By: Zawya

Saudi Arabia will push ahead with projects to develop its massive mining sector as part of overall plans to diversify its oil-reliant economy and attract capital, minister of investment Khalid Al-Falih has said.

The minister told the UNIDO General Conference (GC21) in Riyadh that the Kingdom is steadily advancing toward greater industrial competitiveness, thanks to its strategic location, high-quality resources, and ambitious economic reforms.

He noted that economic diversification is a key focus, emphasising that Saudi Vision 2030 is built on broadening income and growth sources, promoting innovation, and empowering youth, who constitute two-thirds of the population.

Falih outlined the Kingdom’s main strategic transformation pathways, including advanced manufacturing, mining, and downstream petrochemicals, alongside the development of the mining sector.

“The Kingdom has massive mineral reserves with a value of more than $2.5 trillion and they can be leveraged with low-emission energy….development of this sector is a priority and will continue,” he said.

He added that Saudi Arabia is making considerable progress in clean energy, and blue and green hydrogen while developing the world’s most competitive renewable energy assets.