Saudi Arabia is making a substantial investment of $160 billion to develop its mineral resources, marking a strategic shift from its traditional oil dependency. This move aims to tap into critical minerals such as lithium, nickel, cobalt, and rare earth elements, essential for electric vehicles and renewable energy.
The kingdom’s initiative is designed not only to meet domestic demands but also to establish Saudi Arabia as a key player in the global mineral market. By responding to the rising need for cleaner energy materials, the country anticipates job creation and economic growth, enhancing its global mining sector influence.
This ambitious project will necessitate extensive infrastructure development and collaboration with international mining firms, with analysts foreseeing long-term economic benefits and increased global competitiveness for Saudi Arabia.