KSA Aims to Boost Mining Sector Contribution to GDP to $80 Bln
Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, announced that KSA now aims to increase the mining sector‘s contribution to the GDP to range between $70 and $80 bln by 2030.
This new target marks a notable increase from previous estimates. Earlier, KSA projected the contribution of the mining sector to reach $64 billion by 2030.
During a session titled “A New Generation of Responsible and Sustainable Mining Industries” on the sidelines of the Saudi-Arab-African Economic Conference, Alkhorayef highlighted the plan.
The Kingdom will update its estimates regarding mineral reserves, currently valued at $1.3 trillion, in January.
Minerals’ Value
Alkhorayef emphasized the economic value of minerals exceeds their financial worth. Therefore, this perspective allows Saudi Arabia to leverage its natural resources and strategic geographic location.
Geological Similarities with Africa
The minister pointed out the geological similarities between Saudi Arabia and African countries. He discussed ongoing efforts in information exchange, expertise sharing, and mining and refining activities with Africa.
Saudi Arabia has identified three handling areas in Africa. Thus, these will be used to enhance access to more African countries in transportation, distribution, and some basic industries.
Mining & Industry in Saudi Arabia
Saudi Arabia has a relatively untapped mining and mineral sector, with Vision 2030 laying the groundwork for the sector to contribute to diversification targets.
Linking mining with industry under a single ministry demonstrates Saudi Arabia’s intention to develop downstream industries related to mining and minerals.
The economy of Saudi Arabia, being the largest in the Middle East and the 18th largest globally, has substantial potential in the mining and industrial sectors.
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