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Saudi Arabia to attract $32bn investment in mining sector

The investment is expected to be made in nine new projects across the country. (SPA File Photo)
By TRENDS Desk
May 7, 2022 10:55 am
  • The projects are aimed at supporting supplies of mineral products to local and international markets
  • The ministry is currently studying 145 applications for exploration licenses from foreign companies

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said on Friday, May 6, that the ministry has a goal to attract investments worth $32 billion to its mining and minerals sector.

According to the official Saudi Press Agency (SPA), the investment is expected to be made in nine new projects.

The country is seeking to diversify its economy away from oil by investing hundreds of billions of dollars into a plan called Vision 2030.

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

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

The minister said the projects would create over 14,500 jobs in the country.

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