Saudi Gazette report
MOSCOW — Saudi Minister of Trade and Mineral Assets Bandar AlKhorayef held a sequence of high-level conferences with executives from main Russian industrial and mining firms throughout his official go to to the Russian Federation, aimed toward increasing funding partnerships and exploring new alternatives in mining and manufacturing.
AlKhorayef met with the CEO of Alrosa, the world’s largest diamond mining firm, the place they mentioned alternatives for collaboration in mineral manufacturing and processing.
The minister highlighted Saudi Arabia’s enabling funding setting for mining ventures.
He additionally held a strategic assembly with the CEO of VSMPO-AVISMA, the world’s largest titanium producer, to debate data change and industrial cooperation.
The discussions explored joint efforts in producing and processing titanium to be used in aviation, automotive, and different superior industries. Saudi Arabia at present produces round 16,000 tons of titanium sponge yearly, roughly 10% of worldwide output, alongside 500,000 tons of titanium slag, primarily in Jazan.
In a separate assembly with the CEO of Nordgold, a significant gold mining agency, AlKhorayef reviewed Saudi Arabia’s upcoming 2025 mineral exploration alternatives, protecting 50,000 sq. kilometers.
Additionally they mentioned sustainable mining practices, superior applied sciences, and data switch.
The minister additionally met with the Chairman of the Russian Aluminum Affiliation, which oversees greater than 80% of Russia’s aluminum worth chain.
AlKhorayef reiterated the Kingdom’s ambition to turn out to be a worldwide and regional hub for aluminum manufacturing.
Saudi Arabia at present produces 1.8 million tons of major aluminum yearly, with plans to scale as much as 3 million tons.
The Kingdom is concentrating on elevated home demand throughout key sectors like aviation, packaging, automotive, and development.
Given Russia’s function because the second-largest aluminum producer after China, the discussions underscored potential joint funding within the full aluminum worth chain.
AlKhorayef invited Russian mining leaders to take part within the fifth version of the Future Minerals Discussion board, scheduled for January 2026 in Riyadh, which positions Saudi Arabia as a frontrunner in shaping the way forward for the worldwide mining sector.
Saudi Arabia is estimated to carry $2.5 trillion value of untapped mineral sources, together with gold, copper, phosphate, and uncommon earth components.
The Kingdom has overhauled its mining funding rules to draw native and worldwide traders. Below Imaginative and prescient 2030, the mining sector’s contribution to GDP is predicted to rise from $17 billion in 2024 to $75 billion by 2030, making it the third pillar of Saudi business.
Within the industrial sector, AlKhorayef held talks with executives from main Russian firms, together with United Confectioners Restricted—the most important confectionery producer in Japanese Europe.
They mentioned funding alternatives in meals manufacturing and trendy meals manufacturing applied sciences.
Saudi Arabia’s meals market is the most important within the Center East, valued at SR184 billion in 2023 and projected to achieve SR248 billion by 2035.
The Kingdom is actively in search of over SR78 billion in industrial meals investments by way of the Nationwide Industrial Technique.
Initiatives just like the newly launched Jeddah Meals Cluster, the world’s largest specialised industrial meals complicated, reinforce Saudi Arabia’s function as a regional chief in meals industries.
AlKhorayef additionally met with the Chairman of Salavat Steklo, one among Russia’s largest producers of float glass, to discover industrial cooperation and funding alternatives within the supplies sector. The talks emphasised the Kingdom’s strong incentives for industrial traders.