Al-Khurayf: Saudi Arabia targets mineral stability
The Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, emphasized that the Kingdom is striving to develop the mining and mineral sector to enhance the stability of global mineral supplies. This is being achieved through building international partnerships and developing an integrated system that supports economic growth and diversification of sources. He explained that the estimated mineral wealth in Saudi Arabia amounts to approximately $2.5 trillion, representing a 90% increase since 2018, with a focus on developing value chains and expanding collaboration with countries such as Russia. He considered that the mining sector is a fundamental pillar in achieving Saudi Arabia's Vision 2030, particularly in supporting the non-oil economy and increasing exports to 620 billion riyals.
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