Saudi Arabia’s Northern regions have SAR 1.2 trillion in minerals
05/12/23
Saudi Arabia’s Northern Borders Region has SAR 1.2 trillion (USD 320 billion) worth of mineral wealth deposits, according to figures announced at a recent Investment Forum.
The Northern Border Investment Forum was a two day event held at the Ministry of Interior Employees Club, in Arar. It was organised by the Northern Borders Municipality and the Federation of Saudi Chambers and was attended by over 600 Saudi and foreign investors.
Importantly, the Vice Minister of Industry and Mineral Resources for Mining Affairs explained that the Northern Borders Region contains 25% of the Kingdom’s mineral wealth. The main competitive advantage over other countries in the region is due to the presence of phosphate. As a result, the Vice Minister also revealed that Saudi Arabia is considering investing a further SAR 80 billion (USD 21.3 billion) into the phosphate 4 and 5 projects.
So far, the government has invested more than SAR 120 billion (USD 32 billion) in infrastructure to support new projects in the area. Moreover, the government strategy will shift to focus on building industrial factories in the Northern Borders Region to be the basis for maintaining modern industry. Such investments are exected to exceed SAR 220 billion (USD 58.7 billion) by 2035.
During the Investment Forum, over 157 investment opportunities in the Northern Borders Region were unveiled to nationals and foreign investors alike. Such opportunities are worth nearly SAR 22 billion (USD 5.9 billion) and are in targeted sectors including transportation and logistics services, mining, health, education and scientific research. Further sectors include real estate development, municipalities, industry, tourism and hospitality.
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