Saudi, US investor relations to flourish in mining, industrial sectors following official visit

RIYADH: A rise in US investments in Saudi Arabia is anticipated after the Kingdom’s minister of industry and mineral resources met with several business leaders and officials during his tour of the country. 

Throughout his US stay, from Sept. 23 - 28, the minister will visit New York, Nevada, and California. 

Bandar Alkhorayef and prominent US heads have commenced discussions on promising investment opportunities in Saudi Arabia’s mining and industrial sectors. 

The minister highlighted the growing influence of Vision 2030 on the Kingdom, making it an attractive investment environment with rich natural resources and vast human capital potential, Alkhorayef shared via an official post on the X platform. 

Alkhorayef also visited the New York Stock Exchange, the largest stock exchange in the world with a market value exceeding $28 trillion.

“I reviewed during my visit to the New York Stock Exchange, NYSE, the vital global financial center, the latest advanced electronic systems that it uses to evaluate companies and various sectors, in addition to recognizing the best global practices followed in enhancing efficiency and raising competitiveness,” the minister said in a post on X. 

Vision 2030 aims to position Saudi Arabia as a global investment hub, focusing on diversifying the economy beyond oil. 

The mining sector aims to increase its contribution to the gross domestic product from $17 billion in 2015 to $64 billion by 2030, leveraging the country’s vast gold, phosphate, and bauxite reserves. 

The plan also targets 90,000 additional jobs and $150 billion in investments. In the industrial sector, Vision 2030 aims to localize 50 percent of military spending and increase the contribution of non-oil sectors to GDP by promoting industries like petrochemicals, automotive, and manufacturing to attract foreign and domestic investments. 

Alkhorayef is set to engage with industry ministers and leaders at a UN Industrial Development Organization event in New York, seeking support for the 21st UNIDO General Conference in Riyadh in 2025 and the Multilateral Industrial Policy Forum in October. 

The minister will also visit Columbia University and participate in MINExpo in Las Vegas, where he will meet with top mining companies to explore advanced technologies. A roundtable in Los Angeles with major US companies is also planned to discuss the National Industrial Strategy and incentives for foreign investors.

The minister will hold meetings with private sector leaders, visit advanced industrial companies like JetZero and SpaceX, and meet Saudi students in the US.