Saudi Press

Saudi Arabia and the world
Monday, Jan 30, 2023

Energy transition to increase 5-fold by 2050: Alkhorayef

Energy transition to increase 5-fold by 2050: Alkhorayef

Minister of Industry and Mineral Resources Bandar Alkhorayef said the World Bank (WB) estimated that the energy transition will increase 5-fold by 2050 through the use of modern technologies.
Alkhorayef made these remarks during a meeting within the activities of the International Mining Conference in Riyadh.

He stated that the US government has focused on the role of the supply chains, technology, automotive industry, defense industries and green technology. “Our region is able to be a bridge extending across these countries in this transformation.”

The mining sector is now playing a leading role, he said, adding that the world is in much need for minerals and metals. He stressed the importance of developing the supply chains which meet the world needs.

Minerals and metals must be developed in order to increase the levels of commitment, and improve the trade balance between the different countries, in addition to the participation in the zero-carbon emissions.

Saudi Arabia has reduced the risks of investment, production and manufacturing operations in the mining sector, Alkhorayef said.

He added that the Kingdom has attracted huge investments exceeding $33 million in 2020, in addition to launching the first auction for this sector with the participation of several countries.

Saudi Arabia has also expanded supply chains in phosphate and gold, and developed an environment suitable for the electric car industry.

Speaking to Al-Ekhbariya, the minister said the mining future in Saudi Arabia is promising, noting that the amount of minerals in the Kingdom was estimated at SR5 trillion.

Alkhorayef noted that the metal detection operations are carried out through the geological survey program on the entire Arabian Shield.

He added that there is another program for accelerated exploration, through which additional quantities and types of minerals can be explored.

The modern technologies related to mining will be available to investors in Saudi Arabia, he said, noting that the sector provides many investment and job opportunities through the services provided to this sector.

The International Mining Conference is considered an important platform in the region to develop the mining sector, and provides an opportunity for investors, companies, financiers and universities to cooperate with each other, which would contribute in accelerating the investments in the mining sector in the region.

Alkhorayef said the participation of 60 countries in the International Mining Conference proves that Saudi Arabia has become the focus of the world’s attention, adding that the world is in much need of mining for industry.

He also stressed the need to provide the minerals in appropriate quantities and prices.
Newsletter

Related Articles

Saudi Press
Close
0:00
0:00
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman
×