Sabic, multinational chemical manufacturing company, participated in the recently held Future Minerals Summit in Riyadh and took part in discussions on the potential of the Middle East region in attracting investments for the mining sector.
Sabic was a Founding Sponsor of the summit, organized by the Ministry of Industry and Mineral Resources.
Yousef Al-Benyan, Sabic Vice Chairman and CEO, attended the summit on the inaugural day along with other senior company executives.
The Saudi Iron and Steel Company (Hadeed), a Sabic-owned manufacturing affiliate, joined the global mining industry to discuss with investors the current and future opportunities in the industry and to understand the latest advancements in mining technologies, the government’s role in this sector, and the applicable legal frameworks.
Hadeed processes 8 million metric tons per annum of iron ore and 1.5 million tons per annum of scrap at its integrated plant to manufacture iron and steel products.
More than 200,000 metric tons of lime and dololime used in the steelmaking process are procured from local mines. Securing raw material from reliable and responsible sources is a key goal for the company.
Sabic, through its Nusaned local content program, is helping to establish partnerships and empower supply chains in Saudi Arabia that can meet the needs of companies both at home and abroad. The program has registered 21 proposals in the mining and minerals sector, nine of which have completed all requirements for a total capital investment exceeding $290 million.
Sabic also has joint venture partnerships with Ma'aden, which is leading Saudi Arabia’s efforts to develop the mineral sector, and is ranked among the fastest-growing mining companies in the world.
An exhibition was also organized on the sidelines of the summit to provide visitors with the opportunity to meet mining experts, equipment manufacturers, technology providers and digital transformation specialists who exhibited their latest innovative products and services.
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