Saudi to Discuss Mining, Mineral Resources Deal with US: Cabinet
In a significant development, Saudi Arabia has announced plans to hold talks with the United States on a cooperation deal in mining and mineral resources. This move is seen as a major step towards achieving Saudi Arabia’s Vision 2030, which aims to diversify the country’s economy and reduce its reliance on oil.
According to a report by the Saudi Cabinet, the discussions are expected to take place ahead of US President Donald Trump’s visit to Saudi Arabia next week. The Cabinet statement said that the talks will focus on cooperation in the mining and mineral resources sector, with the aim of enhancing the sector’s growth and development in the kingdom.
Saudi Arabia has been actively working towards diversifying its economy and reducing its dependence on oil exports. The country’s mining and mineral resources sector has significant potential, with an estimated 1.3 billion tonnes of mineral reserves. The sector currently contributes around 1% to the country’s GDP, but the government aims to increase this contribution to 5% by 2030.
The cooperation deal with the US is expected to bring in new investment, technology, and expertise to the sector, which will help Saudi Arabia achieve its ambitious goals. The deal will also provide a boost to the country’s economic development, creating new job opportunities and stimulating growth in the sector.
Saudi Arabia’s Vision 2030 is a comprehensive plan to transform the country’s economy and society. The plan aims to reduce the country’s dependence on oil exports, increase foreign investment, and promote economic diversification. The plan also focuses on developing the country’s infrastructure, education, and healthcare systems.
The mining and mineral resources sector has the potential to play a significant role in achieving Saudi Arabia’s Vision 2030. The sector is expected to create thousands of new jobs, increase government revenue, and contribute to the country’s economic growth.
The US-Saudi Arabia cooperation deal in mining and mineral resources is expected to be a major boost to the sector. The US is a global leader in mining technology and expertise, and the deal will provide Saudi Arabia with access to the latest technologies and expertise.
The deal will also help to strengthen the bilateral relationship between the two countries. The US is one of Saudi Arabia’s largest trading partners, and the countries have a strong partnership in energy, security, and defense.
In recent years, Saudi Arabia has made significant progress in developing its mining and mineral resources sector. The country has established several mining companies, including the Saudi Arabian Mining Company (MA’ADEN), which is one of the largest mining companies in the region.
MA’ADEN is a Saudi Arabian joint-stock company that was established in 1997. The company is involved in the exploration, mining, and processing of a range of minerals, including phosphate, aluminum, and copper. MA’ADEN is also involved in the development of new mining projects, including the King Abdulaziz Al-Saud Industrial City, which is a major industrial project that will be located near Riyadh.
In addition to MA’ADEN, Saudi Arabia has also established several other mining companies, including the Saudi Basic Industries Corporation (SABIC), which is one of the largest chemical companies in the world. SABIC is involved in the production of a range of chemicals, including petrochemicals, fertilizers, and plastics.
The development of the mining and mineral resources sector is a key part of Saudi Arabia’s economic diversification strategy. The sector has the potential to create thousands of new jobs, increase government revenue, and contribute to the country’s economic growth.
In conclusion, the announcement of a cooperation deal between Saudi Arabia and the US in mining and mineral resources is a significant development that will help to achieve Saudi Arabia’s Vision 2030. The deal will bring in new investment, technology, and expertise to the sector, which will help to create new job opportunities and stimulate growth in the sector. The deal will also strengthen the bilateral relationship between the two countries and help to promote economic development in the region.
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