Saudi Ministry of Industry plans to lure $32 bln Investment to Mining sector

Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef said that the Ministry is seeking to lure $32 billion of investment into the mining sector through offering new nine ventures to boost mineral product exports locally and internationally. Also, the Ministry is working on 145 exploration license applications from foreign investors.

He added that the nine projects include a $4 billion steel plate mill complex for the shipbuilding, oil and gas, construction and defense sectors and a “green” flat steel complex that will supply the automotive, food packaging, machinery and equipment, and other industrial sectors.

Moreover, there is a $2 billion EV battery metals plant, in addition to other projects to produce aluminum, copper refining, zinc and steel plates.

These investments came in line with the Kingdom’s Vision 2030 as Saudi Arabia is seeking to diversify its economy, Alkhorayef said.

The proposed projects and investments would create 145000 jobs.

Alkhorayef that the Ministry’s target would fund nine mining projects for midstream minerals and metals to create more jobs and develop the Kingdom’s mining sector in order to become more sustainable and contributor to Saudi economy growth.

The targeted investments from the Ministry would depend on its recent achievements which included investments of more than $26 billion into aluminum and phosphate output.