Saudi Arabia’s Northern Regions Hold $320 Billion in Mineral Wealth
Saudi Arabia’s Northern Borders Region has a staggering SR1.2tn ($320bn) in mineral wealth deposits, according to a senior official. Vice-Minister of Industry and Mineral Resources for Mining Affairs, Khalid bin Saleh Al Mudaifer, revealed that the region contains 25% of the Kingdom’s mineral wealth, making it a highly competitive area for investment.
Al Mudaifer highlighted the presence of phosphate as a major advantage for the region and mentioned that the Kingdom has invested over SR120bn ($32bn) in infrastructure to support projects there. He also revealed plans for potential investments of nearly SR80bn ($21.3bn) in the phosphate 4 and phosphate 5 projects.
The Northern Borders Region’s factories are expected to form the foundation for a modern industry, with investments exceeding SR220bn ($58.7bn) by 2035. The Northern Border Investment Forum, attended by over 600 Saudi and foreign investors, unveiled 157 investment opportunities worth nearly SR22bn ($5.9bn) in targeted sectors such as transportation, logistics services, mining, education, health, real estate development, municipalities, industry, tourism, hospitality, and scientific research.
Follow us on:
For all the latest business news from the UAE and Gulf countries, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube page, which is updated daily.