Saudi Arabia plans $32 billion investment in mining sector

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Saudi Arabia has set an ambitious goal of attracting investment worth $32 billion into its mining and mining sector through nine new projects, the state news agency reported. SPAquoting his minister.

These new projects aim to support the export of mining products to local and international markets, where the ministry is currently considering 145 exploration permit applications by foreign companies, said Minister of Industry and Mineral Resources Bandar bin Ibrahim Al Khorayef.

Among these projects, the largest is a steel plate factory being installed with an investment of over $4 billion at the King Salman Global Maritime Industries Complex in Ras Al Khair, while another factory is in being installed to manufacture electric vehicle battery inputs at a total value of $2 billion in addition to a copper and zinc refinery.

Al-Khorayef pointed out that these investments are part of the Kingdom Vision 2030 in cooperation with the Ministry of Investment and the Ministry of Energy which aims to make the mining sector the third pillar of the national industry in accordance with the objectives of the National Industrial Development and Logistics Program (NIDLP).

All these new projects will generate more than 14,500 job opportunities, he added.

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