Saudi Arabia and Australia are set to deepen their cooperation in the mining sector with the launch of the inaugural Australia-Saudi Mining Forum later this year, according to Sam Jamsheedi, president of the Australian Saudi Business Council and Forum.

Speaking at the Future Minerals Forum in Riyadh, Jamsheedi emphasized that the forum, supported by both governments, would enhance mining exploration and investment opportunities between the two countries.

This initiative aligns with Saudi Arabia's Vision 2030, which identifies mining as a key pillar of its economic diversification strategy.

Australia, a major player in the global mining industry, has been a strong presence at the Future Minerals Forum, with over 300 participants and its first pavilion at the event.

The forum is seen as a crucial platform for strengthening bilateral relations between Saudi Arabia and Australia.

The Australian Saudi Business Council, which represents opportunities in both nations, has been instrumental in facilitating trade and investment, with bilateral trade between the two countries reaching $4 billion, a $600 million increase in the past year.

The business council is focusing on sectors such as mining, agriculture, infrastructure, technology, and services.

As Saudi Arabia targets $100 billion in foreign direct investments by 2030, Jamsheedi underscored the need for more initiatives like the forum to raise awareness of investment opportunities in the Kingdom.