https://arab.news/z5kq7
RIYADH: Saudi Arabia’s Cabinet has authorized the Ministry of Industry and Mineral Resources to sign a cooperation agreement with the World Economic Forum to secure critical materials for global development.
According to the Saudi Press Agency, the Cabinet — chaired by Crown Prince Mohammed bin Salman — gave the green light for the deal among a host of decisions.
Strengthening the mining sector is a crucial goal outlined in the Kingdom’s Vision 2030 agenda, as the nation is steadily spearheading its economic diversification journey by reducing its reliance on crude revenues.
Speaking at the Future Minerals Forum in Riyadh in January, Alkhorayef said that Saudi Arabia seeks to promote exploration opportunities across 5,000 sq. km of mineralized belts in 2025, aligned with the Kingdom’s plans to establish mining as the third pillar of its industrial economy.
At that time, the minister added that Saudi Arabia’s mining sector is the fastest growing globally, with the country holding an estimated mineral potential worth $2.5 trillion.