Saudi’s Mining Minister sees investment opportunities in Africa

Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, recently shared insights on investment opportunities in Africa at the World Economic Forum in Davos, Switzerland. The Future of Minerals Forum held in Riyadh, Saudi Arabia, showcased the kingdom's commitment to sustainable mining practices and economic impact. Alkhorayef emphasized the importance of global collaboration to address challenges and opportunities in the mining sector. With Saudi Arabia's focus on diversifying its economy through technology, the Minister highlighted the country's demographic advantage of a young, tech-savvy population. At Davos, discussions centered around enhancing manufacturing capabilities through technology and fostering partnerships with the private sector and governments. The Minister shed light on the outcomes of the forum, including the participation of 90 countries and the significance of the Regional Roundtable for Africa. Africa, the Middle East, and Central Asia collectively hold a third of global minerals but only contribute a small fraction, signaling untapped potential in the region. Alkhorayef outlined Saudi Arabia's strategy to leverage its geographic location and infrastructure to become a hub for trade and processing activities between Asia, Europe, and Africa. The Kingdom aims to collaborate with African nations on food processing initiatives and establish export hubs to access the African market. In navigating geopolitical shifts and divisions, Saudi Arabia's approach focuses on national interests and leveraging technological advancements to foster economic diversity and partnerships. The Minister emphasized the importance of inclusive growth and cooperation to address global challenges and promote sustainable development. As the world witnesses changing dynamics, Saudi Arabia remains committed to fostering relationships with countries in the Global South and advancing mutual interests for shared prosperity.