Emirates News Agency – Saudi Arabia announces new investments of more than 32 billion dollars

RIYADH, May 6/WAM/ The Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef said that the ministry aims to attract investments worth $32 billion in the mining and minerals sector through 9 new projects aimed at supporting the export of mineral products to local and international markets.

The Saudi Press Agency (SPA) stated that the Ministry of Economy is currently studying 145 applications for obtaining exploration licenses from foreign companies.

Minister Al-Khorayef indicated that among the projects that are currently being implemented as part of the targeted investments, a steel plate factory with investments of more than $4 billion, which aims to supply a shipbuilding factory in the King Salman International Complex for Maritime Industries and Services in Ras Al-Khair, and a factory for electric car battery inputs. With a value of $2 billion, in addition to other projects to produce metals such as aluminum, steel sheets, and a copper and zinc refinery, which are expected to increase local demand thanks to the tendency to industrialize in the Kingdom.

Al-Khorayef added that these investments come as part of the Kingdom’s Vision 2030, in cooperation with the Ministry of Investment and the Ministry of Energy, which seeks to make the mining sector the third pillar of the national industry in accordance with the objectives of the National Industrial Development and Logistics Programme, pointing out that these projects will provide more than 14,500 job opportunities.

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Wam / Abdel Nasser Monem

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