WSJ: Minerals attract the world to Saudi Arabia

A recent report in the Wall Street Journal revealed that Saudi Arabia has become a new competitive arena for international companies in search of rare minerals, pointing out that Riyadh is investing heavily in mining in its quest to diversify its oil-rich economy.

Saudi Arabia’s entry into the global mining industry is part of a broader agenda to diversify its economy, according to the newspaper.

WSJ indicated that the United States, China and Russia are racing to secure the vital minerals needed to support the energy transition away from fossil fuels. Considering that their last battlefield is Saudi Arabia.

Government officials and senior mining executives flocked to Riyadh this week to take advantage of the influx of money the Saudis are pumping into mining investments. The Kingdom is located in the middle of a “super region” extending from Central Asia to the Middle East and Africa, which is said to contain at least a third of the world’s natural resources, including vital minerals.

The S&P Global website goes in the same direction, noting that Saudi Arabia is accelerating its efforts to position itself as a major player in the “mineral-rich region to reduce its dependence on oil as part of the Vision 2030 program.”

By making the metals and mining sector the third pillar of its economy, the Kingdom of Saudi Arabia is taking a comprehensive approach to investing in this sector inside and outside the country.