SABIC, other World most Prominent Metals Industry Players Discuss Exploring Global Opportunities

SABIC participated in the Future of Minerals Summit it sponsored and played host to, in Riyadh, on January 11-13, 2022, under the noble patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

The national champion joined the discussions that reviewed the capabilities of the Middle East region, in attracting investments to the mining sector.

SABIC was also a founding sponsor, in this summit, which was organized by the Ministry of Industry and Mineral Resources.

The Saudi Iron and Steel Company (Hadid), wholly owned by SABIC, joined this event and participated, in discussing current and future opportunities, in the mining industry sector, in order to enhance understanding of the applicable legal frameworks, in the industry, worldwide.

It is noteworthy that Hadeed use as much as million metric tons, annually, of iron ore and one and 1.5 million metric tons, annually, of scrap iron, in its integrated plant to manufacture iron and steel products.

The company also uses more than 200,000 metric tons of lime and dololim (Dolmite), in the steelmaking process, which is purchased from local mines, as securing raw materials from reliable and responsible sources, is a major objective of the company.

Through its Local Content Initiative (Nusaed™), SABIC is keen to create partnerships and enable supply chains, in the Kingdom, to contribute to meeting the needs of companies, at home and abroad. The initiative registered 21 investment proposals, in the mining and minerals sector, nine of which have completed all requirements to obtain a total capital investment of more than $290 million.

On the other hand, SABIC also owns stake in joint ventures with Maaden, which is leading the Kingdom’s efforts, in developing the mineral sector, ranking among the fastest growing mining companies, in the world.

The summit witnessed organization of an exhibition to allow visitors to meet with mining experts, equipment manufacturers, technology developers and digital transformation specialists, who showcased their latest innovative products and services.