His Excellency, Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, confirmed that the Arab region possesses a diverse geological environment and abundant mineral resources, giving it a comparative advantage that qualifies it to be at the forefront of the global mining map.
He emphasized the need for concerted efforts through providing a stimulating investment environment, enhancing the value chain of mineral resources, and establishing projects that convert raw materials into high-value-added products that support the economies of Arab countries and enhance their competitiveness in the global market.
He also proposed the creation of a shared database that includes studies and minerals found in the Arab region, especially in light of the ongoing development of the mining industries.
During his leadership of the ninth consultative meeting for Arab ministers concerned with mineral resources, hosted in Riyadh alongside the third edition of the International Mining Conference, Al-Khorayef highlighted the global increase in demand for minerals driven by global trends toward zero-carbon targets and current and future industrial and technological development.
He noted that mineral resources are an economic asset for national budgets, and their value increases with optimal use, processing, concentration, and production to meet the specifications required for industries that continue to grow in economic and industrial value.
Al-Khorayef pointed out that the purpose of the Arab ministerial consultative meeting is based on the principle of cooperation and integration in all developmental fields that serve the Arab world in general, and the mining sector in particular.
It aims to discuss ways to develop the mineral resources sector in Arab countries, increase its contribution to national economies, and achieve Arab integration in this sector within the framework of joint Arab action.
He added that the Kingdom's hosting of this meeting reflects its leadership role and ongoing commitment to supporting joint Arab efforts and enhancing progress in all areas, benefiting from expertise and experiences.
The Minister also reviewed the Kingdom's experience in developing the mining sector, which it relies on as one of its strategic options to diversify its economic base in line with the objectives of Saudi Vision 2030.
This includes increasing its active contribution to providing raw materials for mining industries and meeting the growing global demand for them. He explained that the Kingdom’s mining strategy has begun to mature, with three main pillars: the first is increasing the discovery of the Kingdom's natural resources and potential; the second focuses on the regulatory environment for the sector; and the third links the mining sector to the industrial sector to maximize economic returns.
