Saudi Gazette report
CHICAGO — Saudi Arabia’s Minister of Trade and Mineral Sources, Bandar Al-Khorayef, met with leaders of the American non-public sector in Chicago to debate enhancing cooperation in business and mining, and to discover bilateral funding alternatives.
The roundtable, held on the headquarters of World Enterprise Chicago, centered on the event of Saudi Arabia’s industrial and mining sectors, the potential for innovation-driven investments, and techniques to construct sustainable financial partnerships between the 2 nations.
Throughout the assembly, Al-Khorayef emphasised the energy of the strategic relationship between Saudi Arabia and the USA, highlighting that bilateral commerce reached over SR123 billion ($32.8 billion).
He additionally referenced the latest go to of U.S. President Donald Trump to Saudi Arabia, which resulted within the signing of a strategic partnership doc and a collection of key agreements in sectors together with protection, vitality, mining, expertise, and synthetic intelligence.
Al-Khorayef outlined the central function of the economic and mining sectors in Saudi Arabia’s Imaginative and prescient 2030 financial diversification agenda.
He famous that the Nationwide Industrial Technique goals to localize and develop 12 precedence sectors — together with downstream chemical substances, automotive, aerospace, and mining — and lift the sector’s GDP contribution to $244 billion by 2030.
The technique provides 800 funding alternatives value round SR1 trillion ($266.6 billion), positioning Saudi Arabia as a world industrial hub.
On the mining entrance, the minister mentioned the Kingdom goals to develop the sector into the “third pillar” of nationwide business, capitalizing on untapped mineral assets valued at over SR9.4 trillion ($2.5 trillion), together with gold, copper, and uncommon earth components. The great mining and minerals technique targets a sectoral GDP contribution of SR240 billion ($64 billion).
Al-Khorayef additionally pointed to the Kingdom’s aggressive regulatory atmosphere for mining investments. Current reforms have streamlined licensing, decreasing the applying processing interval to only 90 days, whereas a supportive legislative framework provides engaging incentives for home and worldwide mining corporations.
The roundtable was attended by key figures from the U.S. non-public sector and greater than 30 buyers throughout strategic industries together with specialty chemical substances, automotive, aviation, and mining.