Saudi mineral wealth to hit $1.5 trillion amid surging demand
Saudi Arabia’s mineral wealth currently stands at $1.3 trillion, with a target to increase it to $1.5 trillion amid reports that the global demand for metals is set for a sixfold growth by 2040, said a top official of Saudi sovereign wealth fund PIF (Public Investment Fund).
PIF Governor Yasir Al Rumayyan was addressing the gathering at the third annual Future Minerals Forum (FMF) held in Riyadh.
He pointed out that the Ma’aden mining company owned by the PIF has expanded its exploration activities for gold, zinc, lithium, and other metals.
The kingdom, he stated, possesses mineral reserves and additional resources that can be effectively utilized.
During the forum held at the King Abdulaziz International Conference Center, Al-Rumayyan underscored the Kingdom’s role in energy transitions, a low-carbon future, and its targeted investments in vital minerals.
He also highlighted how the kingdom can provide strategic support and meet the growing demand for metals.
Al Rumayyan also underscored the ongoing efforts of the PIF and their significance to the kingdom’s economy. “We are currently conducting the largest global exploration program,” he stated.
He further highlighted a joint investment project between the PIF and Ma’aden, aimed at accessing minerals that are not currently available in the Kingdom.
Additionally, Al Rumayyan highlighted ways of cooperation in the energy sector to ensure the successful realization of the Saudi Vision 2030.
“We are also introducing a new bachelor’s degree in mining sciences at the King Fahd University of Petroleum and Minerals, which will include a curriculum on artificial intelligence (AI) and its applications, including in the mining sector, where AI can assist in exploratory efforts for all types of minerals,” he added.