Industry And Mineral Resources Minister Leads Roundtable On Investment Opportunities In Moscow

Minister of Industry and Mineral Resources Bandar Alkhorayef led a significant roundtable in Moscow with private sector representatives. The meeting aimed to boost investment partnerships in industry and mining, exploring opportunities within Saudi Arabia’s National Industrial Strategy. This event was organised by the Ministry of Industry and Mineral Resources, the Russian Ministry of Industry and Trade, and the Federation of Saudi Chambers.

Several senior officials attended, including Saudi Arabia's Assistant Minister of Investment Dr. Abdullah Aldubaikhi, alongside leaders from both countries' industry and mining sectors. During the discussions, Alkhorayef praised the strong ties between Saudi Arabia and Russia, noting their upcoming 100th anniversary of diplomatic relations next year.

Alkhorayef highlighted economic similarities between the two nations, particularly in untapped mineral resources and robust oil and gas sectors. He emphasised that Saudi Arabia presents promising investment opportunities in vital sectors like industry and mining, which are key to its economic diversification strategy.

The minister pointed out Saudi Arabia’s strategic assets such as its geographic location, advanced industrial infrastructure, and efficient logistics network connecting industrial cities to ports. These factors position it as a crucial hub for global investment. He also mentioned significant investments in technology, research, development, natural resources, business-friendly environment, and a skilled national workforce.

The importance of the Saudi mining sector as a core pillar under Saudi Vision 2030 was stressed by Alkhorayef. Updates to the General Geological Survey Program and recent discoveries have increased the estimated value of the Kingdom’s mineral wealth by 90%, reaching $2.5 trillion.

He commended efforts to develop the broader industry and mining ecosystem by improving its investment environment. This includes reducing the average time required to obtain a mining license to just 90 days.

Future Minerals Forum

Alkhorayef underscored the significance of the Future Minerals Forum (FMF) in tackling challenges in global mining through flexible solutions. The FMF serves as a platform for sector leaders, major mining companies, investors, and research institutions to collaborate.

The minister invited investors to join the fifth FMF scheduled for January 2026. This invitation highlights Saudi Arabia's commitment to fostering international collaboration in mining.

Bilateral Relations Growth

Bilateral relations between Saudi Arabia and Russia are experiencing rapid growth, especially in industrial, mining, petrochemical, and advanced manufacturing sectors. Non-oil trade between them rose from $491 million in 2016 to $3.28 billion in 2024.

This increase reflects their dedication to enhancing cooperation and encouraging joint investments in priority sectors. The strengthening ties between these nations demonstrate their shared commitment to economic growth.

With inputs from SPA