Saudi Arabia is poised to become a “global leader” in the mining sector thanks to the kingdom’s investment incentives, according to a new report released on the eve of a major industry conference.
An analysis by the Payne Institute for Public Policy at the Colorado School of Mines in the United States says that the kingdom is on track to play a key role in supplying the valuable minerals needed for the green energy transition. to achieve the goal of zero carbon emissions.
The report says the investment will create around 14,000 new clean energy jobs will be created in the region, and the kingdom will receive $32 billion in investment.
The findings come as Saudi Arabia prepares to host a second edition of the upcoming Minerals Forum in Riyadh from January 10–12, and approximately 200 performers from various parts of the world are expected to participate in the event.
The summit is planned to address a number of topics, such as sustainability, the future of mining, the energy transition, the contribution of minerals to the development of societies, digital transformation, and integrated value chains.
Reflecting on Saudi Arabia’s role in the industry, the report notes: “Saudi Arabia’s role as a global leader in creating efficient supply chains for critical minerals is promising, in part due to a favorable investment climate.”
“Offering investment incentives and being transparent and open to investors, the Kingdom began to attract strong interest in investment partnerships, with the CEO of Eurasia Resource Group recently stating that Saudi Arabia has all the ingredients for success.” In the analysis, the Kingdom processes 145 research permit applications sent by foreign companies
According to 80-year-old geological surveys, the kingdom is estimated to have untapped mining potential worth $1.3 trillion.
However, as the prices of valuable minerals, especially gold, copper, and zinc, rise, the real value of the kingdom’s current mineral resources could double, said Abdullah Al-Shamrani, CEO of the Saudi Geological Survey, in September 2022.
Earlier this week, it emerged that Saudi Arabia issued 38 new mining licenses in November, up from 21 last month, as the sector continues to grow under its Vision 2030 economic diversification plan, according to official figures.
The kingdom now has 2,201 mining permits, up from 2,16 in October.
Of the permits issued in November,were for mineral exploration, 13 were for the construction materials industry, and one was for raw material production in Saudi Arabia. The Press Agency reported using data from the Ministry of Industry and Mineral Resources.
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