Saudi Arabia invests in global sectors to assist local mining sector: Alibrahim

Faisal Alibrahim, Minister of Economy and Planning 

Saudi Arabia is investing in global sectors that will help the mining sector locally, Minister of Economy and Planning Faisal Alibrahim said at the Future Minerals Forum 2024 today, Jan. 10, in Riyadh. 

Alibrahim noted that these sectors are the ones that the Kingdom has decided to be a pioneer in through the energy transition.   

 The Kingdom aspires to develop complex products based on technology that depends on minerals and export worldwide.   

Saudi Arabia has set priorities for renewable energy, targeting 50% of energy to be clean and sustainable.  

Meanwhile, the Kingdom enjoys significant momentum in local sectors such as electric vehicles, he said. 

On investment priorities regarding the energy transition, Alibrahim stated that Saudi Arabia needs to keep an eye on the global context, as the Kingdom is a major player and contributor in several sectors related to the global economy. He further explained that in the global context, there are several challenges, including demand, which will accelerate during the next 16 years, and the doubling of minerals, whether rare minerals or critical minerals. 

Alibrahim said the extraction of minerals will grow fivefold by 2050, while the energy transition will require about 3 billion tons of cobalt, copper, lithium and rare minerals, indicating that manufacturing electric vehicles requires about 6% higher minerals than conventional cars.  

Additionally, he stated that there are challenges faced in the supply, sustainability and the environment.  

During the next three years, innovation will be used more in the energy transition, so as not to affect the environment, Alibrahim said, indicating that there is an opportunity for investments to be more profitable, less risky and cleaner.