Vice Minister: Northern Borders region contains 25% of Saudi mineral wealth worth SAR1.2 tn

Saudi Vice Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid bin Saleh Al-Mudaifer said that the Northern Borders Region contains 25% of the Kingdom’s mineral wealth, worth up to SAR1.2 trillion, SPA reports.

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 SAR120 billion in infrastructure to support projects there.

He also said that the Kingdom is considering investing nearly SAR80 billion 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 SAR220 billion 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 organized 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 SAR22 billion, in a number of targeted sectors, such as transportation, logistics services, mining, education, health, real estate development, municipalities, industry, tourism, hospitality, and scientific research.