Saudi Industry Minister Explores Latest Mining Technologies at MINExpo International 2024 Las Vegas

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef visits the MINExpo International 2024 Las Vegas. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef visits the MINExpo International 2024 Las Vegas. (SPA)
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Saudi Industry Minister Explores Latest Mining Technologies at MINExpo International 2024 Las Vegas

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef visits the MINExpo International 2024 Las Vegas. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef visits the MINExpo International 2024 Las Vegas. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef visited the MINExpo International 2024 Las Vegas, the largest mining exhibition in the world.

He reviewed the latest technologies in mining operations and discussed the most promising opportunities in the mining sector with participating global mining companies, reported the Saudi Press Agency on Friday.

He was accompanied by Vice Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid bin Saleh Al-Mudaifer.

Alkhorayef visited the Saudi pavilion during the tour of the exhibition that is organized by the National Mining Association (NMA). The exhibition features several prominent Saudi mining companies alongside the National Industrial Development Center.

Alkhorayef met with several leading global mining companies. He explored collaboration opportunities in the mining sector, highlighting the relative advantages of investing in mining in Saudi Arabia.

Since 1996, the MINExpo has been held every four years and attracts the leading mining companies from around the world. It showcases all mining operations' latest technologies and equipment, including safety equipment, drilling machinery, and mineral exploration machines.

The exhibition serves as a platform for exchanging experiences and the latest innovations in the mining sector, fostering effective partnerships between government and private institutions interested in mining.

Its events and exhibits cover all mining sectors, including precious metals, non-ferrous metals, ferrous metals, industrial minerals, stone and quarry mining, sand, gravel, and coal.

Alkhorayef is on an official trip to the US that aims to develop industrial and mining cooperation, strengthen bilateral ties with Saudi Arabia, and attract quality investments to the Kingdom. The visit also explores mutual investment opportunities in promising industrial sectors, particularly aviation and space.



Saudi Digital Payments Market Attracts Global Investments

Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)
Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)
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Saudi Digital Payments Market Attracts Global Investments

Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)
Visitors to the Fintech 24 Conference in Riyadh (Photo: Turki Al-Aqili)

Saudi Arabia is pushing to increase digital payments to 70% by 2030, creating significant opportunities for global companies to expand in the region.
According to the Saudi Central Bank, electronic payments in the retail sector grew by 12% in 2023, reaching 70% of total transactions. Cashless transactions hit 10.8 billion, up from 8.7 billion in 2022, driving international companies to establish regional headquarters and capitalize on this growing market.
Nouf Al-Salama, Business Development Manager at PayerMax, told Asharq Al-Awsat that the company has opened a regional office in Saudi Arabia to strengthen its presence in the Middle East and North Africa (MENA) region.
She noted that the Gulf Cooperation Council (GCC) countries are expected to experience rapid growth in e-commerce, with Saudi Arabia and the UAE leading the change. According to CNNB Solutions, both countries are seeing a compound annual growth rate (CAGR) of 39% and 38%, respectively.
Federico Pienovi, Head of Commercial Operations for Asia, the Middle East, and Oceania at Argentine company Globant, revealed the company’s ambitions to generate $1 billion in revenue in the Saudi market over the next five years.
He said that Saudi Arabia has been selected as Globant’s regional headquarters, although the company is expanding across the region. With these ambitions, Globant plans to create over 500 local jobs in the coming years, continue its expansion, support national talents, and work on major projects that bring cutting-edge technology innovations to the Kingdom, he underlined.
Mordor Intelligence projects a 15.4% CAGR for Saudi Arabia's payment market between 2022 and 2027, making it one of the most advanced markets transitioning towards a cashless society.
PayerMax estimates the global digital payments market, valued at $7.79 trillion in 2022, will reach $14.77 trillion within five years, driven by the growth of digital wallets, smartphones, and payment technologies. Emerging economies’ rapid smartphone adoption is expected to further fuel this growth.