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Saudi Arabia Establishes $8 Billion Export Bank

Minister of Energy, Industry and Mineral Resources Khaled Al-Falih addressing the IKTVA Forum in Dhahran on Wednesday -SPA
Minister of Energy, Industry and Mineral Resources Khaled Al-Falih addressing the IKTVA Forum in Dhahran on Wednesday -SPA
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Saudi Arabia Establishes $8 Billion Export Bank

Minister of Energy, Industry and Mineral Resources Khaled Al-Falih addressing the IKTVA Forum in Dhahran on Wednesday -SPA
Minister of Energy, Industry and Mineral Resources Khaled Al-Falih addressing the IKTVA Forum in Dhahran on Wednesday -SPA

Saudi Energy Minister Khalid Al Falih made a massive announcement on Wednesday saying that an export bank will be launched with a capital of $8 billion to support overseas sales by its industrial and mining projects, energy.

Falih added that 5 billion riyals have been allocated as a first installment this year.

“A bank for exports with a capital of SR30 billion will be established to encourage and support exports, and SR5 billion have been allocated as a first installment this year,” he said while addressing the annual In-Kingdom Total Value Add (IKTVA) Forum organized by Saudi Aramco.

Iktva is Saudi Aramco's In-Kingdom Total Value Add initiative, and the forum aims to highlights the importance of “small and medium-sized enterprises (SMEs) in driving value creation and innovation.

Falih said that talks about upgrading capacities of industry and logistics services will not be complete without first talking about government funding for industrial and mining projects.

He cited that the Saudi Fund for Industrial Development (SIDF) capital has been boosted several times, from SR500 million at its inception to SR65 billion this year.

Falih said the IKTVA initiative forms a practical and creative model in which spending is directed towards stimulating industrial and logistic development in the Kingdom and developing national competencies.

He stressed that the program is ambitious with a spending volume of over SR1 trillion over ten years by Saudi Aramco.

The energy minister talked about national industrial development programs and logistics services that contribute to realizing the vision of the Kingdom 2030.

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Saudi Arabia Advances to Become the ‘Silicon Valley’ of Mining

The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
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Saudi Arabia Advances to Become the ‘Silicon Valley’ of Mining

The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)
The Saudi Energy Minister reviews data on critical mineral extraction and processing in several countries (Asharq Al-Awsat)

Saudi Arabia is pushing to become a global hub for critical minerals, aiming to be the “Silicon Valley” of mining. At the fourth Future Minerals Forum in Riyadh, the kingdom announced new deals, investment plans, and discoveries.
Industry Minister Bandar Al-Khorayef said Saudi Arabia will explore mineral opportunities across 50,000 square kilometers this year. The Kingdom also unveiled a $100 billion mining investment plan, with $20 billion already in advanced stages or under construction.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman announced that Aramco has identified “promising” lithium concentrations exceeding 400 parts per million in its operational areas, with lithium production in the kingdom expected to begin as early as 2027.
In line with this, Aramco revealed a joint venture with Saudi Arabian Mining Company (Ma’aden) to explore and produce minerals critical to the energy transition, including extracting lithium from high-concentration deposits.
The latest edition of the Future Minerals Forum brought together over 20,000 participants from 170 countries and featured 250 speakers across more than 70 sessions.
Saudi ministers and international officials highlighted key challenges facing the mining sector, including the need for increased private sector investment, advanced technology, regulatory frameworks, supply chain issues, carbon emissions from production, and a shortage of skilled talent.
In early 2024, Saudi Arabia’s Ministry of Industry and Mineral Resources raised its estimate of the kingdom’s untapped mineral resources from $1.3 trillion to $2.5 trillion, driven by new discoveries.
At last year’s forum, the ministry launched a $182 million mineral exploration incentive program to reduce investment risks, support new commodities, promote green projects, and empower small-scale mining operators.
Additionally, Al-Khorayef launched the Mining Innovation Studio at the Future Mineral Forum 2025.
In his opening remarks, Al-Khorayef stated that the new studio was designed to attract global talent and accelerate cutting-edge technology, in alignment with Riyadh’s vision to become the “Silicon Valley of mining”.
He clarified that the Kingdom is promoting upcoming exploration opportunities across 5,000 square kilometers of mineralized belts in 2025 as it continues its steadfast growth in the mining sector.
Al-Khorayef further noted that the Saudi mining sector is the fastest growing globally, and affirmed that its mineral potential stands at an estimated $2.5 trillion.
He elaborated that the allocation of new exploration sites to tap mineral wealth is part of Saudi Arabia’s efforts to establish mining as the third pillar of the Kingdom’s industrial economy.