Saudi Arabia has pumped at least $12 billion into aluminium industries and has set a target of doubling investments in these projects, an official has said.
With such heavy investments by the public and private sectors, the world’s largest oil exporter aims to become one of the top 10 aluminium producers, said Khaled Al-Mudaifer, Undersecretary of the Industry and Mineral Resources Ministry for minerals.
Mudaifer told the London-based Saudi daily Asharqalawsat that the Gulf Kingdom is giving priority to aluminium given the metal's growing role in renewable energy, electric vehicle and aviation industries.
“The mining strategy in Saudi Arabia was launched in 2018 and we are committed to enforcing this strategy…large projects have been launched as part of this strategy and more are in the pipeline..,” he said.
Mudaifer noted that Saudi Arabia, the largest Arab economy, has invested more than $32 billion in metal industries within an ongoing economic diversification scheme.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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