Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources has completed the modified mineral investment strategy, which allows the private sector to benefit from promising investment opportunities in the sector, said a report.

Minister of Energy, Industry and Mineral Resources Engineer Khalid Al Falih said the value of mineral reserves in the kingdom exceeds SR4.9 trillion ($1.306 trillion). The kingdom is rich in crude materials such as phosphates, iron ore, bauxite, gold, zinc copper and industrial minerals, said the Saudi Press Agency report.

The minister added that the new strategy seeks to increase the production of basic metals and precious metals, to reach 10 times of the current production. It also envisages the mining sector to become the third pillar of the Saudi industry, along with oil, gas and petrochemical industries.

He stressed the importance of mineral resources as one of the most important activities to achieve the Saudi Vision 2030, which includes promising future opportunities that contribute to diversifying sources of income and enhancing the national economy, added the report.

Additionally, he highlighted that supporting the development of local industry by providing basic local crude materials forms the basis of any advanced industrial economy.