Saudi Arabia is the world’s power ‘safety valve’: Minister tells Future Minerals Forum

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RIYADH: As the world faces a scarcity of critical mining supply, Saudi Arabia has a serious function to play as its mining sector is integrated with industry, logistics and numerous different sectors, together with vitality transition, based on a high Saudi minister.
While talking at Shocking in Riyadh on Jan.eleven, the Kingdom’s Minister of Investment Khalid Al-Falih noted that a scarcity of supply is probably certainly one of the key challenges faced in the mining sector.
“We reside in a world the place there is an expected rise in demand for critical metals that might be key to the electrification of the global financial system, and there might be also a crucial shortage of supply,” he mentioned.
Al-Falih added that Saudi Arabia could assist discover a answer persisting in the vitality sector, as the Kingdom has all the mandatory enablers, which includes essentially the most progressive laws to elevate the operations in the mining trade.
He said Saudi Arabia is the “world’s safety valve” for energy, whether or not it is typical, unconventional, or renewable energies, wind, photo voltaic, hydrogen or ammonia, or another rising technologies utilized within the mining business.
The minister noted that the Kingdom has brought together all of the necessary enablers within the mining sector. “We have the energy solution, we now have the location, we gave the financing, and we’ve the best-in-class regulations the world over,” mentioned Al-Falih.
The minister revealed that Saudi Arabia’s mining sector is placing a robust emphasis on environmental, social, and company governance principles, because the Kingdom has the best ESG scores, with low carbon intensity in fossil fuels and the rising utilization of renewables including hydrogen to cut back emissions whereas processing metals.
He additional identified that Saudi Arabia is facilitating all essential enterprise environments for private sector corporations to return and put money into the Kingdom.
“Saudi Arabia is providing the ecosystem and regulatory enablers, along with some financing via the development fund for personal sectors. We really are unleashing the power of the non-public sector,” said Al-Falih.
Pointing out that Saudi Arabia at present is ranked number one when it comes to the worldwide highway connectivity index, he mentioned the Kingdom’s robust transport connectivity will assist it emerge as a mining hub. “We have 5,500 kilometers of rail, and we’ve 8,000 kilometers which would possibly be being tendered out at present,” the minister stated.
For his half, Jeremy Weir, govt chairman and CEO of Transfigure Group, stated that the continued conflict in Ukraine has uncovered the vulnerabilities countries are facing in the supply chain of the mining sector.
“War in Ukraine made countries notice that they should not rely on one supplier, but should rely on a quantity of suppliers from a number of regions,” stated Weir.
Saudi Arabia is the world’s vitality ‘safety valve’: Minister tells Future Minerals Forum
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