Saudi Arabia’s Minister of Industry and Mineral Resources, His Excellency Bandar Al-Khorayef, met with leading figures from the American private sector in Chicago to strengthen ties in industry and mining. The discussions, held at World Business Chicago, centered on expanding investment and fostering sustainable economic partnerships between Saudi Arabia and the United States.
His Excellency Bandar Al-Khorayef highlighted the robust relationship between both nations, noting that bilateral trade has surpassed SR123 billion ($32.8 billion), according to the Saudi Gazette. He also referenced the recent visit of U.S. President Donald Trump to Saudi Arabia, which led to a strategic partnership agreement and several important deals in defense, energy, mining, technology, and artificial intelligence.
The minister emphasized the significance of industry and mining in Saudi Arabia’s Vision 2030, aiming to diversify the economy. He outlined the National Industrial Strategy’s goal to develop 12 key sectors—such as chemicals, automotive, aerospace, and mining—and increase the sector’s GDP contribution to $244 billion by 2030. The strategy presents 800 investment opportunities valued at SR1 trillion ($266.6 billion).
On mining, His Excellency Bandar Al-Khorayef described plans to make it the third pillar
of the national economy, tapping into mineral resources worth over SR9.4 trillion ($2.5 trillion). The sector is targeted to contribute SR240 billion ($64 billion) to GDP, supported by recent regulatory reforms that have streamlined licensing and introduced incentives for investors.
The meeting brought together more than 30 U.S. investors from sectors including chemicals, automotive, aviation, and mining, underscoring the shared commitment to industrial growth and innovation.
