Saudi offering SAR 60B investment opportunities in steel sector: Al-Khorayef

Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef

Minister of Industry and Mineral Resources Bandar Al-Khorayef said that studies have been completed to identify the best options to address shortages in the local market and reduce imports of steel flats.

He said the Kingdom has identified new investment opportunities worth about SAR 60 billion, distributed across key products that support domestic industries.

Speaking at the third Saudi International Iron & Steel Conference 2025 in Riyadh, Al-Khorayef said the study on small factories that use induction furnaces for rebar production has been finalized.

The goal is to improve operational efficiency and ensure sustainability in line with the future of the Saudi industry.

To keep pace with rapid developments, the minister said that the National Industrial Development Center has been tasked with updating the national restructuring plan for the iron and steel sector.

The plan will reflect local and global developments and review related policies and regulations to enhance sustainability and improve the investment climate.

Al-Khorayef noted that the sector faced challenges in recent years, including a surplus in rebar production, limited capacity for high-value products used in key industries, and strong competition from imports, which have reached twice the Kingdom’s flat steel capacity.

“These challenges did not stop us,” he said. “They strengthened our determination to restructure the sector, close existing gaps, increase added value, and ensure the sustainability of supply chains for the local, regional, and global economies,” Al-Khorayef said.