Saudi Arabia’s Mining Company (Ma’aden) is presenting over 52 investment opportunities valued at SAR4 billion ($1 billion) for private sector growth. Abdullah Al Osaimi, senior vice president for procurement and business support, revealed this during an interview with CNBC Arabia.
Investments worth SAR1.3 billion have already progressed to the implementation phase, showcasing Ma’aden’s commitment to economic diversification.
Local Content Drives Competitiveness
Ma’aden has enhanced local content in its procurement processes, with 57.2 percent of its procurements now involving local suppliers. This figure marks a notable rise from 51 percent recorded last year, emphasizing the company’s focus on bolstering national suppliers.
Al Osaimi stated that increasing local content remains a key strategy to ensure long-term competitiveness across its operations and the broader mining sector.
Ambitious Expansion Plans Unveiled
Ma’aden aims to expand its operations tenfold compared to 2020, guided by a decade-long investment strategy worth billions of riyals. This ambitious plan underscores the company’s vision to position Saudi Arabia as a global mining powerhouse.
In August, Ma’aden reported a threefold increase in net profits, driven by higher commodity prices and reduced raw material costs. The company posted second-quarter earnings of SAR1.02 billion ($260 million), a sharp rise from SAR351 million during the same period last year.
In May, Manara Minerals, a joint venture between Ma’aden and Saudi Arabia’s Public Investment Fund (PIF), closed a $2.5 billion deal. The acquisition involved a stake in a subsidiary of Brazilian metals and mining giant Vale, highlighting Ma’aden’s expanding global footprint.
Ma’aden’s bold moves underline its pivotal role in driving Saudi Arabia’s mining sector and supporting Vision 2030 goals.
