Saudi Arabia’s Minister of Industry, Bandar Alkhorayef, recently revealed plans for a new mineral innovation acceleration park at the Future Minerals Forum’s ministerial roundtable in Riyadh. The mineral innovation acceleration park aims to solidify the kingdom’s commitment to sustainable energy. Moreover, it will also enable Saudi to position itself as a global leader in the minerals industry.
Creating a regional network
Alkhorayef emphasized the collaborative effort behind the mineral innovation acceleration park. The project will be a partnership involving King Abdulaziz City for Science and Technology, the Ministry of Industry and Mineral Resources, the National Industrial and Logistics Program, and the Saudi Geological Survey. The mineral innovation acceleration park initiative marks a tangible step in creating a regional network of centers of excellence.
Sustainable mining
Addressing representatives from more than 77 countries and organizations, Alkhorayef urged global collaboration to address the challenges posed by the increasing demand for energy transition minerals. He highlighted the importance of urgent action and invited countries to contribute to the effort. Moreover, he emphasized the need for sustainable and resilient value chains.
Following the announcement of the mineral innovation acceleration park, Alkhorayef highlighted the consensus among mineral-dependent countries to activate initiatives. This includes developing a clear policy on sustainable mining. He highlighted the transparency, clarity, and speed of Saudi Arabia’s new mining investment system. Hence, this positions the Kingdom as a favorable destination for investments in the sector.
Saudi Arabia’s investment in the mining sector has led to positive social and economic impact. Alkhorayef also underlined the kingdom’s success in creating a balance between serving community interests, preserving the environment, and ensuring a sustainable supply of minerals.
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A new era in mining
As the high-level meeting concluded, the spotlight shifted to the significant contribution of the mineral-rich super region stretching from Africa through the Middle East and into Central and East Asia. The Future Minerals Forum 2023 will facilitate discussions on stable supply chains, collaborative efforts, and technology development. It emphasizes promoting a green mineral supply chain for a transformative journey in the energy sector. The event not only serves as a platform for discussion but also as a beacon for global cooperation.
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