(MENAFN) Saudi Arabia's Public Investment Fund (PIF) is recognizing the growing demand for critical minerals in the electric vehicle (EV) market segment and aims to address the insufficient investments made by mining firms worldwide. Mohammed Aldawood, head of industrials and mining sector for Middle East and North Africa investments at PIF, highlighted the need for significant investments in the mining industry to support the shift toward a low-carbon world. According to consultancy firm Wood Mackenzie, an estimated $1.7 trillion investment is required over the next decade to accelerate this transition.
Aldawood emphasized that PIF is committed to working alongside large mining companies and trading houses to develop projects that can address the future shortage of critical minerals. As the world undergoes an energy transition, the demand for these minerals is expected to skyrocket. Through their joint venture with Ma'aden and by leveraging their combined skills and industry knowledge, Aldawood expressed confidence in PIF's ability to contribute to the critical minerals supply response for the EV value chain.
The aim is to ensure that Saudi Arabia retains a leading position in this emerging market. By collaborating with established mining companies and trading houses, PIF seeks to develop strategic projects that can effectively address the anticipated shortage of future minerals. This proactive approach aligns with PIF's vision to support the growth and development of the mining sector in Saudi Arabia while capitalizing on the opportunities presented by the global demand for critical minerals.
MENAFN04062023000045014228ID1106382785
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.