The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, affirmed that strengthening international cooperation and enabling collective solutions and cross-border partnerships are essential pillars for securing mineral supplies and supporting clean energy transitions worldwide. This came during his active participation in a panel discussion titled "The Geopolitics of Raw Materials," held as part of the World Economic Forum's 2026 Annual Meeting in Davos, Switzerland.
The importance of minerals in the global energy transition
These statements are of paramount importance in the current global context, where the world is witnessing a frantic race towards zero-emissions neutrality, leading to an unprecedented surge in demand for critical minerals such as lithium, cobalt, and copper, which are vital to future industries like electric vehicles and renewable energy technologies. The global economy faces significant challenges in the form of a supply-demand gap, making international cooperation an urgent necessity to prevent disruptions to supply chains that could negatively impact global climate plans.
Securing supply chains amid geopolitical shifts
The session discussed the complementary roles of governments and the private sector in securing supply chains for minerals and raw materials, particularly in light of the geopolitical shifts reshaping the global economic landscape. Minister Al-Khorayef emphasized that the global mining sector, by its very nature complex and interconnected, cannot thrive or achieve its objectives within the framework of a single country; rather, it requires broad international cooperation.
The Kingdom and its leadership of the global dialogue through the Mining Conference
Al-Khorayef noted that Saudi Arabia adopts a strategic approach based on multilateral international cooperation and is working diligently to build effective platforms for dialogue and partnership. At the forefront of these efforts is the International Mining Conference, which the Kingdom has successfully transformed into a leading global platform bringing together governments, major mining companies, financial institutions, academic bodies, and technology providers to shape the future of the sector.
He explained that the conference contributed directly to reinstating the critical minerals file among the priorities of major international institutions, such as the World Bank, and also strengthened strategic cooperation with the countries of the region extending from Africa to West and Central Asia, which represents what is known as the “Greater Mining Area,” a region rich in untapped resources that can contribute to bridging the global gap.
Infrastructure investments and the legislative environment
In a related context, the Minister of Industry pointed out that achieving the desired renaissance in the mining sector, particularly in Africa, is not limited to drilling and mine development operations, but also requires massive and integrated investments in infrastructure, including the development of ports, railway networks, and logistics services. He noted that transportation and logistics costs can consume up to 30% of the total mining cost in some countries, posing an obstacle that necessitates international cooperation to overcome.
Regarding the investment environment in the Kingdom, Al-Khurayyif emphasized that Saudi Arabia has managed to make a qualitative leap in regulatory and legislative frameworks, as it has succeeded in reducing the duration of issuing mining licenses to between 30 and 90 days only, which is a record number compared to periods that may reach 10 years in some developed countries, which reflects the attractiveness and flexibility of the Saudi investment environment.
Vision 2030 and economic diversification
The minister concluded by emphasizing that mining represents the third pillar of national industry within the Kingdom's Vision 2030, which aims to transition from an oil-dependent economy to a diversified and sustainable one. He stated that the Kingdom has achieved record growth in non-oil exports, with a focus on building "mines of the future" that rely on innovation, sustainability, and environmental protection, to ensure a tangible positive impact on local communities and the national economy.
