Riyadh, January 10, 2024, The third Future Minerals Forum (FMF) opened at the King Abdulaziz International Convention Center in Riyadh, under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud. The event was marked by the presence of leaders and decision-makers in the industrial sector from various countries.
In his opening remarks, Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, emphasized the leadership's commitment to the success of the forum and thanked participants for their involvement in the two-day event.
One significant announcement during the forum was the revelation that the estimated mineral wealth value of the Kingdom had increased by 90% to reach approximately SAR 9.375 trillion. This surge in value was attributed to the discoveries of rare earth elements and transition metals such as phosphate ore, zinc, and gold. This figure marks a substantial increase from the previous estimate of SAR 5 trillion made in 2016.
The Ministry of Industry and Mineral Resources reported that 30% of the geological survey work in the Arabian Shield region has been completed. The results of this work will be incorporated into the national geological database. Alkhorayef highlighted the goals of the General Program for the Geological Survey Initiative, which aims to enhance the quality and accuracy of geological maps to facilitate the exploration of mineral resources in the Kingdom.
The Future Minerals Forum serves as a platform to discuss developments, innovations, and opportunities in the minerals sector. The announcements made during the event underscore the Kingdom's commitment to unlocking the potential of its mineral resources, aligning with the objectives of Saudi Vision 2030 for economic diversification and sustainable development.
