RIYADH — Minister of Industry and Mineral Resources Bandar Alkhorayef said that this entire region, which extends from Africa to Central Asia, provides about 33% of mineral resources in the world. Alkhorayef made these remarks during his speech at the Future Minerals Forum which kicked off in Riyadh on Wednesday, with the participation of 60 countries, represented by 40 ministers, 10 international organizations, and more than 200 speakers. The minister said the forum is an initiative to bridge the gap in the mining sector while building Saudi Arabia's minerals strategy. "Our region lacks a platform that brings together relevant parties from governments, the mining sector, companies, financial establishments, civil society organizations, service providers and academic circles." Alkhorayef mentioned that the platform is required to address the challenges facing the mining sector, and also to explore opportunities and discuss suitable solutions for the sector's future. He stated that the platform would also increase the region's contributions in global supply chains for minerals, with the guarantee that this is done in best possible way and maximizing its social and economic impact. Since the first edition of the forum, all parties concerned with mining were wishing to be part of this initiative, Alkhorayef said, adding that now is the right time to expand the mining sector in the region and globally, and to find a sustainable mining chain. "We will be working, through the forum, to strengthen the dialogue between the active parties in the mining sector, learning and exploring the latest technologies and technical developments in this sector," Alkhorayef said. From his side, Minister of Investment Khalid Al-Falih said Saudi Arabia is the world's safety valve for energy. "We are switching to renewable and solar energy, and we are working on using Ammonia in industry." Saudi Arabia gathered all the capabilities in one place and has energy solutions, location, financing, legislations, and also has the Investment Law which will be issued during the current year 2023, he said, adding that the Kingdom also has the appropriate environmental legislation. "We are living in a world with increasing expectations about the raise in business and growth in the mining sector," Al-Falih said. In the same forum, Finance Minister Mohammed Al-Jadaan said that the mining sector is very important in Saudi Arabia's Vision 2030, confirming that the ministry support and empower the sector. There are efforts are being made between the Ministry of Finance and the Ministry Industry and Mineral Resources, as Al-Jadaan said that they are providing them platforms and necessary capabilities. He said, they support the investors in the mining sector and harnessing all obstacle that they might face, not only the legislative aspects, but also in the matters related financial aspects. He said that the mining sector will witness prosperity, stressing that there is a clear vision in Saudi Arabia regarding investment in the sector, and that there are promising growth prospects for the sector in the country. When asked about the incentives offered by Saudi Arabia in the mining sector, Al-Jadaan said that the Kingdom is not looking only in the revenues, and also not trying to get the last "Halalah" from mining companies, but rather, it is trying to create jobs, and diversify its economy, and increase its exports because ultimately this will lead to more imports.
