Saudi Arabia Concludes 4th Future Minerals Forum with SAR107 Billion in Deals

The Ministry of Industry and Mineral Resources announced on January 17, 2025, the successful conclusion of the fourth edition of the Future Minerals Forum (FMF), held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud from January 14-16 at the King Abdulaziz International Conference Center in Riyadh. The forum brought together 18,000 investment leaders, heads of major mining companies, and technical experts from 165 countries, solidifying its position as the world’s premier platform for shaping the future of the mining and minerals sector.

The three-day event featured 405 speakers, including ministers, ambassadors, and heads of delegations, who participated in 96 sessions covering critical topics such as value addition, supply chain resilience, infrastructure investment, and the untapped mineral potential of Africa, West Asia, and Central Asia. The forum culminated in the announcement of 126 agreements and memoranda of understanding valued at SAR107 billion, spanning exploration, mining, financing, research and development, innovation, sustainability, and value-added chains. This remarkable outcome underscores Saudi Arabia’s growing leadership in the global minerals industry and its commitment to fostering international cooperation under Vision 2030.

Context and Background

Why has the Future Minerals Forum become such a pivotal event on the global mining calendar? Launched four years ago, the FMF was originally conceived to draw attention to the mining region spanning from Africa to West and Central Asia, a vast area rich in mineral resources but historically underdeveloped in terms of investment and infrastructure. Under the patronage of King Salman bin Abdulaziz Al Saud and the guidance of His Royal Highness Crown Prince Mohammed bin Salman, the forum has rapidly evolved into a globally recognized platform that brings together sector leaders to discuss key challenges and opportunities.

The fourth edition built on the successes of previous years, expanding its scope and impact. Minister of Industry and Mineral Resources Bandar Alkhorayef, in his closing speech, expressed his utmost appreciation to the wise leadership for their generous support and patronage, which reflects the leadership’s keenness to achieve the renaissance and sustainability of the mining sector. He emphasized that this support aligns with Vision 2030’s goal of positioning mining as the third pillar of Saudi industry, alongside oil and petrochemicals.

The forum’s growth mirrors the broader transformation of Saudi Arabia’s economy. As the Kingdom diversifies away from hydrocarbon dependence, mining has emerged as a critical sector with an estimated mineral wealth of SAR9.4 trillion ($2.5 trillion). The FMF provides a vital platform for showcasing these opportunities, attracting foreign investment, and forging partnerships that drive technological innovation and sustainable development across the entire value chain.

Key Details and Forum Outcomes

What specific achievements did the fourth Future Minerals Forum deliver? The event attracted a record number of participants, with 18,000 attendees from 165 countries, reflecting its expanding global reach. The 96 sessions covered a wide array of topics, including adding value to mineral resources, fostering cooperation across mineral supply chains, and making vital investments in sector infrastructure. Discussions also focused on untapped resources in Africa, West Asia, and Central Asia, and strategies for building resilient mineral supply chains in an increasingly complex geopolitical landscape.

Minister Alkhorayef expressed deep gratitude to the participating ministers from various countries, as well as partners and sponsors, for their valuable contributions that enriched the forum’s sessions and activities. He noted that the fruitful discussions and agreement on innovative solutions supporting local communities’ sustainable utilization of the sector mark a significant achievement and a source of pride. The forum also addressed enhancing investment partnerships in mining and mineral processing projects, the sector’s contribution to community development, exploring new mining areas to support manufacturing sectors, and enabling future decisions through artificial intelligence technologies.

A highlight of the event was the announcement of 126 agreements and memoranda of understanding worth SAR107 billion. These deals cover exploration, mining, financing, research and development, innovation, sustainability, value-added chains, and mining industries. The agreements are expected to catalyze further investment, create jobs, and accelerate the development of Saudi Arabia’s mining ecosystem. The forum also highlighted strategies for leveraging local investments and partnerships to drive growth, offering new perspectives on integrating local communities and economies into the minerals value chain, while enhancing the connection between innovation and sustainability to ensure a sustainable mining future.

International and Regional Impact

How does the Future Minerals Forum influence the global mining landscape? By convening stakeholders from 165 countries, the forum has become a cornerstone of international dialogue on mineral resources. It provides a unique platform for ministers, industry leaders, and experts to align on best practices, address shared challenges, and unlock the potential of underdeveloped regions. The focus on Africa, West Asia, and Central Asia is particularly significant, as these areas hold vast untapped mineral wealth that can drive economic growth and development if properly managed.

The forum’s outcomes resonate beyond Saudi Arabia’s borders. The agreements signed during the event will facilitate cross-border investments, technology transfer, and capacity building, benefiting both host countries and international partners. Moreover, the emphasis on resilient supply chains addresses a critical global concern: the reliable and sustainable sourcing of minerals essential for the energy transition, such as lithium, cobalt, and rare earth elements. Saudi Arabia’s leadership in this arena positions the Kingdom as a stabilizing force in global mineral markets.

Regionally, the FMF strengthens Saudi Arabia’s role as a bridge between continents. By fostering cooperation across Africa, West Asia, and Central Asia, the Kingdom is helping to integrate these regions into the global economy, creating opportunities for trade, investment, and knowledge exchange. This aligns with Vision 2030’s goal of enhancing Saudi Arabia’s global engagement and economic diversification.

Economic and Strategic Significance

Why is the mining sector so crucial to Saudi Arabia’s economic future? Mining is envisioned as the third pillar of Saudi industry, after oil and petrochemicals. The Kingdom’s mineral wealth, estimated at SAR9.4 trillion, includes gold, phosphate, bauxite, copper, and rare earth elements. Developing this sector is central to Vision 2030’s objectives of diversifying the economy, creating jobs, and attracting foreign investment. The SAR107 billion in agreements announced at the FMF represents a significant step toward realizing this potential.

