Saudi Launches National Minerals Program for Sector Growth

17 July 2024, Riyadh: In a significant move to enhance its industrial and mineral resources sector, Saudi Arabia has unveiled the "National Minerals Program." Bandar Al-Khorayef, the Saudi Minister of Industry and Mineral Resources, highlighted the program's potential to bolster the quality and efficiency of supply chains, ensuring a steady supply for local industries and major projects.

The program, recently approved by the Council of Ministers in a session chaired by Crown Prince Mohammed bin Salman, is set to play a pivotal role in driving the sector's growth and exploiting the Kingdom's vast mineral wealth. Affiliated with the Ministry of Industry and Mineral Resources, the initiative aims to enhance the efficiency and adequacy of both current and future mineral supply chains, ensuring their continuity at regional and global levels. This effort aligns with Saudi Arabia's broader strategy to maximize the value derived from its mineral sector.

Minister Al-Khorayef emphasized that the establishment of the National Minerals Program underscores the leadership's commitment to the sector. The program is a testament to Saudi Arabia's ambition to develop comprehensive mineral value chains, positioning mining as the third pillar of the national industry. Leveraging its strategic geographical location at one of the world's major trade intersections, supported by a robust and diverse infrastructure, Saudi Arabia aims to support sustainable economic development both regionally and globally.

The program will unify the key roles among various entities, bridge existing gaps to ensure the continuity of mineral supply chains, build local capacities, and contribute to exploration processes. Additionally, it will provide essential industrial supplies, ensuring their continuous availability for local industries and major projects.

The launch of the National Minerals Program marks a significant step forward in Saudi Arabia's efforts to enhance its industrial and mineral sectors. By focusing on efficient supply chains and leveraging its strategic location, the Kingdom is well-positioned to support sustainable economic development and become a leading player in the global mineral industry.