Saudi Arabia's Sovereign Wealth Fund, Ma'aden Joint Venture to Unlock Mineral Wealth
(MENAFN) Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), believes that its joint venture with Saudi Arabian Mining Co. (Ma'aden) will play a crucial role in unlocking the vast potential of the Kingdom's mineral wealth. With metals and mining identified as one of the strategic sectors to achieve the goals outlined in Vision 2030, the joint venture aims to establish the mining sector as the third pillar of the Saudi economy, while also providing opportunities to explore untapped territories.
Mohammed Aldawood, the head of industrials and mining sector for Middle East and North Africa investments at PIF, expressed the organization's plans to support the growth of mining as a key enabler in realizing their mission. Aldawood highlighted Saudi Arabia's fortune in having significant mineral reserves that are currently underexplored, estimating that the country holds approximately USD1.3 trillion worth of untapped resources underground.
The joint venture between PIF and Ma'aden is considered an exciting development that will provide an extensive international footprint in the mining space. It will grant the partners access to minerals that are not readily available in Saudi Arabia and open doors to new geographical territories. This strategic move is expected to broaden opportunities for both entities and contribute to the overall economic diversification of the Kingdom.
The agreement to form the joint venture was reached in January, with Ma'aden owning 51 percent of the venture and PIF holding the remaining 49 percent. This partnership signifies a significant step toward capitalizing on global mining assets and leveraging the expertise and resources of both entities to drive the growth and development of the mining sector in Saudi Arabia.
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