RIYADH: Saudi Arabia has reached the final implementation stage of launching a metals exchange after completing the feasibility study phase, the deputy minister of energy, industry and mineral resources revealed.
In an interview with Asharq Bloomberg, Khalid Al-Mudaifer explained that the exchange aims to support the mining sector by providing financing tools, improving price stability, and building an integrated system encompassing trading, valuation, and attracting expertise from global commodity markets.
This aligns with the mining sector in the Kingdom growing rapidly, driven by $2.5 trillion in mineral wealth.
With an ambitious goal of attracting $98 million in foreign investment for mineral exploration, Riyadh has committed about $182 million in incentives through 2030, while exploration spending exceeded $280 million in 2024.
“This exchange provides the mining and minerals sector with crucial financing. It provides the necessary future vision for these essential commodities, as price volatility is one of the challenges of investing in the minerals sector,” Al-Mudaifer said.
