Saudi Arabia’s cabinet approves minerals programme

Dubai: Saudi Arabia to launch a new national minerals programme, consolidating its role as a leading hub in the mining and metals sector, regionally and globally.

The Saudi Cabinet has approved the establishment of this initiative, which will be closely integrated with the country’s ministry of industry and mineral resources, according to a report by Saudi financial news portal Argaam.com.

This new programme aims to fulfil the increasing demands for minerals locally, regionally, and internationally, while enhancing local capabilities and supporting exploration activities.

While the country is adopting various programmes and initiatives to reach its 2030 target, this initiative is not any different.

This initiative aligns with Saudi Arabia’s strategic goal to elevate mining as a foundational pillar of its economy and is consistent with the ministry’s efforts to strengthen the sector in line with Saudi Vision 2030.

Saudi Vision 2030 is a programme launched in 2016 with the main aim of diversifying revenues away from oil.

Saudi Arabia's mineral wealth is estimated at $2.5 trillion (Dh9.1 trillion), according to a ministry statement earlier this year.