(MENAFN) Unlocking the potential of Saudi Arabia's mineral wealth and establishing the mining sector as a key pillar of the economy is a primary objective of the joint venture between the Kingdom's sovereign wealth fund, the Public Investment Fund (PIF), and Saudi Arabian Mining Co. (Ma'aden), according to a top official. In an interview with Arab News, Mohammed Aldawood, head of industrials and mining sector for Middle East and North Africa investments at PIF, highlighted the strategic importance of the joint venture in realizing the goals outlined in Vision 2030.
Aldawood emphasized the significance of the mining sector in diversifying the Saudi economy and expanding its scope. He stated that the PIF plans to support the growth of mining as a key enabler in establishing the industry as the third pillar of the economy, alongside other sectors. He further highlighted the untapped potential of Saudi Arabia's mineral reserves, estimating that there is approximately USD1.3 trillion worth of resources waiting to be explored beneath the country's ground.
The joint venture between PIF and Ma'aden is regarded as an exciting development that will provide the partners with an extensive international footprint in the mining space. It will serve as a platform to access minerals not readily available in Saudi Arabia and open opportunities to venture into new geographical territories. This expansion into global mining assets will enhance the Kingdom's presence in the global mining industry and contribute to its economic growth and diversification.
The formation of the joint venture was announced in January, with Ma'aden holding a 51 percent stake and the PIF owning the remaining 49 percent. This collaboration reflects the commitment of both entities to leverage their expertise and resources to explore and capitalize on mining opportunities worldwide, aligning with Saudi Arabia's long-term vision for economic transformation and development.
MENAFN05062023000045014228ID1106386050
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.