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AlKhorayef: Saudi Arabia Has Become a Major Global Player in Mining Sector

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
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AlKhorayef: Saudi Arabia Has Become a Major Global Player in Mining Sector

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef stressed on Tuesday that the Kingdom has proven its strength in the field of mining, becoming a major global player in the field.

It is forging ahead in developing its mining sector as part of the Kingdom’s efforts to diversify its economy, he said during his participation in a roundtable meeting organized by the Federation of Industries of the State of Sao Paulo during his official visit to Brazil.

The roundtable was attended by several leading figures in the mineral wealth sector.

AlKhorayef said mining is a global issue that demands international leadership and cooperation given its importance in pushing forward the energy transition across the world.

“The Kingdom recognizes that global mineral production challenges require collective leadership,” he added.

“Our strategy for real progress is rooted in collaboration, and while we maintain our ambitious goals, we focus on forging strong partnerships worldwide,” he stressed.

“Mineral production transcends economic value; it embodies the potential of our country and people. With our rich resources, skilled workforce, and exceptional investment opportunities, the Kingdom is poised for transformative growth,” he went on to say.

Moreover, AlKhorayef highlighted the fourth edition of the International Mining and Resources Conference, set to take place in Riyadh in January, saying it has become the most important platform for discussing opportunities, issues, and solutions in the global mining sector.

The minister said Saudi Arabia’s national industry strategy aims to diversify 12 main sectors and provide job opportunities at over 800 projects that are worth a trillion riyals.

Furthermore, the minister said Saudi Arabia was seeking to “revolutionize the pharmaceutical sector, with a target to localize 80-90% of insulin production and attract top-tier investments in healthcare.”

He highlighted the Kingdom’s wealth of natural resources and human capital, major investment opportunities and modern infrastructure.

AlKhorayef kicked off his visit to Brazil on July 22. He is later set to visit Chile.

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Over 2,000 Local Factories Linked to Saudi Mega Projects

The Saudi NEOM region, showing ongoing construction work on one of the mega projects (Asharq Al-Awsat)
The Saudi NEOM region, showing ongoing construction work on one of the mega projects (Asharq Al-Awsat)
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Over 2,000 Local Factories Linked to Saudi Mega Projects

The Saudi NEOM region, showing ongoing construction work on one of the mega projects (Asharq Al-Awsat)
The Saudi NEOM region, showing ongoing construction work on one of the mega projects (Asharq Al-Awsat)

Saudi Arabia’s Ministry of Industry and Mineral Resources has added over 200 products to the national mandatory list and localized the production of vaccines and biological drugs for around 214 priority treatments.

Additionally, more than 2,000 local factories are now linked to major projects like NEOM, ROSHN, and the Diriyah Gate Development Authority.

A recent report reviewed by Asharq Al-Awsat reveals that the industrial sector saw substantial growth last year, with over 1,300 new licenses issued, attracting more than 81 billion riyals ($21.6 billion) in investments.

Around 1,055 factories began operations with investments of over 45 billion riyals ($12 billion), highlighting significant investor interest and supportive government policies.

By the end of 2023, there were 11,500 factories, with 9,400 operational and 2,100 under construction. National factories received the largest share of investments, followed by foreign and joint ventures.

Total factory investments reached about 1.5 trillion riyals ($400 billion) in 2023, with operational factories accounting for 1.4 trillion riyals ($373.3 billion) and those under construction about 122 billion riyals ($32.5 billion).

The Ministry also helped 13 industrial companies list on the Saudi Stock Exchange (Tadawul) with a combined capital of 2 billion riyals ($533.3 million).

The government also launched a platform for those interested in the Kingdom’s industry landscape, providing data on over 75 investment opportunities, benefiting 100 investors.

Mining Sector

Saudi Arabia’s mining sector continued to grow last year, with over 200,300 active licenses, including 816 issued in 2023. Construction quarries held 64% of the licenses, followed by exploration, exploitation, reconnaissance, and surplus ores.

The Ministry offered five mining licenses for economically viable sites and allocated 15 sites for mining activities for four types of ores. The sector achieved record revenues of over 1.8 billion riyals ($480 million) last year.

Total investments in mining industries reached 443 billion riyals ($118.1 billion), with direct foreign investments in the industry amounting to about 210 billion riyals ($56 billion).