Deputy Minister of Industry and Mineral Resources for Mining Affairs, Engineer Khalid bin Saleh Al-Mudaifer, confirmed that the mining strategy in the Kingdom of Saudi Arabia will enhance the increase in demand for steel in the Kingdom during the next ten years.
This came during his participation in the activities of the Arab Mining Conference and Exhibition (ARABAL 2023) in Riyadh, which is organized by the Arab Mining Council under the slogan “Mining and the Green Transformation: Prospects and Challenges.”
Al-Mudaifer pointed out that the Kingdom’s mining strategy aims to increase steel production from 12 million tons in 2022 to 20 million tons in 2030.
He explained that there are several factors that contribute to increasing the demand for steel in the Kingdom, such as economic growth in the Kingdom, which will lead to an increase in demand for steel in the building, construction and industrial sectors. The Kingdom’s transition to renewable energy, which will require the use of steel in the construction of solar and wind power plants. In addition to the Kingdom’s development of its industrial capabilities, which will require the use of steel in various industries, such as the automobile and aircraft industries.
Al-Mudaifer also explained that the Kingdom of Saudi Arabia has great potential in the field of mining, as it possesses large reserves of iron ore estimated at about 500 billion tons.
He stressed that the Kingdom of Saudi Arabia is working to develop the mining sector, by launching many initiatives, such as the National Transformation Program 2020 and the Kingdom’s Vision 2030.
Al-Mudaifer pointed out that the Kingdom of Saudi Arabia seeks to become a global center for the steel industry. This is done by attracting investments in this sector and developing local capabilities in the field of steel production and manufacturing.
Al-Mudaifer pointed out that the Kingdom of Saudi Arabia has many advantages that make it an attractive investment destination. The Kingdom is an attractive investment environment. It also has a developed infrastructure and large mineral reserves.
Al-Mudaifer also confirmed that the Kingdom of Saudi Arabia is opening its doors to investors from all over the world. To participate in developing the mining sector in the Kingdom.