Saudi Arabia announces the total value of its mineral wealth
The Deputy Minister of Industry and Mineral Resources for Mining Affairs in Saudi Arabia, Khalid bin Saleh Al-Mudaifer, revealed the initial value of the underground mineral wealth reserves in the Kingdom, pointing to a "very large diversity" of wealth in the Kingdom's lands.
Al-Mudaifer said in statements to “CNBC Arabia” channel, on Tuesday, that detailed studies were prepared to determine the available resources of mineral wealth in the Kingdom, whose stock was estimated, in preliminary information, at about 1.3 trillion dollars (one trillion equals one thousand billion).
The Deputy Minister of Industry and Mineral Resources pointed to the very great diversity of wealth in the Kingdom's lands, between copper, gold, phosphate, zinc and nickel, as well as other rare metals.
He said that the volume of investments in the mining sector in Saudi Arabia is between 170 and 180 billion riyals, expecting that investments will double and a half times until 2030, which will lead to an increase in several jobs to reach 220 thousand jobs in this sector.
Al-Mudaifer also explained that the Kingdom is looking forward to becoming one of the 3 largest suppliers of phosphate in the world, in addition to developing the bauxite, copper and gold industries, with their great economic potential.
It is noteworthy that the Saudi budget figures for the second quarter of 2021 monitored the growth of non-oil revenues by 31% to 116 billion riyals, while the total quarterly revenues amounted to 248 billion riyals, compared to 205 billion in the first quarter.
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