Mining to `contribute $64bn to Saudi GDP'

March 2018

Saudi Arabia's mining strategy is expected to nearly quadruple the mining sector’s contribution to the GDP by 2030, from $17 billion to $64 billion, a report said.

At the same time, Saudi Vision 2030 is set to create 25,000 jobs in the mining sector, according to Ventures Onsite report for The Big 5 Heavy, the largest dedicated heavy construction industry exhibition in the region.

The Big 5 Heavy, to be held from March 26 to 28, at the Dubai World Trade Centre, in Dubai, will feature a dedicated ‘mining and quarrying’ product sector.

A growing range of opportunities are guaranteed to open up to companies able to supply the growing GCC mining sector according to Ventures Onsite, research partner of The Big 5 Heavy.

The ‘GCC Mining Industry Report’ notes that Saudi Arabia, Oman and the UAE are countries with vast opportunities for suppliers of the mining and metals industry.

According to the report, Saudi Arabia currently dominates the GCC mining market with the most ambitious growth targets. Saudi Vision 2030 has embarked to create 25,000 jobs in the mining sector, and seeks to nearly quadruple the sector’s GDP contribution.

As a result, there are an estimated $16 billion worth of ongoing mining projects in the kingdom focused on extracting minerals such as bauxite, copper, gold, iron, lead, silver, tin, zinc and a number of non-metallic minerals. It is worthy to note that recent changes in Saudi Arabia’s mining law have paved the way in allowing greater access for foreign companies looking to invest in the kingdom’s mining sector.

Also big players in the GCC mining sector, Oman and the UAE have both incorporated the mining industry into the core pillars supporting their ongoing economic strategies - Oman Vision 2020 and UAE Vision 2021.

Oman has the potential to become a “minerals export hub”, and the UAE Ministry of Energy is creating a mining industries federal electronic and interactive database to encourage sustainable development of the sector.

“With the GCC mining industry so rapidly expanding, it is crucial that we provide a dedicated product sector for the ‘mining and quarrying’ community, from suppliers to top mining and quarry owners, to network and do business at The Big 5 Heavy 2018,” said Richard Pavitt, event director.

“The scale of mining projects in the region, such as the Waas Al Shimal Mining City in Saudi Arabia (worth $9 billion), and the Potash Mining Project in Oman ($500 million), as well as ongoing changes to law and regulation surrounding the mining sector, indicate the wealth of opportunities for suppliers of machines and equipment involved in the mining and metals industry,” he added.

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