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Saudi Arabia eyes $32B investments for 9 projects

Saudi Arabia eyes $32B investments for 9 projects

ArabFinance: Saudi Arabian industry sector is seeking to attract investment of $32 billion in nine projects in the fields of mining and metals to bolster exports of metal products to local and global markets, the Saudi Press Agency (SPA) reported on May 6th, citing Minister of Industry and Mineral Resources Bandar Al-Khorayef.

The Saudi industry ministry is considering 145 applications for exploration licenses submitted by foreign companies, Al-Khorayef added.

The underway projects include a steel panels factory with investments of over $4 billion, along with a $2 billion electrical vehicles (EV) battery plant, the minister revealed.

Al-Khorayef noted that there are other projects under development for the production of aluminium, steel sheets, copper, and zinc.

The recently announced investments are a part of Saudi Vision 2030 that aims to establish the mining sector as the third pillar of the national industry, Al-Khorayef said, adding that mining projects will create more than 14,500 jobs.

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