Al-Khorayef says Russian investors eye Saudi Arabia’s mining sector

Bandar Al-Khorayef, Minister of Industry and Mineral Resources

Minister of Industry and Mineral Resources Bandar Al-Khorayef said that Russian investors are among the most interested foreign players in the Kingdom’s mining sector, revealing that several Russian companies have submitted investment proposals to tap into the industry.

In an interview with Argaam on the sidelines of the St. Petersburg International Economic Forum, Al-Khorayef explained that the Kingdom is actively seeking to attract Russian mining companies with extensive expertise, particularly in minerals such as titanium and gold.

The minister also highlighted that Russia also possesses advanced capabilities in the processing of critical and rare minerals—technologies that the Kingdom is keen to localize and leverage as part of its strategy for developing the mining sector. Moreover, Russian companies have expressed interest across the entire mining value chain, ranging from exploration and extraction activities to downstream processing and manufacturing industries.

“Discussions were held with the Russian Geological Survey as part of ongoing cooperation with the Saudi Geological Survey, with the aim of benefiting from Russian expertise in geological exploration and mineral resource assessment,” he stated.

Over 14 agreements were signed at the forum, most of them were with businesses in the private sector. He underlined how crucial these agreements are to promoting investment flows and bolstering the two nations' economic ties.

Moreover, several agreements were signed at the governmental level, including partnerships between MODON and Russian organizations focused on supporting small-sized and emerging enterprises, in addition to an agreement involving the Saudi Food and Drug Authority, said the minister. He expects these agreements to deepen economic cooperation and create new opportunities for entrepreneurs and businesses in both countries.

Al-Khorayef also said that Saudi Arabia’s participation in this year’s St. Petersburg International Economic Forum coincides with the 100th anniversary of diplomatic relations between Saudi Arabia and Russia, as well as the Kingdom’s designation as the forum’s Guest of Honor.

The presence of a high-level Saudi delegation, comprising ministers and private-sector representatives, reflects the importance of bilateral relations and the breadth of investment opportunities available. There is also strong Russian interest in the Saudi market and a profound understanding of the objectives of Vision 2030, according to the minister.

He expressed optimism that the visit would help transform this growing interest into concrete partnerships and investments in the near future.