7.3 Billion Tons of Potential Phosphate Reserves in Saudi Arabia

Saudi Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Saleh Al-Mudaifer (Asharq Al-Awsat)
Saudi Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Saleh Al-Mudaifer (Asharq Al-Awsat)
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7.3 Billion Tons of Potential Phosphate Reserves in Saudi Arabia

Saudi Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Saleh Al-Mudaifer (Asharq Al-Awsat)
Saudi Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Saleh Al-Mudaifer (Asharq Al-Awsat)

The world will need to increase the production of some types of minerals by 500% to meet the future demand for clean energy, according to Saudi Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Saleh Al-Mudaifer.

Saudi Arabia has become one of the most prominent countries in the field of producing phosphate fertilizers, with potential reserves of phosphate amounting to 7.3 billion tons, revealed Al-Mudaifer.

Al-Mudaifer made the remarks during the Mines and Money conference in London.

The vice minister further explained that minerals are indispensable for achieving the process of energy transition to renewable sources, which requires expanding the scope of finds and increasing production.

The World Bank estimated that there is a need for more than 3 billion tons of minerals and metals.

By 2050, the world will need to increase the production of minerals such as “graphite, lithium, cobalt, and copper” by about 500% to meet the future demand for clean energy technologies.

Al-Mudaifer highlighted the advances that Saudi Arabia has already made in its mining industry. As he noted, the significant potential for the Kingdom largely lies in precious and base metals—including gold, zinc, copper, and silver in addition to a few specialty metals such as niobium and tantalum.

In terms of phosphate fertilizer production alone, Al-Mudaifer stated that Saudi Arabia has already become the world leader. Estimates for total phosphate reserves vary from approximately 2.3 billion to almost 7.3 billion tons.

He stated that the Kingdom stabilized aluminum markets by building an industrial city that focuses on extracting and producing final products for the world. Moreover, the Kingdom is working with well-known electric vehicle manufacturers such as Lucid Motors and automotive sector suppliers such as EV Metals to build an integrated electric vehicle manufacturing complex.

Al-Mudaifer further pointed to important projects such as the Kingdom’s work in hydrogen, with the Kingdom creating the largest green hydrogen plant in the world. Additionally, 8 months ago, it announced a $5 billion project that – from a standing start – is expected to produce up to 250,000 tons, by 2026.



Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol
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Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques Approves Saudi Riyal Symbol

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud approved on Thursday the Saudi riyal symbol in a historic move that will reinforce the Saudi currency's identity.

SAMA Governor Ayman Al-Sayari extended his profound appreciation to the Custodian of the Two Holy Mosques and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, for launching the Saudi riyal symbol.

A Saudi Central Bank (SAMA) statement quoted Al-Sayari as saying that this decision reinforces Saudi Arabia's financial identity locally, regionally, and internationally. He indicated that the implementation of the new symbol will be gradual for financial and commercial transactions, with coordination across all relevant entities.

Al-Sayari said this initiative aims to promote national identity and cultural belonging, highlight the role of the national currency, and showcase the Kingdom among major global economies and G20 members. The initiative also signifies the increasingly important role of the national currency in the global financial ecosystem.

The Saudi riyal symbol

The governor acknowledged the collaborative efforts that have facilitated this achievement, extending his appreciation to all contributing entities involved in the symbol's development project led by SAMA, including the Ministry of Culture, the Ministry of Media, and the Saudi Standards, Metrology and Quality Organization.

According to the statement, the Saudi riyal symbol, developed to the highest technical standards, embodies the Kingdom's rich cultural heritage, carrying the name of the national currency "Riyal" in a design derived from Arabic calligraphy.

"The symbol will streamline the representation of the Saudi riyal in local, regional, and international contexts, making it suitable for use in referring to the Saudi riyal in all financial and commercial transactions," said the statement.

As Saudi Arabia advances its Vision 2030 agenda, the launch of the symbol solidifies the importance of the Kingdom's financial system and its increasing role regionally and internationally.