Saudi Arabia Issues Over 450 Minerals Exploration Licenses in Two Years, Says Minister of Industry and Mineral Resources

Bandar - Saudi Arabia has witnessed a significant increase in minerals exploration with the issuance of more than 450 licenses in the past two years. This remarkable progress is a result of the country's comprehensive geological survey program, according to Bandar Alkhorayef, the Minister of Industry and Mineral Resources.

Speaking during the World Economic Forum (WEF) in Davos, Alkhorayef highlighted Saudi Arabia's advancements in logistics services strategy, port development, and legislative framework. He emphasized the Kingdom's potential to become a crucial global partner in resolving logistical challenges, while underscoring the significance of the logistics services sector in supporting both local and international industries.

In a notable move towards the future, Saudi Arabia is placing its bets on modern technologies and adopting business models that align with upcoming trends, even as an oil-producing country. The Kingdom has ventured into future sectors, such as electric cars, to diversify its economy and reduce reliance on traditional industries.

The Ministry of Industry and Mineral Resources has implemented several programs aimed at empowering small factories and has established a subsidiary company of the Saudi Industrial Development Fund. This move aims to accelerate investments for medium and small enterprises by utilizing modern technologies.

Collaborations with major companies, including Saudi Aramco, SABIC, and Ma'aden, further support small and medium-sized enterprises across the petrochemicals, oil, gas, and mining sectors.

As a key partner of the World Economic Forum, Saudi Arabia has successfully attracted global attention through international conferences. In April, the Kingdom will host one of the most significant global economic forums, which aims to discuss global issues and achieve fruitful results aligned with the objectives of Saudi Vision 2030, as expressed by Alkhorayef.

The continuous development and progress in the minerals exploration sector and the various initiatives undertaken by Saudi Arabia demonstrate the country's commitment to diversifying its economy, fostering innovation, and creating opportunities for both local and international businesses.