Moody’s upgrades Saudi banking outlook to positive amid economic growth 

RIYADH: In a bid to draw French firms to spend money on Saudi Arabia’s mining sector, the Kingdom’s Minister of Business and Mineral Assets held a gathering with main enterprise figures on the headquarters of the Chamber of Commerce in Paris on Tuesday.

An array of promising funding alternatives had been mentioned as Bandar Alkhorayef met a number of officers from French companies and expressed the Kingdom’s keenness to facilitate funding, in accordance with the Saudi Press Company.

Alkhorayef’s go to is a part of Saudi Arabia’s efforts to bolster the function of the mining and industrial sectors within the nationwide economic system and enhance their contribution by attracting overseas funding.  

The minister is in Paris to attend Imaginative and prescient Golfe, a landmark enterprise occasion showcasing alternatives for industrial partnerships between France and the Gulf states that started on June 13.

It’s a new platform selling enterprise cooperation in high-growth potential markets in each non-public and public sectors comparable to commerce, sports activities and power.   

Key financial gamers, authorities ministers, and small enterprise managers may have the chance to fulfill and trade views within the two-day occasion, in addition to representatives from start-ups and senior executives.

Wealthy in pure assets, Saudi Arabia has undertaken a number of coverage initiatives in recent times to make its mining sector engaging to non-public buyers.    

The Kingdom’s strategic location and sturdy infrastructure additionally supply alternatives for companies to strengthen their international provide chain.     

In March, Saudi Arabia’s business ministry issued 27 new mining licenses, totaling 2,314.   

The Kingdom has been striving to rework the mining sector into the third pillar of the nationwide technique. 

This effort entails considerably exploring its pure assets throughout 5,300 websites valued at SR5 trillion ($1.33 trillion).

It boasts over 20 distinct mineral varieties, together with gravel, gold, iron, copper, granite and marble.  

The Kingdom additionally options 35 particular geological formations, often called mineral belts, with considerable deposits.     

Along with attracting qualitative funding alternatives within the industrial and mining sectors, Alkhorayef’s go to to France falls throughout the framework of selling cooperation between the 2 international locations.

It additionally displays the Kingdom’s makes an attempt to extend the entry of Saudi non-oil exports to the French and European markets.