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Saudi Arabia to Attract Investments Worth $32 Bln in Mining, Minerals Sector

Saudi Arabia is expanding mining investments to benefit from its natural wealth of minerals. (Asharq Al-Awsat)
Saudi Arabia is expanding mining investments to benefit from its natural wealth of minerals. (Asharq Al-Awsat)
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Saudi Arabia to Attract Investments Worth $32 Bln in Mining, Minerals Sector

Saudi Arabia is expanding mining investments to benefit from its natural wealth of minerals. (Asharq Al-Awsat)
Saudi Arabia is expanding mining investments to benefit from its natural wealth of minerals. (Asharq Al-Awsat)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Friday that the ministry has a goal to attract investments worth $32 billion to its mining and minerals sector through nine new projects.

The projects are aimed at supporting supplies of mineral products to local and international markets.

Alkhorayef added that the ministry is currently studying 145 applications for exploration licenses from foreign companies.

The ministry has secured $6 billion for a steel plate mill complex and electric vehicle battery metals plant, he revealed.

The Kingdom is seeking to diversify its economy away from oil under its national transformation plan, Vision 2030, initiated by Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense. Mining is one of the sectors that has been identified for expansion.

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. Both projects are already underway, as is a $2 billion EV battery metals plant.

Alkhorayef said the projects would create over 14,000 jobs.

“These targeted investments represent an important 'down payment' in our efforts to move beyond exploration and extraction and into the creation of integrated value chains, a central focus of our overall mining strategy,” said the minister.

“The investments will continue to position the Kingdom as a mining production and logistics hub for a region that stretches from Africa to Asia, while also supporting the transformation of our mining sector so it can achieve its potential,” he added.

AlKhorayef stressed that the investments are aligned with Vision 2030 and are made in cooperation with the Ministry of Investment and the Ministry of Energy.

They seek making the mining sector the third pillar of the national industry in accordance with the objectives of the National Industrial Development and Logistics Program (NIDLP).

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.