Saudi Arabia’s investment ministry 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 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.—AN
