Energy, mining, tourism ‘priority sectors’ for cooperation with South Africa: Alkhorayef

Minister of Industry and Mineral Resources Bandar Alkhorayef speaking at the Saudi–South African Business Forum

Minister of Industry and Mineral Resources Bandar Alkhorayef said that a set of priority sectors, most notably renewable energy, mining, pharmaceuticals, tourism, and the automotive sector, are expected to see broader cooperation between Saudi Arabia and South Africa in the coming period.

Speaking to Argaam on the sidelines of the Saudi–South African Business Forum, Alkhorayef said these sectors represent major opportunities for collaboration, noting that there is also potential for joint work in other areas, such as construction, which is witnessing mutual investments. “However, current priority is being given to the identified sectors, with partnerships in these areas expected to be strengthened next year,” he added.

The minister also highlighted that cooperation between the Kingdom and South Africa gained tangible momentum after the visit of South Africa’s President in 2022, noting that there are significant shared ambitions, particularly in the mining sector.

South Africa is several years ahead of the Kingdom in mining, making it an ideal partner for attracting companies and expertise specialized in mining services and technologies, as well as for partnerships between Saudi and South African investors to support this sector in the Kingdom, said Alkhorayef.

He also indicated that the forum presented a clear and practical program for the private sector, during which financing, licenses and policies acceleration, and the Kingdom’s programs were discussed, with an emphasis on translating these outcomes into reality soon.

Regarding industrial investment opportunities, the minister stressed that the automotive and pharmaceutical industries offer significant prospects. He also highlighted the potential for integration between South Africa’s natural resources and Saudi Arabia’s manufacturing capabilities, noting that the Kingdom’s geographic location and energy sector position it to compete globally.

Alkhorayef also unveiled ongoing joint projects between Saudi and South African companies, including cooperation in halal meat, mining, and establishing an industrial base linked to the automotive sector. He added that the Kingdom is working to address any challenges facing these projects to support their growth.

On hydrogen production in the Kingdom, he referred to the massive export-oriented hydrogen project, which also benefits the industrial sector in the industrial city being developed in NEOM, explaining that this project will soon become one of the world’s largest hydrogen production facilities.