The fourth Future Minerals Forum (FMF) in Riyadh resulted in the signing of 126 MoUs and agreements worth $28.5 billion between government agencies and local and international companies. Representatives from 90 countries took part in the forum in the Saudi capital.
The agreements cover a range of investments and cooperation and represent strategies to stimulate economic growth, expand geological efforts, build capacity and diversify industries. Key areas of the MoUs include exploration and production; financing; research and development with a focus on technological innovation; sustainability initiatives and value chain investments. The main investment will be directed towards the development of the Ras Al Khair Economic City, located 100 km from the city of Al Jubail in the Eastern Province.
As part of the Kingdom’s Vision 2030 strategic development program to diversify the economy and reduce its dependence on oil, Saudi Arabia has invested heavily in the construction of the Ras Al Khair Industrial City. Its total industrial area covers approximately 184 square kilometers and specializes in minerals.
The city is under the management of the Royal Commission for Al Jubail and Yanbu (RCJY), which in turn is a division of the Saudi Arabian Ministry of Industry and Mineral Resources.
The city’s industries include the Ma’aden Integrated Aluminum Complex, the Ma’aden Integrated Fertilizer Complex, and the King Salman International Marine Industries and Services Complex.
With its carbon, zinc, steel, aluminum, and phosphate cluster, the city is positioned to provide a competitive advantage and promote sustainability through recycling of waste from a range of industries.
Other green initiatives include integrated waste-to-energy plants, energy-efficient factories, a power plant that powers industrial activities, and a national grid and desalination plant. Plans are also underway to introduce low-carbon hydrogen to power the city’s industrial plants.
The city’s contribution to the country’s non-oil GDP has exceeded SR20 billion ($5.3 billion), creating 1,000 direct jobs and tens of thousands of indirect jobs.
Plans are currently underway to further develop the city, including by increasing fertilizer production, expanding aluminum smelters by 2030, improving rail and port infrastructure, expanding manufacturing industries, and attracting investment.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
