Madinah seeks high-capacity investments in mineral reserves
The Madinah authorities are calling for high-capacity investment in the province’s rich metal and mineral reserves at the first Mining and Investment Opportunities Forum scheduled on June 3.
Held with the support of Madinah Gov. Prince Faisal bin Salman, the forum inaugurates a long-term push to drive exploration and excavation of the region’s precious and base metals.
Mounted by the Madinah Chamber of Commerce and Industry (MCCI) and organized by IQPC, the conference will introduce Madinah’s offering to local and international audiences, and set in motion its plan to diversify an economy historically propelled by oil.
Mohamed Faraj, chairman of the board of the Madinah Chamber of Commerce & Industry will deliver the first keynote session discussing the holy city’s valuable business propositions in his session titled, “Why invest in Al Madinah Al Munawarah?”
His speech will highlight the growth potential of industrial mining in Madinah, a key location within the Arabian Shield, a geological territory rich in coveted metals and minerals, such as gold, silver, copper, zinc, titanium and iron ore. In 2013, the Ministry of Petroleum and Mineral Resources identified 1,270 sources of precious stones and 1,170 sources of other minerals in the Kingdom.
Zohair A. Nawab, president of the Saudi Geological Survey, will detail the breakdown of the country’s mineral and metal resources, and touch on the government’s plans for mining projects and the Saudi national plan to expand industrial mining. Nawab will also speak about the potential of mining to make a positive impact on Saudi Arabia’s economic development.
Other keynote speakers include Khalid bin Saleh Al-Mudaifer, president and CEO of Maaden, the event’s strategic partner, and Matar Al-Harthi, director of business strategy at the Saudi Basic Industries Corporation (SABIC), who will also hold sessions on the first day of the conference.
Commenting on Maaden’s plans and motivations, Al-Mudaifer said: “Maaden continues to invest in mineral exploration in Madinah province as part of our strategy to develop mineral resources across the entire Kingdom. We believe that the long legacy of gold mining in the Madinah region, coupled with the application of the latest available exploration technologies, provide a solid basis to continue to grow our gold operations and find new resources that can contribute to the economy and create employment opportunities in Madinah,”
Together, Maaden and SABIC have made headlines with their partnership in the $7.5 billion Waad Al-Shimal project, an integral portion of a larger national plan to build downstream industries and boost the private sector in developing value-added products in the Kingdom.
Abduallah Sultan, director of the Center for Petroleum and Minerals at King Fahd University for Petroleum and Minerals (KFUPM), will outline the criteria for policy instruments that can effectively facilitate rapid transitions in the mining industry.
Three of the distinguished keynote speakers — Mohammed Faraj, Zohair A. Nawab, Abdullah Sultan — will sit on a panel entitled “Ask a Saudi,” an opportunity to garner information on the recent mining legislative framework and investment law first-hand, as well as updated regulations, the correct infrastructure for growth, and perspective on the role of private sector participation through public and private partnerships.
In addition to the region’s leading industry regulators and developers, representatives of the Ministry of Mining and Petroleum, and the Saudi Arabian General Investment Authority (SAGIA) will also be in attendance.