Industry minister unveils over $32 bln investments in 9 new projects, EV battery metals plant

Bandar Alkhorayef, Minister of Industry and Mineral Resources

Bandar Alkhorayef, Minister of Industry and Mineral Resources, said the ministry targets investments worth $32 billion in the mining and minerals sector through nine mining projects for midstream minerals and metals.

These projects aim to support the export of metal products to local and global markets. The ministry currently works on studying 145 exploration license applications from foreign firms.

The projects include a $4 billion steel plate mill complex for shipbuilding at King Salman Global Maritime Industries Complex in Ras Al-Khair, and a $2 billion worth of an electric vehicles (EV) battery metals plant.

There are other projects to produce metals such as aluminum, steel plates, zinc and copper refinery, which are expected to see higher demand locally.

These investments are part of the Saudi Vision 2030, in collaboration with the Ministry of Investment and the Ministry of Energy, which aim to position the mining sector as the third pillar of national industry.

These projects will offer more than 14,500 jobs, the minister added.