Bank of China to start operations in Riyadh this year, says official

RIYADH: In a bid to draw French corporations to put money into Saudi Arabia’s mining sector, the Kingdom’s Minister of Trade and Mineral Sources 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 response to the Saudi Press Company.

Alkhorayef’s go to is a part of Saudi Arabia’s efforts to bolster the position of the mining and industrial sectors within the nationwide financial system and improve their contribution by attracting international funding.  

The minister is in Paris to attend Imaginative and prescient Golfe, a landmark enterprise occasion showcasing alternatives for business 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 personal and public sectors corresponding to commerce, sports activities and power.   

Key financial gamers, authorities ministers, and small enterprise managers could have the chance to fulfill and change 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 lately to make its mining sector enticing to non-public traders.    

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

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

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

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

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

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

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

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