Saudi Arabia's Mining Ambitions

SOURCE www.semafor.com
Saudi Arabia aims to diversify its economy by investing in mining to extract over $2.5 trillion in metals, become a global minerals hub, and attract companies in EV and battery manufacturing. The kingdom's ambitious plans include joining the mainstays of oil, gas, and petrochemicals as part of its Vision 2030 effort.

Key Points

  • Saudi Arabia aims to maximize the value of minerals to boost its economy
  • The kingdom may hold up to $2.5 trillion in untapped mineral resources
  • Plans include becoming a commercial, refining, and research hub for minerals
  • The Manara Minerals fund aims to increase access to minerals worldwide
  • Saudi Arabia's mining strategy is part of its Vision 2030 effort to diversify the economy

Pros

  • Diversification of economy away from reliance on oil
  • Potential to become a global minerals hub
  • Opportunity to attract investments in EV and battery manufacturing

Cons

  • Challenges include access to specialized talent and water shortage
  • Centralized governing apparatus with heavy focus on decision-makers
  • Poor record on human rights and controversies in the global mining industry