The Saudi Arabian Ministry of Industry and Minerals said it has allocated $4 billion to build a heavy plate steel plant and another $2 billion to an electric vehicle battery plant as part of plans to attract $32 billion in investment in the mining sector .
The Kingdom seeks to diversify its economy, and in order not to depend on oil revenues, it is investing hundreds of billions of dollars in a plan called "Vision 2030", initiated by the Crown Prince of Saudi Arabia, Mohammed bin Salman.
Mining is one of the sectors that has been identified for expansion and modernization.
The nine projects include a $4 billion plate manufacturing facility for the shipbuilding, oil and gas, construction and defense industries, and a green flat facility that will supply automotive steel, food packaging, machinery and equipment steel, and more. industries.
Both projects are already underway, as is a $2 billion metal battery plant for electric vehicles.
Projects in the mining and metallurgical industry will create more than 14,000 jobs. The Ministry is currently processing 145 applications for exploration licenses from foreign companies.
“These investments will continue to position the Kingdom as a mining and logistics hub for a region stretching from Africa to Asia, and support the transformation of our mining sector so that it can realize its potential,” al-Khoraef said in a statement.
