{"id":1233,"date":"2024-01-14T08:13:59","date_gmt":"2024-01-14T08:13:59","guid":{"rendered":"https:\/\/gccbusinessgate.org\/?p=1233"},"modified":"2025-01-11T17:58:39","modified_gmt":"2025-01-11T17:58:39","slug":"saudi-mineral-wealth-to-hit-1-5-trillion-amid-surging-demand","status":"publish","type":"post","link":"https:\/\/gccbusinessgate.org\/ar\/saudi-mineral-wealth-to-hit-1-5-trillion-amid-surging-demand\/","title":{"rendered":"Saudi mineral wealth to hit $1.5 trillion amid surging demand"},"content":{"rendered":"<div><\/div>\n<div>Saudi Arabia&#8217;s mineral wealth currently stands at $1.3 trillion, with a target to increase it to $1.5 trillion amid reports that the global demand for metals is set for a sixfold growth by 2040, said a top official of Saudi sovereign wealth fund PIF (Public Investment Fund).<\/div>\n<div><\/div>\n<div>PIF Governor Yasir Al Rumayyan was addressing the gathering at the third annual Future Minerals Forum (FMF) held in Riyadh.<\/div>\n<div><\/div>\n<div>He pointed out that the Ma\u2019aden mining company owned by the PIF has expanded its exploration activities for gold, zinc, lithium, and other metals.<\/div>\n<div><\/div>\n<div>The kingdom, he stated, possesses mineral reserves and additional resources that can be effectively utilized.<\/div>\n<div><\/div>\n<div>During the forum held at the King Abdulaziz International Conference Center, Al-Rumayyan underscored the Kingdom\u2019s role in energy transitions, a low-carbon future, and its targeted investments in vital minerals.<\/div>\n<div><\/div>\n<div>He also highlighted how the kingdom can provide strategic support and meet the growing demand for metals.<\/div>\n<div><\/div>\n<div>Al Rumayyan also underscored the ongoing efforts of the PIF and their significance to the kingdom\u2019s economy. &#8220;We are currently conducting the largest global exploration program,&#8221; he stated.<\/div>\n<div><\/div>\n<div>He further highlighted a joint investment project between the PIF and Ma\u2019aden, aimed at accessing minerals that are not currently available in the Kingdom.<\/div>\n<div><\/div>\n<div>Additionally, Al Rumayyan highlighted ways of cooperation in the energy sector to ensure the successful realization of the Saudi Vision 2030.<\/div>\n<div><\/div>\n<div>&#8220;We are also introducing a new bachelor&#8217;s degree in mining sciences at the King Fahd University of Petroleum and Minerals, which will include a curriculum on artificial intelligence (AI) and its applications, including in the mining sector, where AI can assist in exploratory efforts for all types of minerals,&#8221; he added.<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><strong>Trade Arabia\u00a0<\/strong><\/div>","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia&#8217;s mineral wealth currently stands at $1.3 trillion, with a target to increase it to $1.5 trillion amid reports that the global demand for metals is set for a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1238,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Saudi mineral wealth to hit $1.5 trillion amid surging demand - GCC Tenders &amp; 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