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Saudi Arabia estimates new commodities investment
(MENAFN) Following a report revealed the Kingdom could be sitting on USD1.3 trillion values of rare untapped mineral deposits; Saudi Arabia is estimated a new commodities investment increase.
CNBC Arabia quoted Khaled Al-Mudaifer, vice minister for mining affairs with the Ministry of Industry and Mineral Resources as saying that he estimated the current SR170-180 billion of mining investments to raise by 150 percent in the coming decade.
The resources contain phosphate, gold, copper, zinc, nickel, and other rare earth minerals.
As the Kingdom plans to stop its economy off oil production and exports, mining is a key element of Saudi Arabia’s economic development, after energy and petrochemicals.
CNBC Arabia quoted Khaled Al-Mudaifer, vice minister for mining affairs with the Ministry of Industry and Mineral Resources as saying that he estimated the current SR170-180 billion of mining investments to raise by 150 percent in the coming decade.
The resources contain phosphate, gold, copper, zinc, nickel, and other rare earth minerals.
As the Kingdom plans to stop its economy off oil production and exports, mining is a key element of Saudi Arabia’s economic development, after energy and petrochemicals.
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