Saudi Arabia is on a transformative journey, embracing cutting-edge mining technologies to establish itself as a global leader in the sector. This ambition was evident as Bandar bin Ibrahim Alkhorayef, the Minister of Industry and Mineral Resources, engaged with top executives from US firms at MINExpo International 2024 in Las Vegas.
Strategic Partnerships for a Thriving Mining Sector
During his visit, Minister Alkhorayef held pivotal discussions with US companies, focusing on localizing innovative solutions for mining operations and exploring lucrative investment opportunities. These efforts are part of a broader strategy to enhance the global competitiveness of Saudi Arabia’s mining industry, which is poised to become a key pillar of the Kingdom’s industrial framework. With mineral wealth valued at a staggering SR9.4 trillion ($2.4 trillion), the potential is immense.
Beyond mining, the minister explored collaborations with advanced industries, visiting California-based JetZero and SpaceX. He highlighted the Kingdom’s commitment to the National Industrial Strategy, aiming to foster cooperation in the aviation and space sectors.
Engaging Global Leaders for Technological Advancement
Minister Alkhorayef, accompanied by Deputy Minister for Mining Affairs Khalid bin Saleh Al-Mudaifer, discussed potential investments with Michael Wright, CEO of Thiess. They examined strategic goals from Saudi Arabia’s comprehensive mining strategy and invited Thiess to expand its presence in the region.
In meetings with Jon Stanton, CEO of Weir Group, opportunities in the valves and pumps sectors were explored, driven by the growing demand from major oil and gas projects. The Saudi valves sector was valued at $9.8 billion by the end of 2022, and Alkhorayef emphasized the potential for local manufacturing facilities.
Further discussions with Sandvik executives Richard Harris and Petri Virrankoski focused on investments in mining machinery and surface drilling solutions, underscoring Sandvik’s role in operational efficiency through innovative equipment and digital solutions.
Promoting Technological Innovation and Digital Transformation
With Dave Goddard from Hexagon, Alkhorayef highlighted Saudi Arabia’s digital transformation, particularly in mining. He introduced initiatives like the Future Factories program, aiming to automate 4,000 facilities, which could support Hexagon’s expansion in software solutions, including AI applications.
In a meeting with Otto Breitschwerdt, CTO at Caterpillar, promising opportunities in heavy equipment and diesel generators were discussed, aligning with Saudi Arabia’s ambitious development plans. The heavy equipment market is expected to exceed $4 billion, with the diesel generator market projected to reach $550 million by 2030.
Lastly, discussions with Dan Lankford, chairman of Impossible Metals, focused on cutting-edge solutions in offshore mineral exploration. The company is pioneering underwater robotic vehicles for extracting critical minerals, with successful tests of its autonomous vehicle, Eureka II, in deep waters.
Saudi Arabia’s proactive engagement with global leaders and its focus on technological innovation underscore its commitment to becoming a formidable force in the global mining industry, offering a wealth of opportunities for investors worldwide.
