Saudi mining minister reveals Kingdom’s ‘most valuable asset’ at Future Minerals Forum

RIYADH: Saudi Arabia’s wealth extends beyond its oil and gas reserves, with its human capital as its most valuable asset, according to the country’s minister of industry and mineral resources. 

Speaking at the Future Minerals Forum in Riyadh, Bandar Alkhorayef emphasized the Kingdom’s commitment to developing its citizens as part of Vision 2030, describing human capital as “the most important asset that we have in this country.” 

During the forum, he announced the inauguration of the Young Mining Professionals Association, a collaboration between the ministry and Saudi mining company Ma’aden, to further empower young talent in the sector. 

“Our Vision 2030 is very keen to ensure that everything we do, from an economic or sector development, is touching our people,” said Alkhorayef. 

“It is designed in a way that impacts people, people’s development, people’s opportunity for investment, entrepreneurs, and also job opportunities, quality job opportunities,” the minister said. 

He added: “I’m happy that our mining sector is very serious about ensuring that at the core part of what we are doing in our strategy, addressing how much impact we can bring to our people and especially to the youth of Saudi Arabia.” 

In a separate panel, Muhammad Al-Saggaf, president of King Fahd University of Petroleum and Minerals, underscored the critical role of talent in driving the Kingdom’s economic diversification. 

“In very simple terms, the mandate of KFUPM is to help expand the economy of Saudi Arabia. That is the mandate. We want to do our part that is to push forward an expansion of the base of the economy of the Kingdom,” he said. 

“What do you need to create new sectors?” Al-Saggaf asked. “You need two things: you need investment, and you need talent, and many times, strategists and planners focus a lot on investment, getting FDI (foreign direct investment) agreements, and so on. 

“But talent is, as important, if not even more important, than the investment, and without it, you cannot actually achieve sector development in the way that the Kingdom and Vision 2030 wants.” 

He said the connection between investment and talent, describing it as “multiplicative” rather than additive. 

“If it were additive, you could make up for talent by adding investment, but that is not the case. In fact, the relationship between them is multiplicative. It is talent that amplifies and enables and allows the investment to achieve its goals, and without that talent, you will be multiplying by zero and you will be achieving nothing.” 

Al-Saggaf outlined three types of talent emerging from academic institutions. “The first type is the economy-burdening talent,” he said. 

“Those graduates who are unable to have the skills needed for today’s or tomorrow’s economy, and then they become a burden on the economy. They have to be re-skilled, or they take on menial jobs for which they spend years and they don’t need that training, if not, they become disgruntled because they are poor and unemployed and so on,” he added. 

“The second type, which is the largest type, is the economy-maintaining talent. Those are all the engineers and all the physicians, all the professors or the bankers or the lawyers who strive to maintain the progress of the current economy because the current economy has to continue to evolve and survive. And they are the largest portion of any economy this type, and they are essential and needed,” he explained. 

“But the most important type, as far as we are concerned. Our niche is type three. That’s the economy-creating talent. Those are the few who are going to go on to create the future jobs and create the future sectors,” he said. 

Al-Saggaf also said that KFUPM focuses on nurturing this talent. “This is why we tell all our students, and we have a number of our students in the audience today — when they get into KFUPM, you are not here to learn to get a job. If you get into KFUPM, it’s a very tough school to get into, you are implicitly guaranteed a job — that is not the objective. You are not here to learn to get a job. You are here to learn to create a job.” 

The university’s achievements in fostering diversity in engineering education. “KFUPM has the highest enrollment of females in engineering anywhere in the world with 50 percent, as opposed to 10-15 percent in global universities,” he said. 

FMF sees a flurry of agreements by local and international players 

On the announcement front, the FMF witnessed numerous deals forged by local and international participants, highlighting Saudi Arabia’s increasing influence in the global mining and industrial sectors.

Agreements ranged from large-scale industrial projects to innovation initiatives to bolster the Kingdom’s economic diversification under Vision 2030. 

One of the major deals signed was between the National Industrial Co. and China’s DHX Group to establish the first integrated tinplate production factory in Ras Al-Khair, eastern Saudi Arabia. 

The facility will have an annual production capacity of up to 400,000 tons, addressing local demand while enabling exports abroad.  

Another highlight was the signing of a memorandum of understanding between Mekyal Financial Tech, Marine Mining Co., and Atlantis Blu Mining GmbH to create a $1.44 billion fund. 

The fund will support deep-sea mineral exploration projects, reflecting a push toward harnessing untapped marine resources to meet the growing global demand for critical minerals. 

The forum also saw a partnership agreement between Deutsche Messe, ASAS Co., and Riyadh Exhibitions Co. to launch the Industrial Transformation Saudi Arabia event in December.

The gathering will be part of a global network of industrial transformation forums, further positioning the Kingdom as a hub for industrial innovation and showcasing advancements in technology and manufacturing. 

The Royal Commission for Jubail and Yanbu-International and Singaporean mining comapany Vale Global also signed a key industrial agreement to supply Saudi Arabia with Direct Reduction shaft furnaces. 

The deal aims to enhance the Kingdom’s national industrial capabilities and contribute to the development of cutting-edge infrastructure in its metals and mining sectors. 

The Ministry of Industry and Mineral Resources also unveiled the “Mining Innovation Studio” initiative during the FMF. 

This program, launched in collaboration with Newlab and in partnership with organizations such as the Saudi Geological Survey, the National Industrial Development and Logistics Services Program, Ma’aden, and Saudi Mining Services Co., seeks to position the nation as a leader in mining innovation. 

It aims to attract top talent and emerging companies worldwide to develop advanced technologies addressing key challenges in the sector. 

The Mining Innovation Studio focuses on securing supply chains for critical minerals, reducing carbon emissions across the mining value chain, and creating solutions that enhance the sector’s sustainability. 

It also seeks to support the transition to sustainable energy by developing new applications for metals and materials aligned with a low-carbon economy. 

King Abdullah University of Science and Technology also announced the launch of the Future Cement Initiative, a program aimed at decarbonizing Saudi Arabia’s cement industry. 

The initiative seeks to enhance the economic and environmental competitiveness of cement manufacturing by focusing on advanced research in production technologies, emission reduction, and strategies for sustainable cement making.