Program aims to develop Kingdom’s infrastructure and support local supply chains Saudi Arabia’s mineral wealth is valued at an estimated $2.5 trillion RIYADH: Saudi Arabia is set to launch a new national minerals program, further strengthening its position as a regional and global center for the mining and metals sector. The Saudi Cabinet has approved the establishment of the initiative, which is set to be linked to the Kingdom’s Ministry of Industry and Mineral Resources, according to a statement. The newly announced program is expected to meet the growing local, regional, and global needs for minerals, build local capabilities, and contribute to exploration operations. This is in line with Saudi Arabia’s ambition to transform mining into a foundational industrial pillar of the country’s economy. It also aligns with the ministry’s goal to further bolster the sector and contribute to ongoing developments under Saudi Vision 2030. According to a ministry statement released earlier this year, the Kingdom’s mineral wealth is valued at an estimated SR9.4 trillion ($2.5 trillion). The Minister of Industry and Mineral Resources Bandar Alkhorayef thanked King Salman and Crown Prince Mohammed bin Salman for the cabinet’s approval and said the program will effectively drive growth in the minerals sector and exploit the country’s mineral wealth. “The Council of Ministers’ decision to establish the National Minerals Program will constitute a qualitative shift in supporting supply chains in the industrial and mining sectors and strengthen the Kingdom’s position as a regional and global center for the mining and minerals sector,” Alkhorayef said in a statement. “The Kingdom’s directions aim to develop mineral value chains so that the mining sector becomes the third pillar of the national industry and to benefit from the Kingdom’s geographical location, which represents one of the most important major trade intersections,” he added. The statement further revealed that the initiative will entail important functions, including ensuring the quality and adequacy of supply chains for current and future minerals and developing and managing their strategic storage. It will also work on quantifying and following up on securing Saudi Arabia’s mineral needs, developing plans and strategies, and providing industrial supplies of mining raw materials. The nation’s mining sector has been expanding locally and internationally, with significant strides being made. In March, the Kingdom’s mining sector recorded a 138 percent increase in the issuance of exploitation licenses since the new Mining Investment Law was implemented in 2021. The number of permits recorded rose from eight in 2021 to 19 last year as the Ministry of Industry and Mineral Resources actively works to boost mineral production and investment.