The forum also underscored the importance of adding value locally. Rather than simply exporting raw materials, Saudi Arabia aims to build a comprehensive mining value chain that includes processing, manufacturing, and downstream industries. This approach will maximize economic benefits, create high-skilled jobs, and foster innovation. The emphasis on research and development, artificial intelligence, and sustainability further highlights the Kingdom’s commitment to a modern, knowledge-driven mining sector.

Strategically, the FMF reinforces Saudi Arabia’s position as a global leader in responsible resource development. By promoting sustainable practices, community engagement, and environmental stewardship, the Kingdom is setting a benchmark for the industry. The forum’s outcomes will contribute to global efforts to achieve the UN Sustainable Development Goals, particularly those related to economic growth, infrastructure, and responsible consumption and production.

Vision 2030 Alignment

How does the Future Minerals Forum advance Saudi Arabia’s Vision 2030? The forum directly supports the Vision’s goal of transforming the Kingdom into a diversified, innovation-driven economy. Mining is a key enabler of this transformation, providing raw materials for industries such as renewable energy, electric vehicles, and advanced manufacturing. By positioning mining as the third pillar of Saudi industry, the Kingdom is laying the foundation for a sustainable economic future beyond oil.

Minister Alkhorayef concluded his speech by emphasizing the importance of continuing to work in a spirit of cooperation and partnership to achieve a sustainable future for the mining sector. He noted that the outcomes of this forum will be a starting point for a new phase of development and growth, contributing to economic and social development globally. As Saudi Arabia continues to lead in this vital sector, the Future Minerals Forum stands as a testament to the Kingdom’s vision, ambition, and commitment to global partnership. The fourth edition’s success not only highlights Saudi Arabia’s growing influence but also sets the stage for future editions that will further shape the global mining landscape.

20 Questions

Q1. What was the fourth Future Minerals Forum?

A1. The fourth Future Minerals Forum was a major international mining conference held in Riyadh from January 14-16, 2025, under the patronage of King Salman bin Abdulaziz Al Saud, bringing together global leaders to discuss mining sector challenges and opportunities.

Q2. Who organized the Future Minerals Forum?

A2. The forum was organized by the Ministry of Industry and Mineral Resources, led by Minister Bandar Alkhorayef, as part of Saudi Arabia’s efforts to promote the mining sector under Vision 2030.

Q3. How many countries participated in the forum?

A3. A total of 165 countries participated in the fourth edition of the Future Minerals Forum, reflecting its global significance and broad international engagement.

Q4. How many attendees were at the forum?

A4. The forum attracted 18,000 investment leaders, heads of major mining companies, and technical experts from around the world.

Q5. How many speakers addressed the forum?

A5. There were 405 speakers, including ministers, ambassadors, and heads of delegations from various countries.

Q6. How many sessions were held during the forum?

A6. The forum featured 96 sessions covering a wide range of topics related to mining, investment, sustainability, and innovation.

Q7. What were the key topics discussed at the forum?

A7. Key topics included adding value to minerals, fostering supply chain cooperation, infrastructure investment, untapped resources in Africa and Asia, and leveraging artificial intelligence for future decisions.

Q8. What was the total value of agreements signed at the forum?

A8. The forum saw the announcement of 126 agreements and memoranda of understanding worth a total of SAR107 billion.

Q9. What sectors do the agreements cover?

A9. The agreements cover exploration, mining, financing, research and development, innovation, sustainability, value-added chains, and mining industries.

Q10. What did Minister Bandar Alkhorayef say about the forum?

A10. Minister Alkhorayef expressed gratitude to the leadership and participants, highlighting the forum’s role in achieving a sustainable future for mining and its alignment with Vision 2030.

Q11. Why is the Future Minerals Forum important for Saudi Arabia?

A11. It showcases Saudi Arabia’s mineral wealth, attracts investment, and reinforces the Kingdom’s position as a global leader in mining, supporting economic diversification under Vision 2030.

Q12. How does the forum support Vision 2030?

A12. The forum advances Vision 2030 by promoting mining as the third pillar of Saudi industry, driving economic diversification, job creation, and technological innovation.

Q13. What is the significance of the mining region from Africa to West and Central Asia?

A13. This region holds vast untapped mineral resources, and the forum aims to unlock its potential through investment, cooperation, and sustainable development.

Q14. How does the forum address supply chain resilience?

A14. The forum discusses strategies for building resilient mineral supply chains, essential for the global energy transition and economic stability.

Q15. What role does artificial intelligence play in the mining sector?

A15. AI is used to enable future decisions, optimize operations, and enhance sustainability and efficiency in mining and mineral processing.

Q16. How does the forum benefit local communities?

A16. It promotes sustainable utilization of mineral resources, integrates local communities into the value chain, and supports community development initiatives.

Q17. What is Saudi Arabia’s mineral wealth estimate?

A17. Saudi Arabia’s mineral wealth is estimated at SAR9.4 trillion ($2.5 trillion), including gold, phosphate, bauxite, copper, and rare earth elements.

Q18. What are the next steps after the forum?

A18. The outcomes will serve as a starting point for a new phase of development and growth, with continued cooperation to achieve a sustainable mining future.

Q19. How does the forum promote international cooperation?

A19. By bringing together ministers, industry leaders, and experts from 165 countries, the forum facilitates dialogue, partnerships, and agreements that drive global mining development.

Q20. What is the long-term vision for Saudi Arabia’s mining sector?

A20. The long-term vision is to establish mining as a cornerstone of the Saudi economy, contributing to diversification, innovation, and sustainable development in line with Vision 2030.

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