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Saudi investment ministry signs deal with UK firm to capitalize on Kingdom’s natural resources

Story Highlights
  • Officials say the agreement with Power Metal Resources aims to unlock high-value investment opportunities than maximize potential benefits from mineral reserves
  • It was signed on sidelines of Future Minerals Forum in Riyadh, which offered a showcase for the business environment in the Kingdom’s minerals and mining sector

RIYADH: Saudi Arabia’s investment ministry on Thursday signed an agreement with UK-based Power Metal Resources it said aims to unlock high-value investment opportunities to maximize the potential benefits offered by the Kingdom’s natural resources.

The memorandum of understanding was signed in the presence of the Saudi minister of industry and mineral resources, Bandar Alkhorayef, on the sidelines of the Future Minerals Forum in Riyadh.

In another deal, the ministry and Saudi state-owned mining company Maaden agreed to enhance cooperation, explore investment opportunities, and work to add value to the Kingdom’s mining, metals and downstream industries.

The forum, which began on Wednesday and concluded on Thursday, and was preceded by a ministerial roundtable on Tuesday, offered a showcase for the business environment in the Kingdom’s minerals and mining sector, including the investment opportunities that are available.

Minister of Investment Khalid Al-Falih took part in the second session of the event, during which he highlighted Saudi Arabia’s ability to help meet the growing demand for mineral resources, thanks to its large reserves that are valued at about $2.5 trillion.

He also emphasized the nation’s capabilities in the fields of mining and related exploratory activities across its mineral-rich region, which extends from the middle of Asia across the Middle East to Africa.

Al-Falih witnessed the signing of several memorandums of understanding at the event, which aim to support investment opportunities in copper-related industries, including mining and transformational processes, encourage cooperative projects, enhance the potential of the mining, minerals and manufacturing industries in the Kingdom, and maximize the benefits derived from the nation’s natural resources.

Eighty-nine investors reportedly expressed an interest in investment opportunities in the sector. A further 23 said they were willing to embark on economic ventures, and meetings were scheduled for them complete the procedures required for licenses to be issued.

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