Saudi Arabia’s Public Investment Fund (PIF) is prioritizing the mining sector among its thirteen key local sectors for targeted investments.
Mohammed Al-Dawood, head of industrials and mining sector for Middle East and North Africa investments at PIF, shared that the fund aims to support economic diversification by exploring investment opportunities.
Al-Dawood stressed the importance of the mining sector in Saudi Arabia, highlighting its substantial impact on various business systems and the country's supply chain.
The fund is committed to investing in mineral exploration operations locally and globally to ensure a sufficient supply of essential minerals for the Kingdom.
PIF’s goal is to contribute to the development of the mining sector, aligning with Vision 2030, to transform Saudi Arabia into a leading industrial powerhouse and a key logistical platform.
Ambitious Strategy
Maaden, the Saudi mining company, is a key player both nationally and globally in the mining sector, Al-Dawood stressed to Asharq Al-Awsat.
The fund sees its investment in Maaden as strategic to achieve its goals.
Maaden has experienced substantial growth in its phosphate and aluminum operations in the last two decades.
The company’s ambitious 2040 strategy includes increasing production capacities and ongoing investments in exploring new minerals in the Kingdom for its development.
Manara Minerals Investment Company (Manara)
Discussing global investments in mining, Al-Dawood mentioned that the Manara Minerals Investment Company (Manara) is now active in targeted investments for essential minerals.
Manara was formed by PIF in partnership with Maaden.
“The aim of the targeted investments is to ensure a steady supply of minerals that boost industrial growth in Saudi Arabia and improve supply chain efficiency,” said Al-Dawood.
“PIF also invests directly or through its companies in mineral industries undergoing transformation. For instance, recent investments include significant projects in the iron industry, like Dussur’s iron casting project,” he added.
Moreover, Al-Dawood revealed that PIF plans to invest strategically in various minerals and industries producing final products for sectors like aviation, defense, electric vehicles, renewable energy, and construction materials.
Emphasizing the role of mining in the supply chain, Al-Dawood said: “As part of its strategy, PIF aims to promote industrial development, improve supply chain efficiency, and meet the diverse needs of the new sectors it invests in.”
Many of PIF’s investments focus on future industries, especially electric vehicles.
“This industry requires a lot of minerals, about six times more than traditional cars,” explained Al-Dawood.
