Saudi Arabia aims to increase private sector investments in the mining industry to 171 billion Saudi riyals ($45.6 billion) by 2030, the Arabic news website Al Eqtisadiah reported, citing the Ministry of Industry and Mineral Resources.

The kingdom is working to boost the contribution of the mining sector to the nation's GDP to $64 billion by 2030 from the $17 billion currently, the report said.  

Saudi Arabia is also targeting investments of more than SAR 120 billion by 2030 in several industries such as iron and aluminum, as well as in chemicals required by electric car batteries, said Al Eqtisadiah.

The ministry estimated the kingdom's minerals resources at over $1.3 trillion. They include phosphate, bauxite in northeast of the kingdom and gold, copper and other rare earth elements in west.

(Writing by Brinda Darasha; editing by Seban Scaria)