Saudi Arabia announced a series of major agreements in its metals and minerals sector, totaling over $9 billion. These deals, unveiled during the World Investment Conference in Riyadh under the Global Supply Chain Resilience Initiative, mark a significant step toward diversifying the kingdom’s economy and reducing its reliance on oil. The agreements aim to boost domestic production capabilities, enhance sustainability, and position Saudi Arabia as a key player in global supply chains.
The deals span various projects across the metals and mining sectors. Among the highlights are the development of integrated production facilities for iron sheets and blocks, which will cater to industries like shipbuilding, oil pipelines, and automotive manufacturing. A focus on localization is evident, with efforts directed at minimizing imports and building domestic capacities for critical materials.
