Khalid Al-Mudayfir, Deputy Minister of Industry and Mineral Resources for Mining Affairs in Saudi Arabia, has revealed that collaborative efforts are underway involving government entities such as the Ministry of Commerce, the Capital Market Authority, and businessmen to study the creation of the Saudi Metals Exchange.
This initiative aims to determine the value it can bring to the Kingdom and the world.
Al-Mudayfir emphasized that due to the mining wealth Saudi Arabia possesses, the number of exploration license requests from large foreign companies has risen to about 25% of total mining requests.
He explained that investment incentives following discoveries have attracted numerous investors.
Saudi Arabia intends to issue over 30 mining licenses in 2024, with eight exploration licenses each quarter, according to reports from the “Al-Eqtisadiah” newspaper.
Regarding the International Mining Conference that recently concluded in Riyadh, Al-Mudayfir stated, “The primary goal of hosting the conference is to provide minerals for the projects and strategies of Vision 2030 for all sectors in major projects valued at up to 8 trillion Saudi riyals.”
These sectors require minerals for renewable energy and industrial strategy, as one of the main objectives of the strategy is to provide minerals for Vision programs in Saudi Arabia and subsequently for the world.
The assessment of untapped mineral resources in Saudi Arabia has increased from 5 trillion Saudi riyals (equivalent to 1.3 trillion dollars) to 9.4 trillion Saudi riyals (equivalent to 2.5 trillion dollars) as a result of efforts over the past five years, which have led to a fourfold increase in exploration due to growing demand for metals.
