SAUDI ARABIA

Al-Khorayef, Patel review promising opportunities between the two countries

May 14, 2022

RIYADH — The Kingdom’s delegation, headed by the Minister of Industry and Mineral Resources Bandar Bin Ibrahim Al-Khorayef, concluded a visit to South Africa after participating in the Africa Mining Conference "Mining INDABA 2022", which was held in Cape Town from May 9 to 12, during which the minister met with several ministers, official delegations and major investors.

The delegation included the Deputy Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Al-Mudaifer, the CEO of the Saudi Industrial Development Fund Dr. Ibrahim Bin Saad Al-Almojel, and the CEO of the Saudi Geological Survey Abdullah Bin Muftar Al-Shamrani, in addition to several leaders of the industry and mineral wealth system.

On the sidelines of the conference, the minister met with his counterpart, the South African Minister of Trade, Industry, and Competition Ebrahim Patel, as they discussed means to advance the work of the joint committee, and the work mechanisms between the two parties.

They also reviewed the promising opportunities between the two countries in the industry and mining sectors, in addition to various issues of common interest. Al-Khorayef also met with his counterparts in Sierra Leone, Chad, Senegal, Mali, Angola, and Niger and discussed with them enhancing cooperation prospects in the mining sector.

The minister thanked the Saudi leadership for the support that the industry and mining sectors enjoy, which have effectively contributed to strengthening the Kingdom’s position among countries, praising the South African government and its people for their warm reception and hospitality.

He also expressed his appreciation to the government agencies participating in this global conference under the umbrella of the "Invest in Saudi Arabia" program, stressing that these efforts were clearly reflected in the level of representation and the remarkable attendance at the Kingdom's pavilion, as well as the events organized by the Saudi delegation.

Al-Khorayef participated in the official opening ceremony by delivering a speech on the first day, followed by the participation of the Deputy Minister for Mining Affairs on the second day, then participating in the government summit, and organizing a dialogue session that saw a remarkable attendance of international investors, which was the largest dialogue session at the conference.

The Kingdom’s participation in the African Mining Conference “Mining INDABA 2022” is an important factor in highlighting the Kingdom’s efforts to develop the mining sector, which achieved record revenues in 2021, amounting to SR727 million ($194 million) and succeeded in attracting investments amounting to more than SR30 billion ($8 billion).

This is in addition to stimulating additional investments worth SR120 billion ($32 billion) in several projects that are currently being studied.

The Kingdom has amended the regulations and legislation of the mining sector; to provide a clear, transparent, and accessible environment for investors in the sector, and to provide financial incentives to benefit from the Kingdom's mineral wealth, as it aims to increase its contribution to economic growth and diversification, creation of high-value jobs, and the transition to clean energy. — SPA


May 14, 2022
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