Industry and Mineral Resources Minister Chairs Private Sector Roundtable in Moscow
Minister of Industry and Mineral Resources Bandar Alkhorayef chaired a high-level roundtable meeting in Moscow with private sector representatives during his official visit to the Russian Federation, focusing on strengthening investment partnerships in the industry and mining sectors and exploring promising opportunities within the priority areas of Saudi Arabia’s National Industrial Strategy.
The roundtable, organized by the Ministry of Industry and Mineral Resources, the Russian Ministry of Industry and Trade, and the Federation of Saudi Chambers, was attended by several senior government officials, including Saudi Arabia's Assistant Minister of Investment Dr. Abdullah Aldubaikhi, leaders of the industry and mining sectors, and investors from both countries.
During the meeting, the minister praised the strength of Saudi-Russian relations, noting that the two nations will celebrate the 100th anniversary of their diplomatic ties next year. He also highlighted the economic similarities between Saudi Arabia and Russia, particularly in their untapped mineral resources and robust oil and gas sectors.
Addressing participants, Alkhorayef reaffirmed that the Kingdom offers promising opportunities for investment in vital economic sectors, including industry and mining, which serve as core pillars of Saudi Arabia's economic diversification. He highlighted the Kingdom’s strategic assets and competitive advantages such as its geographic location, advanced industrial infrastructure, and efficient logistics network that connects industrial cities to ports and specialized complexes, all of which position it as a pivotal hub for global investment. He also noted Saudi Arabia’s significant investments in technology, research, and development, as well as its abundant natural resources, business-friendly environment, and highly qualified national workforce.
The minister emphasized the importance of the Saudi mining sector as the third pillar of industry under the objectives of Saudi Vision 2030. He indicated that updates to the General Geological Survey Program and recent mining discoveries have increased the estimated value of the Kingdom’s mineral wealth by 90%, bringing it to $2.5 trillion. Alkhorayef also praised the broader industry and mining ecosystem for its role in developing the sector and improving its investment environment by reducing the average time required to obtain a mining license to just 90 days.
Alkhorayef highlighted the significance of the Future Minerals Forum (FMF) in addressing challenges in the global mining and metals sector through flexible solutions, noting its role as a platform that brings together sector leaders, major mining companies, investors, and research institutions. The minister invited investors to participate in the fifth FMF in January 2026.
Saudi Arabia and Russia’s bilateral relations are currently witnessing rapid growth, particularly in the industrial, mining, petrochemical, and advanced manufacturing sectors. Non-oil trade between the two countries increased from $491 million in 2016 to $3.28 billion in 2024, reflecting their commitment to enhancing cooperation and encouraging joint investments in priority sectors.
