Saudi Arabia’s mining sector is set to triple by 2030, and its contribution to the gross domestic product (GDP) is expected to reach SR260 billion ($69.32 billion) in 15 years, said the kingdom’s Minister of Petroleum and Mineral Resources.

Ali Al-Naimi was speaking at the Saudi Mining and Minerals Exhibition and Symposium which kicked off yesterday (October 27), in Riyadh, Saudi Arabia.

The event will run until October 29, at the Prince Sultan Grand Hall, Al Faisaliah Exhibition and Convention Centre.

Al-Naimi said: “The direct and indirect contribution to GDP has reached SR80 billion ($21.33 billion) and (the sector) has created 265,000 jobs.”

“The ministry is aiming to raise the GDP even higher by 2030, and create more than 100,000 jobs for citizens,” he said.

Al-Naimi said that the Ministry of Petroleum and Mineral Resources was developing a long-term plan for the kingdom’s mining sector, said the statement.

Meanwhile, Saudi Geological Survey president Dr Zohair A Nawab, addressing delegates of the Saudi Mining & Minerals symposium, said that the kingdom plans to complete viability studies into 50 new mineral opportunities next year as part of a development strategy for the sector, it stated.

“In 2016, studies will be made for confirmed reserves of more than 50 minerals in order to know their quantities and possible uses in industry,” Nawab added. – TradeArabia News Service