Saudi Arabia plans to double its mining revenues by 2030

Saudi Arabia hopes to increase the mining sector's contribution from 17 billion by 2030 to 64 billion, Saudi Energy Minister Khalid al-Falih said Monday.

"We are seeking to develop the mining sector through the implementation of a comprehensive strategy to restructure the sector and bring its contribution to GDP from $ 17 billion to $ 64 billion and generate 160,000 new jobs. here 2030, "said Al-Falih at a conference on the mining industry in Cairo.

Saudi King Salman bin Abdul Aziz, Saudi Arabia, laid the foundation stone for the North Promise for Mining project, which is expected to increase the kingdom's non-oil GDP by 24 billion riyals ($ 6.4 billion) by year.

Saudi Arabia will invest 85 billion riyals in the project, which will cover an area of ​​440 km 2 for mining industries in the northern region, announced the Ministry of Industry and Mineral Resources.

The completion of the first phase of the project will bring the production of phosphate fertilizers from Saudi Arabia to 9 million tons per year and make it the largest producer of phosphate fertilizers in the world.

Construction began in the city of Waad al-Shamal in 2014, following the decision of the Council of Ministers to put it in place.

The industrial city of Waad is mainly based on projects in the mining sector, especially aluminum, phosphate and fertilizers

Mining is essential to the kingdom's efforts to diversify its economy away from oil and gas, as the government aims to double its contribution to the country's economy.

These initiatives are part of the "2030 vision" presented by the Saudi Crown Prince, Mohammed bin Salman, to end the dependence on the Saudi economy, the largest in the Arab region, fueled by the diversification of sources.