RIYADH: Global demand for metals will see a sixfold increase by 2040, according to the governor of the Public Investment Fund, Yasir Al-Rumayyan. Speaking at the Future Minerals Forum in Riyadh, the official outlined that as the world transitions toward renewable energy, this simultaneously creates a “big opportunity” for investment in minerals. Al-Rumayyan said: “For us at the PIF, we think that mining is really a big opportunity for all the investment community, I think if we want to move toward net-zero carbon emissions, the demand (for minerals) there will be even bigger.” In order to meet the increased demand within the Kingdom and globally, the PIF along with its subsidiary Ma’aden has opted to create the first bachelor’s program that targets mining science and engineering in collaboration with King Fahad University of Petroleum and Minerals, the wealth fund chief said. He said the program will also include the use of artificial intelligence in the mining sector as part of its curriculum. Al-Rumayyan further posited that in order to secure the minerals needed for its future initiatives the Kingdom cannot undergo this transition alone. Rather, it aims to continue to foster collaboration and investments in order to ensure supply chain security. Thus, the PIF’s conscious decision to create Manara minerals as a joint venture with Ma’aden hopes to allow the Kingdom international access to the minerals that the Kingdom does not have readily available. Through this initiative, Al- Rumayyan noted that the wealth fund has already invested a great deal into Vale Base Metals and will be investing “in next decade, a range between $25 to $30 billion in different jurisdictions.” The wealth fund is also holding talks with companies like ACWA Power in order to foster aligned efforts toward net-zero energy.