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Deals worth 27 billion riyals ($7.2 billion) were signed on the first day of the Future Minerals Forum (FMF), being held in Riyadh.
As the first major event to be held in the kingdom in 2024, the first day of the two-day forum saw 20 agreements signed between government agencies, companies and private entities participating in FMF.
The deals focused on mining exploration, technology, and communications, as well as the application of sustainability standards, localisation, qualification, and industrialisation in the minerals sector.
Also unveiled at the forum were details of the 33 sites available for exploration this year, and the first mining belt to be made available for exploration in the region at Jabal Sayid, an area of 4,000 square kilometres.
Saudi’s Minister of Industry and Mineral Resources Bandar Alkhorayef further stated that the kingdom has established a $182 million mineral exploration incentive programme, in a push to expand its mining sector and tap reserves of phosphate, gold, copper and bauxite, Reuters reported.
“This programme will de-risk investments in our exploration, securing to enable new commodities, green field projects and junior miners,” Alkhorayef said, while speaking at FMF.
In recent years, Saudi Arabia has been heavily investing in various industries in a drive to move away from its traditional oil and gas economy, with a push in manufacturing, construction, technology, mining, and tourism sectors.
Last week, Saudi Arabia Purchasing Managers’ Index (PMI) was at 57.5 for the second month running in December, with non-oil sector companies upbeat about expectations for the next 12 months.
(Writing by Bindu Rai, editing by Brinda Darasha)
