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

Saudi Arabia’s transformation is driven not only by its vast oil and gas reserves but also by its most valuable asset: human capital. According to Bandar Alkhorayef, Saudi mining minister of Industry and Mineral Resources, the Kingdom’s vision for a prosperous future hinges on the development of its citizens. Speaking at the Future Minerals Forum (FMF) in Riyadh, Alkhorayef emphasized that human resources are at the heart of Saudi Arabia’s Vision 2030.

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Vision 2030: A Roadmap to Empowerment

In his address, Alkhorayef highlighted that Saudi Arabia’s Vision 2030 is not just an economic plan; it is designed to empower its people. The development of human capital is central to this vision, with a clear focus on creating job opportunities, promoting entrepreneurship, and fostering investments that directly benefit citizens.

The Kingdom has long recognized the importance of integrating people into its growth strategy, especially the youth. Alkhorayef emphasized, “Our Vision 2030 is very keen to ensure that everything we do, from an economic or sector development perspective, touches our people.” The minister also unveiled the Young Mining Professionals Association, a partnership between the Ministry and Saudi mining giant Ma’aden, aimed at empowering the nation’s youth in the mining sector.

Talent: The Key to Economic Diversification

Muhammad Al-Saggaf, president of King Fahd University of Petroleum and Minerals (KFUPM), echoed similar sentiments, stressing that talent plays a critical role in driving Saudi Arabia’s economic diversification. During a separate panel at the forum, Al-Saggaf explained that while investment is essential for sector development, talent is the multiplier that allows investments to succeed. He described the relationship between investment and talent as “multiplicative,” where talent amplifies and enables the success of investments.

Al-Saggaf outlined three key types of talent:

• Economy-burdening talent – Graduates who lack the skills needed for the economy of today or tomorrow, thus becoming a burden.
• Economy-maintaining talent – The professionals, like engineers and physicians, who sustain and evolve the current economy.
• Economy-creating talent – The few individuals who create future jobs and sectors represent the most crucial talent for the Kingdom’s long-term growth.

At KFUPM, students are not merely prepared to fill existing roles; they are trained to innovate and create new sectors. “When you get into KFUPM, you are here to learn to create a job,” Al-Saggaf said, reinforcing the university’s role in shaping future leaders and creators.

Strategic Partnerships and Global Collaborations

The Future Minerals Forum also marked a series of significant agreements aimed at advancing Saudi Arabia’s industrial and mining sectors. One of the most notable agreements was between Saudi Arabia’s National Industrial Co. and China’s DHX Group, which will see the establishment of the first integrated tinplate production factory in Ras Al-Khair. This plant, with an annual production capacity of 400,000 tons, will serve both local demand and international markets.

In addition, Saudi Arabia is pushing forward with deep-sea mineral exploration projects, with a $1.44 billion fund created in collaboration between Mekyal Financial Tech, Marine Mining Co., and Atlantis Blu Mining GmbH. This initiative aims to tap into marine resources to meet the growing global demand for critical minerals.

Innovation in Mining and Sustainable Development

Saudi Arabia’s commitment to innovation in the mining sector is further demonstrated by the launch of the “Mining Innovation Studio.” This program, developed in collaboration with Newlab, aims to position the Kingdom as a global leader in mining technology and sustainability. By attracting top talent and emerging companies, the initiative seeks to solve key industry challenges, including securing supply chains for critical minerals, reducing carbon emissions, and supporting the transition to sustainable energy.

Furthermore, King Abdullah University of Science and Technology (KAUST) introduced the Future Cement Initiative aimed at decarbonizing Saudi Arabia’s cement industry. The initiative focuses on advancing research in sustainable production technologies and emission reduction strategies, reinforcing the Kingdom’s commitment to environmentally responsible industrial practices.

Frequently Asked Questions

What did Saudi Arabia’s Mining Minister say about the Kingdom’s most valuable asset?

At the Future Minerals Forum, Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, emphasized that the Kingdom’s most valuable asset is not just its oil or gas reserves but its human capital. He highlighted that the development of citizens, particularly the youth, is at the core of Saudi Arabia’s Vision 2030.

What is the significance of human capital in Vision 2030?

Human capital is central to Saudi Arabia’s Vision 2030 as the country aims to diversify its economy and empower its people. Vision 2030 focuses on providing job opportunities, supporting entrepreneurship, and ensuring that economic growth directly benefits the citizens, especially the younger generation.

What initiative was launched to support young talent in Saudi Arabia’s mining sector?

The Young Mining Professionals Association was inaugurated at the Future Minerals Forum. This initiative is a collaboration between the Ministry of Industry and Mineral Resources and Saudi mining company Ma’aden, aimed at empowering young talent and professionals in the mining industry.

How does Saudi Arabia’s economic diversification plan relate to talent development?

Saudi Arabia’s economic diversification plan under Vision 2030 heavily focuses on talent development. As emphasized by Muhammad Al-Saggaf, president of King Fahd University of Petroleum and Minerals, talent is just as critical, if not more important than investment, in driving sector development and innovation. Talent amplifies investments, making them more impactful.

What is the focus of King Fahd University of Petroleum and Minerals (KFUPM) in talent development?

KFUPM focuses on nurturing economy-creating talent. The university encourages students to develop the skills needed to create new industries and opportunities, not just to fill existing jobs. The goal is to equip students with the tools to lead and innovate in the Kingdom’s future economy.

How is Saudi Arabia focusing on sustainability in its mining and industrial sectors?

Saudi Arabia is committed to sustainability through initiatives like the Mining Innovation Studio, which aims to reduce carbon emissions across the mining value chain and secure critical mineral supply chains. Additionally, the Future Cement Initiative by KAUST seeks to decarbonize the cement industry through advanced research in sustainable production technologies.

Why is Saudi Arabia’s approach to talent considered unique?

Saudi Arabia’s approach is unique because it does not just aim to provide its citizens with jobs; it is focused on developing individuals who will create future job opportunities and sectors. This forward-thinking strategy ensures that the Kingdom’s workforce is prepared for long-term economic growth and diversification.

How does the Future Minerals Forum contribute to Vision 2030?

The Future Minerals Forum plays a crucial role in showcasing Saudi Arabia’s mining and industrial potential on a global scale. By fostering international partnerships and innovation, the forum supports the Kingdom’s Vision 2030 goals of economic diversification, sustainability, and human capital development.

Conclusion

Saudi Arabia’s commitment to developing its human capital is at the heart of its Vision 2030, with the Future Minerals Forum serving as a key platform to highlight this strategy. The Kingdom recognizes that its most valuable asset is not just its vast natural resources but the talent and potential of its people, especially the youth.

Through initiatives like the Young Mining Professionals Association and the Mining Innovation Studio, Saudi Arabia is actively empowering the next generation of leaders and innovators in the mining sector. By focusing on talent development and sustainability, the Kingdom is positioning itself to not only diversify its economy but also become a global leader in industrial and technological innovation. As these efforts unfold, the future of Saudi Arabia looks promising, with its workforce poised to drive the success of Vision 2030 for years to come.