Saudi Arabia pitches $2.5tn mining sector potential to Canadian firms
JEDDAH: Canadian companies have been presented with exploration opportunities in Saudi Arabia's mining sector during a roundtable in Vancouver.
Officials from the Kingdom's Ministry of Industry and Mineral Resources presented investment options to representatives from 25 firms, outlining the goals of the government's Comprehensive Mining Strategy, according to the Saudi Press Agency.
The speakers also highlighted the competitive advantages of the Kingdom's investment environment and its ongoing efforts to develop the mining sector, maximizing its contribution to economic diversification.
The initiative is part of the Ministry of Industry and Mineral Resources' ongoing efforts to attract high-quality investments to Saudi Arabia's mining sector, with the Kingdom's mineral wealth estimated at around SR9.3 trillion ($2.48 trillion).
this effort also includes the Future Minerals Forum, launched in 2022 as an annual international conference where global mining leaders collaborate, share knowledge, and tackle key industry challenges and opportunities.
The Vancouver meeting is one of a number set to be held ahead of the fifth edition of the Kingdom's Future Minerals Forum in January, and according to SPA: 'Roundtable participants reaffirmed FMF's vital role in shaping the future of the global mining sector and developing effective solutions to its challenges amid ongoing shifts in the energy and industrial landscapes.'
The report added that the ministry also held a seminar with investors in Toronto, where it also presented promising investment opportunities in the Kingdom's mining sector.
The meetings build on the momentum of high-level engagement between Canada and Saudi Arabia, including Industry Minister Bandar bin Ibrahim Alkhorayef leading a delegation to Ottawa and Toronto in October to advance bilateral cooperation following the restoration of diplomatic ties in May 2023.
The visit also highlighted Saudi Arabia's interest in Canada's expertise in digital financial technologies, geological surveying, and human capacity development, aligning with the Kingdom's efforts to build a knowledge-based, innovation-driven mining sector under Vision 2030.
In 2023, the Kingdom's non-oil exports to Canada totaled SR140 million, mainly consisting of base metals and plant products. In contrast, non-oil imports from Canada reached SR2.89 billion, including locomotives, pharmaceuticals, optical and imaging equipment, and electrical devices.
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