The minister of industry and mineral resources of Saudi Arabia has expressed the expectation that US investments in Saudi Arabia will increase, following his meetings with several business executives and officials while on a visit to the Kingdom.
The minister will travel to New York, Nevada, and California between September 23 and September 28.
Talks about potential investments in Saudi Arabia’s mining and industrial sectors have begun between Bandar Alkhorayef and notable American leaders.
Through an official post on the X platform, Alkhorayef shared that the minister emphasised the growing impact of “Vision 2030” on the Kingdom, highlighting its attractiveness as an investment destination with abundant natural resources and significant human capital potential.
Alkhorayef also paid a visit to the New York Stock Exchange, which has a market value of over USD 28 trillion, making it the biggest stock exchange globally.
“I reviewed during my visit to the New York Stock Exchange, NYSE, the vital global financial centre, the latest advanced electronic systems that it uses to evaluate companies and various sectors, in addition to recognising the best global practices followed in enhancing efficiency and raising competitiveness,” the minister said in a post on X.
Saudi Arabia wants to become a global investment hub, and part of “Vision 2030” is to diversify the country’s economy beyond oil.
The mining industry hopes to use the nation’s enormous reserves of bauxite, phosphate, and gold to boost its share of the GDP from USD 17 billion in 2015 to USD 64 billion by 2030.
In addition, the plan calls for USD 150 billion in investments and 90,000 new jobs.
Within the industrial sector, Vision 2030 seeks to attract both domestic and foreign investment by promoting industries such as petrochemicals, automotive, and manufacturing, and to localise 50% of military spending. This will increase the GDP contribution of non-oil sectors.