Saudi Minister of Industry and Mineral Resources Meets CEO of Vale Mining Company in Brazil
Minister Bandar Alkhorayef recently sat down with Eduardo Bartolomeo, the CEO of Vale Mining Company, in Brazil to discuss the exciting investment opportunities available in the Saudi mining sector for Brazilian companies. According to the Saudi Press Agency, the two parties also delved into Brazil’s investors’ expansion plans in the Kingdom.
Praise for Saudi Arabia’s Economic Progress in the Mining Sector
Bartolomeo was quick to commend the Kingdom’s development and economic progress across all industries, particularly highlighting the efforts and initiatives aimed at enhancing the Saudi mining sector. With an estimated SR9.4 trillion ($2.5 trillion) worth of mineral resources waiting to be unearthed, Saudi Arabia is focusing on maximizing its national economy and positioning mining as a key pillar of its industrial sector.
International Cooperation Key in Tackling Mineral Supply Chain Challenges
Saudi Arabia places a high value on international cooperation and partnerships when it comes to addressing challenges within the mineral supply chain. The Kingdom has taken steps to improve its investment environment, including the mining sector, by offering incentives such as covering 75 percent of capital expenditures financing, a five-year tax exemption, and allowing for 100 percent direct foreign ownership.