Saudi Future Minerals Forum: Groundbreaking Deals Worth $7.2 Billion Signed on Day One

ministerial roundtable

The Future Minerals Forum (FMF) kicked off in Riyadh, marking the first major event in the kingdom for 2024. The inaugural day witnessed the signing of significant agreements totaling 27 billion riyals ($7.2 billion) between government agencies, companies, and private entities, underscoring Saudi Arabia’s commitment to diversify its economy.

A total of 20 agreements were inked, with a strong focus on mining exploration, technology, and communications advancements. These deals also addressed crucial aspects such as sustainability standards, localization, qualification, and industrialization within the minerals sector.

One of the highlights of the event was the revelation of details concerning 33 exploration sites available this year. Additionally, the first mining belt open for exploration in the region, spanning 4,000 square kilometers at Jabal Sayid, was introduced, showcasing the kingdom’s commitment to fostering growth in its minerals sector.

Minister of Industry and Mineral Resources, Bandar Alkhorayef, disclosed that Saudi Arabia has established a substantial $182 million mineral exploration incentive program. This initiative aims to invigorate the mining sector by facilitating investments in the exploration of various resources, including phosphate, gold, copper, and bauxite.

Speaking at the FMF, Alkhorayef stated, “This program will de-risk investments in our exploration, securing to enable new commodities, green field projects, and junior miners.” The move reflects the Saudi government’s proactive measures to create a conducive environment for both local and international investors in the mining sector.

In recent years, Saudi Arabia has been strategically diversifying its economy, moving away from a reliance on traditional oil and gas industries. The nation has directed substantial investments towards sectors such as manufacturing, construction, technology, mining, and tourism.

The positive economic trajectory is further supported by the Saudi Arabia Purchasing Managers’ Index (PMI), which maintained a robust figure of 57.5 for the second consecutive month in December. Non-oil sector companies expressed optimism about expectations for the next 12 months, indicating a buoyant economic outlook.

As the Future Minerals Forum progresses, the agreements signed on its first day are set to pave the way for transformative developments in Saudi Arabia’s minerals sector, fostering innovation, sustainability, and economic resilience.

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