Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, recently held bilateral meetings with top executives of leading mining services companies at the MINExpo INTERNATIONAL 2024 exhibition in Las Vegas, USA. One of the companies he met with was Thies, a specialized company in mining services and investment opportunities. Alkhorayef discussed with Thies CEO Michael Wright the objectives of the comprehensive strategy for the mining sector, as well as the mining investment system in Saudi Arabia. He invited Thies to explore opportunities in Saudi Arabia as the company works in mining services and operations in Australia, Asia, and the Americas, mining various raw materials including coal, copper, iron ore, nickel, gold, and diamonds.
Additionally, Alkhorayef met with John Stanton, CEO of Weir Group, an engineering company that provides solutions to improve performance and production efficiency in various sectors, including mining. Discussions during the meeting focused on the valves and pumps sector in Saudi Arabia, a market that reached $9.8 billion by the end of 2022. With increasing demand for valves and pumps driven by mega projects in sectors such as oil and gas, there is an opportunity to localize this industry in Saudi Arabia. The Weir Group can gain competitive advantages by establishing a pump and valve factory in the country, enhancing its investment and expanding its business.
During his meeting with executives at Sandvik, Alkhorayef discussed the comprehensive mining strategy in Saudi Arabia and the investment opportunities available to the company, specifically in mining machines and cranes. Sandvik provides products and solutions for mining, rock drilling, rock processing, and metal cutting, focusing on improving mining operations through advanced equipment, tools, services, and digital innovations. The minister highlighted the potential for Sandvik to expand its presence in Saudi Arabia and meet the growing demand for mining solutions, including artificial intelligence applications.
Alkhorayef also met with Dave Goddard, head of Mining at Hexagon, a digital solutions company. They discussed Saudi Arabia’s efforts in digital transformation across various sectors, including industry and mining, and highlighted initiatives such as the Future Factories initiative. This initiative aims to automate 4,000 factories and provides an opportunity for Hexagon to expand its presence in Saudi Arabia and meet the increasing demand for software solutions, including artificial intelligence applications.
Furthermore, the minister’s meetings included a discussion with Caterpillar’s Chief Technology Officer, Otto Breitschwerdt, regarding opportunities in heavy equipment and diesel generators in Saudi Arabia. The country is working on building giant development projects, and the National Industrial Strategy considers diesel engines and heavy equipment to be key products. The Saudi heavy equipment market is worth more than $4 billion, with significant expected growth by 2030. There is an opportunity to localize industries such as heavy machinery and diesel generator sets in Saudi Arabia, presenting a promising opportunity to establish a factory for Caterpillar products.
Alkhorayef also discussed smart solutions for mineral exploration with Dan Lankford, Chairman of the Board of Directors of Impossible Metals. The company specializes in building underwater robotic vehicles to collect critical minerals from the seafloor, with recent successful testing of their Eureka 2 autonomous underwater vehicle in deep water. The discussions focused on mining operations in seas and oceans, exploring the latest technological advancements in this area. These meetings at MINExpo INTERNATIONAL 2024 highlighted the growing opportunities for mining services companies to expand their operations and investments in Saudi Arabia’s rapidly growing mining sector.
