Saudi Arabia And Morocco Dominate Global Phosphate Fertilizer Market

Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef, during an official visit to Morocco, reaffirmed Saudi Arabia’s commitment under Vision 2030 to transform the mining sector into the third pillar of its national industry, following oil and petrochemicals. He emphasized the Kingdom’s eagerness to learn from leading nations in this field, particularly Morocco.

Alkhorayef highlighted the potential for partnership with Morocco in significant mining ventures due to the extensive mineral resources possessed by both nations. Collectively, they contribute to more than 40% of the global production of phosphate fertilizer. This statement was made during a recent roundtable meeting held in Casablanca with investors and business people.

Alkhorayef also discussed Saudi Arabia’s National Industrial Strategy, which emphasizes diverse sectors including sustainability, food security, pharmaceuticals, and defense. The strategy leverages Saudi Arabia’s competitive advantages such as its oil, natural gas, and strategic geographic location that allows access to key markets, including those in Africa.

The strategy places a high priority on emerging industries like electric-vehicle (EV) batteries, renewable energy, and space-related industries. Alkhorayef stressed the importance of fostering industrial integration among Saudi Arabia, its neighboring nations, and Arab countries.

He stated that the National Industrial Strategy identified multiple avenues to promote and enhance industrial integration. Alkhorayef highlighted the attractive incentives and facilities offered by Saudi Arabia to investors in the industrial and mining sectors.

The minister's visit underscores Saudi Arabia's strategic approach to bolstering its industrial capabilities while seeking valuable partnerships with nations like Morocco. This aligns with Vision 2030’s broader goals of economic diversification and sustainable development.

With inputs from SPA