World Economy

Saudi Mining Sector to Triple by 2030

Saudi Mining Sector to Triple by 2030Saudi Mining Sector to Triple by 2030

Saudi Arabia’s mining sector is set to triple by 2030, and its contribution to the gross domestic product is expected to reach SR260 billion ($69.32 billion) in 15 years, said the country’s minister of petroleum and mineral resources.

Ali Al-Naimi was speaking at the Saudi Mining and Minerals Exhibition and Symposium which kicked off on October 27, in Riyadh, Saudi Arabia, TradeArabia reported.

The event will run until October 29, at the Prince Sultan Grand Hall, Al Faisaliah Exhibition and Convention Center.

Al-Naimi said: “The direct and indirect contribution to GDP has reached SR80 billion ($21.33 billion) and (the sector) has created 265,000 jobs.”

“The ministry is aiming to raise the GDP even higher by 2030, and create more than 100,000 jobs for citizens,” he said.

Al-Naimi said that the ministry of petroleum and mineral resources was developing a long-term plan for the country’s mining sector.

Meanwhile, Saudi Geological Survey president Dr Zohair A. Nawab, addressing delegates of the Saudi Mining & Minerals Symposium, said that the country plans to complete viability studies into 50 new mineral opportunities next year as part of a development strategy for the sector.

“In 2016, studies will be made for confirmed reserves of more than 50 minerals in order to know their quantities and possible uses in industry,” Nawab added.