Arab News
Arab News, Wed, Feb 05, 2025 | Shaaban 6, 1446
Saudi Cabinet approves cooperation agreement with WEF to secure minerals for development
Saudi Arabia:
Saudi Arabia’s Cabinet has authorized the
Ministry of Industry and Mineral Resources to sign a cooperation agreement with
the World Economic Forum to secure critical materials for global development.
According to the Saudi Press Agency, the Cabinet —
chaired by Crown Prince Mohammed bin Salman — gave the green light for the deal
among a host of decisions.
Strengthening the mining sector is a crucial goal
outlined in the Kingdom’s Vision 2030 agenda, as the nation is steadily
spearheading its economic diversification journey by reducing its reliance on
crude revenues.
Speaking at the Future Minerals Forum in Riyadh in
January, Alkhorayef said that Saudi Arabia seeks to promote exploration
opportunities across 5,000 sq. km of mineralized belts in 2025, aligned with the
Kingdom’s plans to establish mining as the third pillar of its industrial
economy.
At that time, the minister added that Saudi
Arabia’s mining sector is the fastest growing globally, with the country holding
an estimated mineral potential worth $2.5 trillion.