RIYADH, Jan 13 (Arab News): Saudi Arabia's investment ministry on Thursday signed an agreement with UK-based Power Metal Resources it said aims to unlock high-value investment opportunities to maximize the potential benefits offered by the Kingdom's natural resources.
The memorandum of understanding was signed in the presence of the Saudi minister of industry and mineral resources, Bandar Alkhorayef, on the sidelines of the Future Minerals Forum in Riyadh.
In another deal, the ministry and Saudi state-owned mining company Maaden agreed to enhance cooperation, explore investment opportunities, and work to add value to the Kingdom's mining, metals and downstream industries.
The forum, which began on Wednesday and concluded on Thursday, and was preceded by a ministerial roundtable on Tuesday, offered a showcase for the business environment in the Kingdom's minerals and mining sector, including the investment opportunities that are available.
Minister of Investment Khalid Al-Falih took part in the second session of the event, during which he highlighted Saudi Arabia's ability to help meet the growing demand for mineral resources, thanks to its large reserves that are valued at about $2.5 trillion.
He also emphasized the nation's capabilities in the fields of mining and related exploratory activities across its mineral-rich region, which extends from the middle of Asia across the Middle East to Africa.
Al-Falih witnessed the signing of several memorandums of understanding at the event, which aim to support investment opportunities in copper-related industries, including mining and transformational processes, encourage cooperative projects, enhance the potential of the mining, minerals and manufacturing industries in the Kingdom, and maximize the benefits derived from the nation's natural resources.
Eighty-nine investors reportedly expressed an interest in investment opportunities in the sector. A further 23 said they were willing to embark on economic ventures, and meetings were scheduled for them complete the procedures required for licenses to be issued.
Meanwhile, the Saudi Export-Import Bank has signed an agreement with its US counterpart designed to boost cooperation and help strengthen economic and trade relations between the two countries.
The memorandum of understanding, signed on the sidelines of a recently concluded international mining forum in Riyadh, also includes plans for the banks to establish a framework for cooperation and synergy, share expertise and resources, facilitate trade financing, support exports, enhance investment opportunities in key sectors, exchange knowledge and information, build capabilities, and share best practices to enhance bilateral business competitiveness and growth.
The deal is part of the Saudi bank's efforts to define the guiding principles for developing cooperation and trade relations with American markets, the Saudi Press Agency reported on Friday.
Its initiative includes work to facilitate the export and import of products and services, exchange information and expertise, and provide support related to credit lines and credit facilities that can support Saudi non-oil exports to global markets, and increase their contribution to the gross domestic product in line with the goals of the Kingdom's Vision 2030 development and diversification agenda.
"The signing of this memorandum comes within the bank's efforts to contribute to accelerating the growth of the global economy by strengthening trade relations and developing export and import efficiency with various global markets," said Saad Al-Khalab, the CEO of the Saudi bank.
"Since the bilateral relations between the Kingdom of Saudi Arabia and the United States of America are based on solid foundations of mutual cooperation and common interests, we will continue to work together to achieve common economic goals, expand the horizons of trade and investment cooperation, and benefit from the promising opportunities on both sides, especially in the strategic sectors targeted by the Kingdom's Vision 2030, such as mining, petrochemicals, manufacturing, renewable energy, tourism, financial services, healthcare, and others."
Reta Jo Lewis, chair of the board of directors and CEO of the US Export-Import Bank, said the agreement paves the way for mutually beneficial cooperation between the banks.