Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, has revealed that the kingdom is set to announce the discovery of new minerals and natural resources in mid-January at the upcoming Future Minerals Forum.
In his address at the annual “NIDLP” event in Riyadh last night, Alkhorayef disclosed that the nascent mining sector, as part of Vision 2030, generated record revenues in 2023, exceeding 1.5 billion Riyals, according to Saudi newspaper “Okaz” reported on Tuesday.
The Minister detailed the completion of the geological survey program, covering over 30% of the Arabian Shield area, with impressive results.
The National Industrial Development and Logistics Program (NIDLP) is pivotal in achieving the goals of Saudi Vision 2030, particularly in economic aspects and diversifying income sources.
The kingdom is focusing on mining as a vital sector, aspiring to become a major hub for manufacturing electric vehicle batteries, which require highly sought-after minerals globally.
Saudi Arabia is now concentrating on renewable energy and extracting minerals necessary for developing battery chemicals. The kingdom has already set a target to produce 500,000 electric vehicles by 2030.
Last November, Alkhorayef announced at the “Saudi-Arab African Conference” that the kingdom has increased its target for the mining sector’s contribution to the GDP, aiming for it to reach between $70 and $80 billion by 2030.
Previous estimates had projected the mining sector’s GDP contribution to be $64 billion by 2030.
Saudi Arabia’s upcoming announcement of new mineral and natural resource discoveries is a significant step towards realizing its Vision 2030 goals.
The focus on diversifying the economy through the development of the mining sector not only promises substantial economic benefits but also positions the kingdom as a key player in the global renewable energy and electric vehicle market.
