RIYADH: Saudi Arabia is expected to achieve growth that exceeds the global average, thanks to Vision 2030 projects, particularly in the industrial sector, which is being fueled by the metals and mining sector, according to Jeffrey Lorsch, partner at McKinsey & Co., in comments to Al-Eqtisadiah.
He cited the growth of the mining sector as a driver, as it is linked to strategic projects, including automotive, aerospace, space, and defense industries.
A large part of its expansion depends on these projects, according to Lorsch, who stated that the available opportunities will support Saudi Arabia in achieving an annual growth rate that exceeds the global average.
However, he also warned of the negative impact of geopolitical tensions around the world on the metals sector.
“The government of Saudi Arabia’s outlook for the mining sector is quite robust,” Lorsch said. “We’ve seen a significant uptick in the sector in the last 10 years. The output of the sector has doubled or tripled since 2015, which reflects the investor confidence that we see.”
