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

RIYADH: As the world faces a scarcity of critical mining supply, Saudi Arabia has a serious position to play as its mining sector is integrated with business, logistics and varied different sectors, together with vitality transition, based on a high Saudi minister.
While speaking on the Future Minerals Forum in Riyadh on Jan.eleven, the Kingdom’s Minister of Investment Khalid Al-Falih noted that a shortage of supply is likely considered one of the key challenges faced within the mining sector.
“We are living in a world the place there’s an expected rise in demand for important metals that might be key to the electrification of the worldwide economic system, and there’s additionally a crucial shortage of supply,” he said.
Al-Falih added that Saudi Arabia might assist find a resolution persisting in the power sector, because the Kingdom has all the necessary enablers, which incorporates essentially the most progressive laws to raise the operations within the mining industry.
He mentioned Saudi Arabia is the “world’s security valve” for power, whether or not it’s typical, unconventional, or renewable energies, wind, solar, hydrogen or ammonia, or some other emerging applied sciences utilized in the mining business.
The minister noted that the Kingdom has brought together all the needed enablers in the mining sector. “We have the energy answer, we now have the location, we gave the financing, and we now have the best-in-class laws across the world,” stated Al-Falih.
The minister revealed that Saudi Arabia’s mining sector is inserting a robust emphasis on environmental, social, and corporate governance ideas, because the Kingdom has the highest ESG scores, with low carbon depth in fossil fuels and the rising usage of renewables including hydrogen to scale back emissions while processing metals.
He further pointed out that Saudi Arabia is facilitating all necessary business environments for private sector companies to come and invest in the Kingdom.
“Saudi Arabia is providing the ecosystem and regulatory enablers, together with some financing by way of the development fund for private sectors. เกจวัดแรงดันแก๊สlpg are unleashing the ability of the non-public sector,” mentioned Al-Falih.
Pointing out that Saudi Arabia today is ranked number one by means of the global road connectivity index, he mentioned the Kingdom’s robust transport connectivity will help it emerge as a mining hub. “ เกจ์อาร์กอนsumo have 5,500 kilometers of rail, and we’ve 8,000 kilometers which may be being tendered out today,” the minister stated.
For his half, Jeremy Weir, govt chairman and CEO of Transfigure Group, stated that the continuing battle in Ukraine has exposed the vulnerabilities international locations are dealing with within the supply chain of the mining sector.
“War in Ukraine made international locations realize that they need to not rely on one supplier, however ought to depend on a number of suppliers from a quantity of regions,” stated Weir.
Saudi Arabia is the world’s power ‘safety valve’: Minister tells Future Minerals Forum

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