RIYADH: Ƶ’s mining and industrial sector is “betting on technology,” aiming to achieve safer, more productive, and environmentally friendly operations, according to a senior minister.
Speaking to Arab News on the sidelines of the 7th Future Investment Initiative in Riyadh, Minister of Industry and Mineral Resources Bandar Alkhorayef emphasized the importance of technological advancements to make mining operations safer.
Referring to the second edition of the Future Minerals Forum organized by the ministry in January, he explained that they were actually “betting on technology” through the establishment of a “tech zone.”
It was really exciting to see how the different solutions that are available today for mining to have more safer mines, more productive mines, and more environmentally friendly mines,” Alkhorayef said.
He noted that the tech zone had showcased a wide array of innovative solutions that are readily available to the mining industry today.
Additionally, the minister highlighted two essential components in the government’s strategy for sustainable resource exploration. This includes the significance of having suitable policies in place, along with substantial financial investments in geological survey projects designed to systematically explore the nation’s mineral resources.
“First of all, policies need to be in place, and I think we are very well positioned in terms of the policies that we have put in place,” Alkhorayef said.
He added: “Secondly, as a government, we are spending a lot of money, we have a great project to explore the country. Our geological survey entity is working very hard with different projects to explore and get data ready for investors to let them know exactly the kind of minerals that we have and where they are.”
Furthermore, the minister outlined three critical factors that investors take into account when assessing opportunities: growth, profitability, and stability.
“I don't see anywhere globally that allows or offers the growth potential that we have in Saudi. We have a great deal of opportunities where we are keen as a government,” Alkhorayef told Arab News.
“So, in terms of what the investor wants, I think we are trying to do our utmost to get that in place; definitely we understand the challenges globally. But I think Ƶ is the place to be today,” he continued.
As part of efforts to enhance exports and align with Vision 2030 objectives, the minister reaffirmed the country’s commitment to attracting SR1 trillion ($266 billion) in industrial investments.
Speaking at the second edition of the “Made in Saudi” exhibition earlier this month, Alkhorayef emphasized that the majority of funds will be directed toward bolstering exports.
The target, first introduced in early 2019, seeks to position the Kingdom as a significant industrial and global logistics hub.
