��������Ƶ

RIYADH: The mining sector’s success in ��������Ƶ hinges on strong private sector partnerships, according to Finance Minister Mohammed Al-Jadaan. Given the significant investments and expertise required, the government alone cannot drive the sector’s growth, he said.

Speaking on the second day of the Future Minerals Forum in Riyadh, Al-Jadaan emphasized the need for collaboration between public and private sectors to unlock the full potential of the mining industry. The forum, which runs from Jan. 14-16, aligns with ��������Ƶ’s ambitious goal to increase the mining sector’s contribution to the nation’s gross domestic product from $17 billion to $75 billion by 2035.

It also supports the country’s Vision 2030 objective of establishing mining as a critical pillar of the industrial economy.

“This is a very complex industry that requires significant investments that, you know, the government alone cannot do. It requires significant know-how that the government alone cannot do, and you need to make sure that you actually partner with the private sector to enable this sector,” Al-Jadaan said.

Al-Jadaan outlined three key enablers for the mining sector's development: cross-sectoral alignment, the strategic use of data, and a competitive regulatory framework.

“If you want to do the right thing within mining, it is not the mining alone that will make it. You will need to make sure that you are aligning multiple sectors together — energy, mining, logistics, and possibly even a few others,” he explained.

He pointed to the National Industrial Development and Logistics Program as a successful example of how integrated sectors can collectively drive progress.

On the importance of data, Al-Jadaan emphasized its foundational role in shaping the sector's future. “There was real focus on making sure that we make an investment early on in data relating to mining, including specific technicalities and budgeting for supporting surveys throughout the mining sectors, and actually providing even support to companies who are coming for exploration,” he said.

The minister also highlighted the necessity of a stable and investor-friendly regulatory environment. “These are long-term investments investors would need to make. You know, we need to have predictability, confidence in the regulatory framework, and we need to ensure it is investor-friendly. They must be able to obtain their licenses on time and with certainty,” he added.

Al-Jadaan further acknowledged the challenges faced by emerging economies, particularly those in the Global South, which possess abundant mineral resources but often lack the capital, expertise, and infrastructure to exploit them fully. He suggested that with the right support, these nations could leverage their mineral wealth not only for industrial growth but as a key driver of broader economic development.

“With the right setup, they can utilize these resources not only for the mineral and metal industries but as part of a package for economic development,” he said, stressing that targeted support such as subsidized logistics and services could unlock the mining potential of these nations.

In a related panel discussion, ��������Ƶ’s Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Africa’s critical role in the global energy transition. He pointed out the disparity between the continent’s vast resource potential and its actual contribution to the market.

“Today, investment needs to happen not only in extraction but also in infrastructure. We have seen great assets today in Africa are falling behind because of infrastructure challenges, not mining challenges,” Alkhorayef noted.

As the Future Minerals Forum continues, the collaboration between the private sector and government remains central to advancing the sector, not only in ��������Ƶ but across the global mining landscape.

RIYADH: ��������Ƶ plans to allocate half of its government spending in the transport and logistics sector to rail infrastructure, with a primary focus on bolstering the minerals and industrial sectors, according to Saleh Al-Jasser, the Kingdom’s minister of transport and logistics services.

Speaking at the Future Minerals Forum in Riyadh, Al-Jasser underscored the strength of ��������Ƶ’s infrastructure and ongoing investments in transport systems. “Our roads, for example, are the most connected network globally,” he stated.

��������Ƶ’s expansive rail network, which spans 5,500 km, plays an integral role in the logistics and mining sectors. Al-Jasser pointed out that over the past year, more than 25 million tonnes of cargo, primarily minerals, were transported via the Kingdom's rail system.

“About 50 percent of our government funding in transport and logistics will be directed to rail, and that is largely to support industry and minerals,” he added.

In addition to rail advancements, Saudi ports have seen a significant uptick in international connectivity, with the number of international liners visiting Saudi ports rising from 53 to 115 over the past three years.

Al-Jasser emphasized the importance of logistics in the mining sector, noting that efficient transportation of raw materials is crucial for linking mines to processing facilities and facilitating global trade through rail, ports, and supply chains.

During another panel discussion at the event, Sarah Jones, UK minister for industry, stressed the need for a clear strategy to ensure a stable supply of critical minerals amid growing global uncertainty.

Jones outlined a three-pronged approach that includes identifying industrial priorities, leveraging financial mechanisms such as the National Wealth Fund and UK Export Finance to attract private investment, and fostering global partnerships.

“The plan is to work collectively,” Jones said, underlining the importance of collaboration with international allies to drive progress.

Finland’s Minister of Economic Affairs Wille Rydman also addressed the issue of diversifying supply chains for critical raw materials. He linked this need to both geopolitical stability and the ongoing clean energy transition.

“There will be no clean transition without electrification of our societies,” Rydman stated, stressing the crucial role of critical materials in supporting electrification. He also cautioned against over-reliance on single providers, noting that “If we are too dependent on single providers, that creates tensions that are not welcomed in this world.”

Rydman praised international forums like the Future Minerals Forum for fostering important discussions on supply chain resilience.

Pakistan’s Minister of Petroleum and Water Resources Musadik Malik voiced concerns about the potential rise of “green barriers” in global trade that could marginalize developing nations.

He highlighted a significant disparity in green financing, with 75 percent concentrated in a few developed countries, while regions such as Africa, Central Asia, and South Asia remain largely excluded.

Malik warned that without equitable financing, resource-rich but developing nations may struggle to comply with green policies. “These countries would not be able to cross (this hurdle), and therefore they will naturally gravitate toward blocks, which would further polarize the world,” he said.

He urged global stakeholders to address these disparities to avoid exacerbating existing trade imbalances.