The Saudi Ministry of Industry and Mineral Resources on Friday announced $6 billion in funding for a plant that will manufacture metals for electric vehicle batteries, plus plans for another $32 billion invested into Saudi Arabia’s mining industry.
Al-Arabiya quoted Industry and Mineral Resources Minister Bandar al-Khorayef’s description of the investment plan:
The nine projects include a $4 billion steel plate mill complex for the shipbuilding, oil and gas, construction and defense sectors and a “green” flat steel complex that will supply the automotive, food packaging, machinery and equipment, and other industrial sectors.
Both projects are already underway, as is a $2 billion EV battery metals plant.
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“These targeted investments represent an important ‘down payment’ in our efforts to move beyond exploration and extraction and into the creation of…
