Saudi Arabia’s Northern Borders Region has SR1.2tn ($320bn) of mineral wealth deposits, according to a senior official.
Vice-Minister of Industry and Mineral Resources for Mining Affairs Khalid bin Saleh Al Mudaifer said that the Northern Borders Region contains 25 per cent of the Kingdom’s mineral wealth, worth up to SR1.2tn ($320bn).
Attending the Northern Border Investment Forum, he pointed out that the competitive advantage in the region is due greatly to the presence of phosphate, adding that the Kingdom has invested more than SR120bn ($32bn) in infrastructure to support projects there.
Saudi mineral wealth
He also said that the Kingdom is considering investing nearly SR80bn ($21.3bn) in the phosphate 4 and phosphate 5 projects.
According to Al Mudaifer, the factories in the Northern Borders Region will be the basis for building a modern industry, with investments that will exceed SR220bn ($58.7bn) by 2035.
The Northern Border Investment Forum concluded its activities on Sunday; it was attended by more than 600 Saudi and foreign investors.
The two-day event was held at the Ministry of Interior Employees Club, in Arar, and was organised by the Northern Borders Municipality and the Federation of Saudi Chambers.
More than 157 investment opportunities in the Northern Borders Region were unveiled at the forum, worth nearly SR22bn ($5.9bn), in a number of targeted sectors, such as:
- Transportation
- Logistics services
- Mining
- Education
- Health
- Real estate development
- Municipalities
- Industry
- Tourism
- Hospitality
- Scientific research
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