Mining becomes third pillar of Saudi economy: Al-Rumayyan

Yasir Al-Rumayyan, Governor of PIF  

Mining has become the third pillar of the Saudi economy, Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF) said during the Future Minerals Forum, today, Jan. 12, adding the Kingdom is committed to investment in the sector.  

Many industries rely on mining, he said, adding that mining industries will reshape the future, becoming a major contributor to global economies, in light of their economic, social and environmental roles. 

Al-Rumayyan explained that Saudi Arabian Mining Co. (Maaden) grew its revenue by tenfold in the last decade, becoming one of the leading and largest mining firms across the region. 

Maaden is planning to continue growth in the same pace going forward.

The Saudi mining firm seeks to continue growth on financial leverage and the ample resources available in the Kingdom and expand its portfolio. This growth will create opportunities for value accretive partnerships, lower costs and new exploration methods, Al-Rumayyan added.

Maaden seeks to contribute to realizing Saudi Green Initiative objectives, the top official noted, adding that it aims to achieve carbon neutrality by 2050.