Saudi has been working to amend the mining sector regulations and legislation to provide a clean environment for investors in this industry.
It is also seeking to increase the sector’s contribution to growth, economic diversification, job creation, and the transition to clean energy.
Saudi will attend the “Indaba” mining conference, which will kick off today in South Africa, and will run until May 12.
The event highlights Saudi’s efforts in developing the mining sector, which generated record revenues of 727 million riyals ($194 million) in 2021 and attracted investments amounting to more than 30 billion riyals ($8 billion). In addition, the conference seeks to attract additional investments totaling 120 billion riyals ($32 billion) in various sectors.
The conference will see the highest-ranking US government official in years attending, organizers say, as well as representatives from the Japan Oil, Gas and Metals National Corporation.
Saudi proclaimed the mining industry as the “third pillar” of the Saudi economy after oil and petrochemicals.
The growth supports the country’s 2030 vision of diversifying its economy and branching out into the international markets.
Saudi has set an ambitious goal to attract investments worth $32 billion into its mining and minerals sector through nine new projects, reported state news agency SPA, citing Minister of Industry and Mineral Resources Bandar Alkhorayef.
These new projects are aimed at supporting the export of mineral products to local and international markets, and they will generate more than 14,500 job opportunities.