\n
\nRIYADH: The mining sector is expected to contribute over SR88 billion ($23.41 billion) to the Kingdom\u2019s gross domestic product and create more than 47,000 jobs by 2040, according to a top official.\u00a0<\/p>\n
\nIn an exclusive interview with Arab News on the sidelines of the Local Content Forum in Riyadh on Monday, Robert Wilt, CEO of Saudi Arabian Mining Co., known as Ma\u2019aden, said that out of the projected SR88 billion, SR33 billion will come from local content alone.\u00a0<\/p>\n
\nAccording to the Local Content and Government Procurement Authority website, local content is defined as the total spending on Saudi components within labor, goods, services, assets, technology and other such items within the Kingdom.<\/p>\n
\nDuring the event,\u00a0Ma\u2019aden\u00a0also launched its local content program named Tharwa which means \u201cwealth\u201d in Arabic. The program encompasses the company\u2019s vision to create a wealth of resources in the Kingdom.\u00a0<\/p>\n
\nWilt said that Ma\u2019aden aims to grow mineral resources and develop a local ecosystem in the Kingdom simultaneously.\u00a0<\/p>\n
\n\u201cToday we formally launched our Tharwa project which means wealth. Our ambition is to grow mineral resources and extract those from the Kingdom, and at the same time\u00a0develop a local ecosystem and a local economy around all of our mines and projects in the mining industry,\u201d Wilt told Arab News.\u00a0<\/p>\n
\nTalking about the growth of the sector in the Kingdom, Wilt said: \u201cThe mining sector is growing. It was considered a dirty extractive industry. And now we aspire to become a role model for ESG (environmental, social and governance).\u00a0We\u2019re deploying technology that\u2019s unheard of. We\u2019re developing new techniques for extracting minerals which are better for the environment and decarbonizing (the) world.\u201d\u00a0<\/p>\n\n\nRobert Wilt, CEO of Saudi Arabian Mining Co.<\/figcaption><\/figure>\n\nDuring his speech at the forum, Wilt revealed that Ma\u2019aden\u2019s capital program is equally ambitious, as it aims to spent SR246 billion on investments by 2040.\u00a0<\/p>\n
\nHe noted that most of these capital investments and expansions will occur in remote areas of the Kingdom, which are crucial to Saudi Arabia\u2019s overall economic development.\u00a0<\/p>\n
\nWilt said that Ma\u2019aden in partnership with international industry leaders and key local partners has already invested over SR120 billion to ensure Saudi Arabia is ready to capitalize on its tremendous mineral wealth.\u00a0<\/p>\n
\n\u201cThis investment has resulted in the establishment of two industrial cities of truly global scale, Ras Al-Khair and Wa\u2019ad Al-Shamal,\u201d he added.\u00a0<\/p>\n
\nWilt further pointed out that strengthening local content is necessary for economic expansion.\u00a0<\/p>\n
\nHe noted that local content is also vital to the environment as it will help reduce carbon footprint.\u00a0<\/p>\n
\n\u00a0<\/p>\n<\/div>\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"RIYADH: The mining sector is expected to contribute over SR88 billion ($23.41 billion) to the Kingdom\u2019s…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-2848","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\n
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