication to enter new sectors and participate in addressing global challenges, said Minister Bandar Alkhorayef.

In a speech at the 28th World Investment Conference (WIC) in Riyadh, Alkhorayef added that the Global Supply Chain Resilience Initiative (GSCRI) will contribute to linking Saudi Arabia with global supply chains and addressing global challenges, such as energy transition and the increasing need for minerals.

Saudi investments in the industrial sector have exceeded $260 billion, with the sector's contribution to the Kingdom’s gross domestic product (GDP) rising to $240 billion. Additionally, exports have increased to $150 billion.

He further explained that Saudi Arabia aims to raise the mining sector's contribution to the GDP to $70 billion and reduce mineral imports, which currently stand at $90 billion.