During his speech at the Istanbul Natural Resources Summit (INRES) 2025 held over the weekend, Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources of Saudi Arabia, shared the country’s mining strategies in line with its Vision 2030 and called for global collaboration.
Al-Mudaifer stated that the Saudi government has invested nearly SAR 1.33 billion (approximately USD 355 million) in metal exploration using public funds. He emphasized that, as a result of the national mining strategy launched in 2018, the number of mining companies in the country has increased from just a few to 133 by the end of 2023. "It is no longer possible to rely solely on oil and gas. We must diversify our economy by utilizing our underground resources," he stated.
Al-Mudaifer also mentioned that the investment of over USD 1 billion for the country’s geological mapping is only 5% completed. He added that to boost investor confidence, they have prepared a competitive mining law, which has contributed to a significant transformation in the sector. He revealed that the country’s total mineral potential has been revised from SAR 5 trillion (approximately USD 1.33 trillion) to SAR 9.4 trillion (approximately USD 2.5 trillion).
Investment Call for Africa, Central Asia, and Türkiye
The Deputy Minister also addressed the mining potential in regions including Africa, Central Asia, and Türkiye, stating, "30% of global resources are located in this region, but investments are insufficient. More resources must be allocated to ensure supply chain security," and called on international investors.
INRES 2025 Sheds Light on Global Natural Resource Agenda
The INRES 2025 Summit brought together decision-makers, industry leaders, financiers, and innovators in the fields of natural resource management, energy transition, and strategic minerals. The summit addressed changing global dynamics in energy and resource security, investment strategies in the era of transformation, and the role of critical minerals in the energy transition. Participants exchanged knowledge through high-profile sessions and interactive panels, while also seizing opportunities to develop global collaborations.
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