Alkhorayef, Kwarteng explore investment opportunities in industrial, mining sectors


LONDON — Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef met in London with the Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng.

Attended by a number of industry and mining leaders, the meeting comes as part of the Minister’s visit to the United Kingdom to enhance collaboration and bilateral relations in industry and mining.

Both sides explored investment opportunities in the industrial and mining sectors during the meeting and strengthened ongoing collaboration and bilateral relations.

The Kingdom’s total non-oil exports to the United Kingdom amount to SR1.53 billion whereas its total non-oil imports from the United Kingdom amount to SR10.50 billion.

They emphasized the importance of raising the level of collaboration in bilateral relations in both sectors and enhancing communication channels to attract quality investments that align with the Kingdom’s Vision 2030 objectives aimed at diversifying the economy.

With more than 10,000 factories, the industrial sector currently has investments worth around $400 billion. Over the past year, new investments worth more than $20 billion have been attracted. The Kingdom’s mineral wealth is estimated to be worth $1.3 trillion.

Through a number of initiatives and programs, including the General Program of the Geological Survey, which aims to explore minerals on an area of 600 square kilometers, the Kingdom seeks to empower high-quality investments in both sectors. — SPA


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