Saudi Arabia is the world’s power ‘safety valve’: Minister tells Future Minerals Forum


RIYADH: As the world faces a shortage of important mining provide, Saudi Arabia has a major role to play as its mining sector is integrated with industry, logistics and varied different sectors, together with power transition, in accordance with a high Saudi minister.
While talking at เกจวัดแรงดันน้ำมันเบนซิน in Riyadh on Jan.11, the Kingdom’s Minister of Investment Khalid Al-Falih noted that a scarcity of provide is likely one of the key challenges confronted in the mining sector.
“We reside in a world where there is an expected rise in demand for crucial metals that might be key to the electrification of the worldwide economic system, and there is also a important shortage of supply,” he mentioned.
Al-Falih added that Saudi Arabia might assist find a resolution persisting in the power sector, as the Kingdom has all the mandatory enablers, which incorporates the most progressive legal guidelines to elevate the operations within the mining trade.
He stated Saudi Arabia is the “world’s security valve” for vitality, whether or not it’s standard, unconventional, or renewable energies, wind, solar, hydrogen or ammonia, or another emerging technologies applied within the mining industry.
The minister famous that the Kingdom has brought together all the necessary enablers within the mining sector. “We have the vitality resolution, we now have the situation, we gave the financing, and we have the best-in-class rules internationally,” mentioned Al-Falih.
The minister revealed that Saudi Arabia’s mining sector is putting a strong emphasis on environmental, social, and corporate governance ideas, as the Kingdom has the highest ESG scores, with low carbon depth in fossil fuels and the rising utilization of renewables including hydrogen to scale back emissions whereas processing metals.
He additional identified that Saudi Arabia is facilitating all necessary enterprise environments for private sector firms to come back and spend money on the Kingdom.
“Saudi Arabia is providing the ecosystem and regulatory enablers, along with some financing through the development fund for private sectors. We actually are unleashing the facility of the non-public sector,” mentioned Al-Falih.
Pointing out that Saudi Arabia right now is ranked number one in phrases of the global road connectivity index, he stated the Kingdom’s robust transport connectivity will assist it emerge as a mining hub. “We have 5,500 kilometers of rail, and we’ve eight,000 kilometers which may be being tendered out at present,” the minister stated.
For his half, Jeremy Weir, executive chairman and CEO of Transfigure Group, mentioned that the continuing conflict in Ukraine has exposed the vulnerabilities international locations are facing within the supply chain of the mining sector.
“War in Ukraine made international locations understand that they want to not rely on one provider, however ought to depend on multiple suppliers from multiple areas,” said Weir.
Saudi Arabia is the world’s power ‘safety valve’: Minister tells Future Minerals Forum


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