Saudi Arabia has become a major global player in the mining sector

Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Al-Khorayef stressed on Tuesday that the Kingdom has proven its strength in the field of mining, becoming a significant global player in this field.

The government is continuing to develop its mining sector as part of the Kingdom’s efforts to diversify its economy, he said while participating in a roundtable organized by the Federation of Industries of the State of Sao Paulo as part of his official visit to Brazil.

The roundtable was attended by many leading figures from the mineral extraction sector.

AlKhorayef said mining is a global issue that requires international leadership and cooperation due to its importance in advancing energy transformation worldwide.

“The Kingdom recognises that global challenges related to mineral extraction require collective leadership,” he added.

“Our strategy for real progress is based on collaboration. As we maintain our ambitious goals, we are focused on building strong partnerships around the world,” he stressed.

“Mineral production goes beyond economic value; it embodies the potential of our country and people. With our rich resources, skilled workforce and unique investment opportunities, the Kingdom is poised for transformational growth,” he continued.

In addition, AlKhorayef drew attention to the fourth edition of the International Mining and Natural Resources Conference, which will be held in Riyadh in January, stating that it has become the most important platform for discussing opportunities, problems and solutions in the global mining sector.

The minister said Saudi Arabia’s national industrial strategy aims to diversify 12 major sectors and provide employment opportunities in over 800 projects worth one trillion riyals.

In addition, the minister said Saudi Arabia aims to “revolutionize the pharmaceutical sector, with a goal of localizing 80-90% of insulin production and attracting top-level investments in healthcare.”

He highlighted the Kingdom’s wealth of natural resources and human capital, large investment opportunities and modern infrastructure.

Al-Khorayef began his visit to Brazil on July 22. He plans to visit Chile later.