The agreement seeks to bolster economic ties and facilitate joint investment in mining projects.
The Kingdom of Saudi Arabia and the United Kingdom will sign a new critical minerals partnership in Riyadh this week, according to media reports. Saudi Arabia will host representatives from more than 85 governments at the Fourth Future Minerals Forum, the leading event of the sector in the Middle East. British Industry Minister Sarah Jones will lead a delegation of 16 UK-based companies, including the mining companies Cornish Lithium and Westcountry Minerals. The to-be-signed partnership aims to foster closer collaboration in the sector and bolster supply chains and economic prosperity in both countries.
The Middle East in a Post-Oil Era
Saudi Arabia seeks to expand its critical minerals sector to diversify its economy, reduce dependence on oil, and position itself as a global hub for mineral trade and processing. With an estimated $2.5 trillion in untapped mineral resources, the kingdom’s Vision 2030 plan prioritizes raw materials as a key driver of economic growth, job creation, and technological advancement. Part of the plan is also a massive investment in the exploration of critical mineral deposits announced last year (we reported). In addition to its own significant investments in the mining sector, Saudi Arabia actively seeks to attract foreign investment. In November, the Kingdom secured agreements with several international companies, collectively valued at $9 billion.
The Kingdom of Saudi Arabia is not the only state in the region looking to capitalize on critical minerals. Last week, the Crown Prince of Abu Dhabi and the Brazilian Minister of Mines and Energy finalized a Memorandum of Understanding to cooperate in the field. While Abu Dhabi has few resources, it has the economic strength to support Brazil’s growing mining sector.
Photo: Mohamed Hussain Younis via Canva
