Davos: Minister of Industry and Mineral Resources Bandar Alkhorayef affirmed that strengthening international cooperation and enabling collective solutions and cross-border partnerships are essential pillars for securing metal supplies and supporting the global energy transition.
According to Saudi Press Agency, during a panel titled "Geopolitics of Materials", held within the World Economic Forum (WEF) 2026 in Davos, which focused on the roles of governments and companies in stabilizing mineral supply chains against geopolitical shifts, Alkhorayef emphasized that no single nation can build a secure and thriving mining sector on its own.
He outlined Saudi Arabia's commitment to multilateralism, highlighting its role in establishing platforms for global dialogue, foremost among them the Future Minerals Forum (FMF), which has become a leading global stage, bringing together governments, industry, finance, and technology providers.
The FMF has been instrumental in elevating the critical minerals agenda with international bodies such as the World Bank and in strengthening ties across Africa, the Middle East, and Central Asia, a resource-rich region known as the "Super Region."
He stressed that true transformation, particularly in Africa, requires integrated investment beyond individual mines. He pointed to the necessity of shared regional infrastructure, including ports, railways, and logistics networks, noting that transportation can consume up to 30% of total mining costs in some countries. This, he stated, is a collective challenge demanding international co-investment and cooperation.
Domestically, the minister reinforced that mining is a strategic pillar for Saudi Arabia's economic diversification and long-term resilience under Vision 2030. He framed the sector as a crucial, long-term investment in the nation's sustainable economic future.
This national transition is already yielding significant results, he noted. The Kingdom has successfully increased the contribution of non-oil activities to its GDP and achieved record growth in non-oil exports, demonstrating the tangible progress and strength of its economic transformation.
To attract the necessary capital for this global and domestic vision, the minister identified the need for governments to improve investment environments by streamlining regulations. He cited Saudi Arabia's own progress, having reduced mining license processing to between 30 and 90 days, a fraction of the time required in some other nations.
However, he concluded that regulatory efficiency must be coupled with social and environmental responsibility. Building the "mines of the future" requires earning community trust and ensuring positive local impact. Saudi Arabia's new mining law, he affirmed, prioritizes community development and environmental stewardship, leveraging technology to create sustainable operations that break from outdated models.
The Kingdom's participation at WEF 2026 strengthens its position as an active, solutions-oriented partner in forging a more stable and sustainable global economy, reflecting its growing role in shaping crucial international dialogues.