Riyadh, November 27, 2024 — On the second day of the 28th edition of the World Investment Conference, held in Riyadh under the theme “Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities,” Saudi Arabia announced the signing of nine major investment agreements, collectively valued at over SAR 35 billion.
The conference, organized by Invest Saudi in partnership with the World Association of Investment Promotion Agencies (WAIPA), has become a central platform for global investment dialogue, attracting key players from across industries. The agreements signed during this event are seen as a crucial step in reinforcing Saudi Arabia’s economic transformation and diversifying its industrial base in line with its Vision 2030 goals.
The investment deals, which fall under the framework of the National Initiative for Global Supply Chains, are expected to play a pivotal role in enhancing Saudi Arabia’s participation in global supply chains while boosting local manufacturing capabilities. These agreements are designed not only to fortify the Kingdom’s economic infrastructure but also to drive sustainability, focusing on securing access to critical materials and developing high-value sectors such as renewable energy, advanced manufacturing, and essential minerals.
Among the significant projects announced, the agreements include strategic collaborations with global companies such as Vedanta, AMEC, and Tasnee. These partnerships will see the development of state-of-the-art copper smelting and refining facilities, as well as advanced titanium production projects. Additionally, a landmark agreement with Hastings will establish processing facilities for rare earth elements, which are critical for the production of high-tech components used in industries ranging from electronics to clean energy. These projects represent a major leap forward in positioning Saudi Arabia as a key player in the global supply of essential minerals.
Other agreements involve industry leaders such as Red Sea Aluminum, GlassPoint, and Zijin Group Co., further demonstrating the Kingdom’s growing influence in sectors like renewable energy and advanced materials. Red Sea Aluminum, for example, will contribute to strengthening Saudi Arabia’s aluminum manufacturing capacity, while GlassPoint, a leader in solar energy technologies, will advance the Kingdom’s ambitions in sustainable energy production.
These agreements are not only expected to generate significant economic activity and create thousands of new jobs but also align with Saudi Arabia’s broader sustainability and environmental goals. The Kingdom is increasingly focusing on green technologies and sustainable practices across industries, positioning itself as a regional and global leader in clean energy solutions and responsible resource management.
Speaking at the conference, officials emphasized the strategic importance of these investments in advancing the Kingdom's position as a key hub for global supply chains. The initiatives outlined during the conference are expected to lead to long-term growth, enhanced technological innovation, and improved access to essential raw materials, reinforcing Saudi Arabia’s efforts to foster a diversified and resilient economy.
The signing of these agreements at the World Investment Conference is a testament to the Kingdom's growing appeal as a destination for international investment. As the conference continues to unfold, it highlights the key role of digital transformation and sustainable practices in driving future investment opportunities, making it an essential event for global investors looking to capitalize on the Kingdom’s expanding economic and industrial landscape.
By fostering an environment conducive to collaboration and innovation, Saudi Arabia is positioning itself as a leader in the global investment landscape, building on its strategic location, robust infrastructure, and commitment to sustainability. These agreements are just the beginning, signaling a new era of economic development and international cooperation for the Kingdom.
