Saudi minister explores strategic industrial and mining partnerships with top Russian firms
MOSCOW — Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef held a series of high-level meetings with executives from leading Russian industrial and mining companies during his official visit to the Russian Federation, aimed at expanding investment partnerships and exploring new opportunities in mining and manufacturing.
AlKhorayef met with the CEO of Alrosa, the world's largest diamond mining company, where they discussed opportunities for collaboration in mineral production and processing.
The minister highlighted Saudi Arabia's enabling investment environment for mining ventures.
He also held a strategic meeting with the CEO of VSMPO-AVISMA, the world's largest titanium producer, to discuss knowledge exchange and industrial cooperation.
The discussions explored joint efforts in producing and processing titanium for use in aviation, automotive, and other advanced industries. Saudi Arabia currently produces around 16,000 tons of titanium sponge annually, roughly 10% of global output, alongside 500,000 tons of titanium slag, primarily in Jazan.In a separate meeting with the CEO of Nordgold, a major gold mining firm, AlKhorayef reviewed Saudi Arabia's upcoming 2025 mineral exploration opportunities, covering 50,000 square kilometers.They also discussed sustainable mining practices, advanced technologies, and knowledge transfer.The minister also met with the Chairman of the Russian Aluminum Association, which oversees more than 80% of Russia's aluminum value chain.AlKhorayef reiterated the Kingdom's ambition to become a global and regional hub for aluminum manufacturing.Saudi Arabia currently produces 1.8 million tons of primary aluminum annually, with plans to scale up to 3 million tons.The Kingdom is targeting increased domestic demand across key sectors like aviation, packaging, automotive, and construction.Given Russia's role as the second-largest aluminum producer after China, the discussions underscored potential joint investment in the full aluminum value chain.AlKhorayef invited Russian mining leaders to participate in the 5th edition of the Future Minerals Forum, scheduled for January 2026 in Riyadh, which positions Saudi Arabia as a leader in shaping the future of the global mining sector.Saudi Arabia is estimated to hold $2.5 trillion worth of untapped mineral resources, including gold, copper, phosphate, and rare earth elements.The Kingdom has overhauled its mining investment regulations to attract local and international investors. Under Vision 2030, the mining sector's contribution to GDP is expected to rise from $17 billion in 2024 to $75 billion by 2030, making it the third pillar of Saudi industry.In the industrial sector, AlKhorayef held talks with executives from major Russian companies, including United Confectioners Limited—the largest confectionery producer in Eastern Europe.They discussed investment opportunities in food manufacturing and modern food production technologies.Saudi Arabia's food market is the largest in the Middle East, valued at SR184 billion in 2023 and projected to reach SR248 billion by 2035.The Kingdom is actively seeking over SR78 billion in industrial food investments through the National Industrial Strategy.Initiatives like the newly launched Jeddah Food Cluster, the world's largest specialized industrial food complex, reinforce Saudi Arabia's role as a regional leader in food industries.AlKhorayef also met with the Chairman of Salavat Steklo, one of Russia's largest manufacturers of float glass, to explore industrial cooperation and investment opportunities in the materials sector. The talks emphasized the Kingdom's robust incentives for industrial investors.
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