Al Madinah seeks investment in metal and mineral reserves

MADINAH  – The governorate of Al Madinah Al Munawarah is calling for high-capacity investment in the province’s rich metal and mineral reserves at the first Mining and Investment Opportunities Forum. Held under the Patronage of Prince Faisal Bin Salman Bin Abdulaziz Al-Saud, Emir of Al Madinah Al Munawarah Region, 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 Al Madinah’s offering to local and international audiences, and set in motion Al Madinah’s plan to diversify an economy historically propelled by oil.

Dr. Mohamed Faraj, Chairman of the Board of the Madina Chamber of Commerce & Industry, will deliver the first keynote session discussing Al Madina’s valuable business propositions in his session titled “Why invest in Al Madina Al Munawarah?”

His speech will highlight the growth potential of industrial mining in Al Madinah, known globally as the ‘Cradle of Gold’ and 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.

Dr. 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. Dr. Nawab will also speak about the potential of mining to make a positive impact on Saudi Arabia’s economic development.

Other distinguished keynote speakers include Engr. Khalid bin Saleh Al Mudaifer, President and CEO of Ma’aden, 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 Ma’adens plans and motivations, Engr. Khalid bin Saleh Al Mudaifer said “Ma’aden continues to invest in mineral exploration in Madina 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 Madina 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 Al Madinah,” he added.

Together, Ma’aden and SABIC have made headlines with their partnership in the $7.5 billion Waad Al-Shimal project, or “Northern Promise,” 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 lay out the criteria for policy instruments that can effectively facilitate rapid transitions in the mining industry.

Three of the distinguished keynote speakers – Dr. Mohammed Faraj, Dr. 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.

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