The Kingdom as a strategic link in the global metals market
Minister of Industry and Mineral Resources, Bandar Al-Khorayef, emphasized the pivotal role of the Kingdom of Saudi Arabia as a strategic bridge connecting mineral-producing and consuming regions worldwide. During his participation in the G7-OECD Ministerial Meeting held in Istanbul, Al-Khorayef explained that the Kingdom's unique geographical location, at the crossroads of three continents, coupled with its growing economic weight, qualifies it to be a key player in ensuring the stability and security of global mineral supply chains.
The Kingdom is working diligently to solidify this role by building strategic partnerships and activating multilateral dialogue platforms, with the aim of strengthening international cooperation and developing resilient and sustainable supply chains. This move comes at a critical time, as global demand for essential minerals, which are the backbone of advanced industries and technologies related to the transition to clean energy, such as electric vehicle batteries, wind turbines, and solar panels, is increasing at an unprecedented rate.
Vision 2030: Mining is the third pillar of the Saudi economy
These efforts fall within the broader framework of Saudi Vision 2030, which aims to diversify national income sources and reduce dependence on oil. The mining sector is the third pillar of Saudi industry after oil and petrochemicals, with the Kingdom's untapped mineral wealth estimated at over $2.5 trillion, concentrated in the Arabian Shield region, which is rich in gold, copper, zinc, phosphates, uranium, and rare earth minerals.
To activate these enormous potentials, the Kingdom has updated its mining investment system to attract local and foreign capital, provide a transparent and stimulating investment environment, and launched the world’s largest geological survey programs to provide accurate data to investors.
Future Metals Forum: A global platform for uniting efforts
Minister Al-Khorayef noted that the Future Minerals Forum, hosted annually in Riyadh, has become a leading global platform bringing together government leaders, major investors, and mining companies to discuss the future of the sector. The forum aims to align international efforts and unify visions on the importance of securing mineral supplies, enhancing the resilience of associated value chains, and promoting sustainable mining practices.
In closing, Al-Khorayef invited the participating ministers to attend the sixth edition of the forum early next year, stressing that it will continue its role as a global platform to promote partnerships and support the sustainability of supply chains, which will benefit the global economy and support the Sustainable Development Goals.
Economic and strategic impact
Establishing Saudi Arabia as a global minerals hub has significant strategic and economic dimensions. Domestically, it contributes to creating thousands of jobs, localizing advanced technologies, and developing promising mining regions. Regionally, it reinforces the Kingdom's role as a leading economic power in the Middle East. Internationally, Saudi Arabia positions itself as a reliable partner in addressing global energy security challenges and securing the resources necessary for the Fourth Industrial Revolution and the green transformation.
