During a prominent industry event in Riyadh, the Public Investment Fund (PIF) Governor Yasir Al-Rumayyan conveyed Saudi Arabia’s plans to escalate the nation’s mineral wealth from a staggering US$1.3 trillion to an ambitious $1.5 trillion target.
The disclosure came at the third annual Future Minerals Forum (FMF), conducted on January 10-11, which saw Al-Rumayyan discussing the expansive efforts of Ma’aden, a mining entity under PIF’s umbrella. The company is actively pursuing the exploration of gold, zinc, lithium, and additional metals, aiming to meet the surging global demand, which is expected to multiply sixfold by 2040.
At the forum, which took place at the King Abdulaziz International Conference Center, Al-Rumayyan emphasized Saudi Arabia’s strategic role in energy transitions towards a more sustainable, low-carbon future. He discussed the Kingdom’s potential to contribute significantly to the global metal market, providing strategic support in response to increasing metal demands.
The PIF Governor highlighted the comprehensive global exploration program currently underway, which stands as a testament to the Kingdom’s economic aspirations. He also mentioned an ongoing collaborative investment initiative between PIF and Ma’aden, focusing on tapping into previously inaccessible mineral resources within the region.
Al-Rumayyan also took the opportunity to underscore collaborative efforts within the energy sector. These efforts are integral to the successful implementation of the Saudi Vision 2030, a strategic framework to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop public service sectors.
Furthermore, Al-Rumayyan announced the introduction of a new bachelor’s degree in mining sciences at the King Fahd University of Petroleum and Minerals. This program will incorporate artificial intelligence (AI) into its curriculum, particularly highlighting its applications in mining to enhance exploratory processes across various mineral types.