- Casablanca Bandar bin Ibrahim Alkhorayef, Minister of Industry and Mineral Resources, reaffirmed Saudi Arabia's commitment to developing the mining sector as the third pillar of its national industry, following oil and petrochemicals.
- Alkhorayef emphasized the Kingdom's goal of learning from Morocco, with whom Saudi Arabia has deep historical and geopolitical relations, particularly in the mining sector.
- Also, when implementing a National Industrial Strategy, Saudi Arabia considers a range of areas like sustainability, food security, pharmaceuticals, the military supply chain, with a focus on industries related to batteries for hybrid and electric vehicles, renewable energy sources, and space-related manufacturing.
On June 6, 2024, the Minister of Industry and Mineral Resources, Casablanca Bandar bin Ibrahim Alkhorayef, emphasized that the Kingdom's commitment to Vision 2030 is to develop the mining sector to be the third industrial base of the nation, after oil and petrochemicals. During an official visit to Morocco, he made this promise. He emphasized the Kingdom's goal of learning from the most prominent nations in this field, particularly Morocco, with whom Saudi Arabia has had deep historical and geopolitical relations since the beginning of time. As a result of the huge natural resources that both Morocco and Algeria possess, Alkhorayef stressed the possibility of working together with Morocco on major mining projects.
He said that collectively, they account for over forty percent of the total phosphate fertilizer production in the world. A forum in Casablanca some few years back disclosed it to investors and business managers. Above all, Alkhorayef underlined the importance of Saudi Arabia's National Industrial Strategy, which focuses on several sectors, among them, sustainability, food security, pharmaceuticals, and military. Saudi Arabia is implementing a plan that capitalizes on its competitive advantages, including its oil and natural gas deposits, and its strategic geographic location, which allows it to access critical markets like Africa.
Additionally, the program gives first priority to developing businesses such as batteries for electric vehicles (EVs), renewable energy, and sectors related to space industries. In his speech, Alkhorayef stressed how important it is to encourage industrial cooperation between Saudi Arabia, its neighbors, and Arab countries. The National Industrial Strategy brought to his attention several potential avenues for advancing and enhancing industrial integration. The audience was drawn to Saudi Arabia's significant incentives and facilities for investors in the mining and industrial sectors.
