Mining sector to generate US$64bn revenue by 2030

Mining BigMining is set to contribute a lot to the GDP growth across GCC countries. (Image source: unefunge/Flickr)Saudi Arabia is planning to develop a mining strategy to generate annual revenue worth US$64bn by 2030, according to ‘GCC Mining Industry Report’ by Ventures Onsite for The Big 5 Heavy

Saudi Arabia currently dominates the market with the most ambitious growth targets, with about 25,000 jobs expecting to be created in the sector, said the report.

There are an estimated US$16bn worth of ongoing mining projects in the kingdom, which focused on extracting minerals such as bauxite, copper, gold, iron, lead, silver, tin, zinc and a number of non-metallic minerals.

The kingdom has recently changed KSA’s mining law to attract foreign investors in the regional mining sector.

Mining has been considered one of the core pillars to boost economy in Oman Vision 2020 and UAE Vision 2021 as well. Oman, with its potential to become a mineral export hub, and the UAE, creating a mining industries federal electronic and interactive database, aim to encourage development of the sector, according to the report.

According to Richard Pavitt, event director of the Big 5, the US$9bn Waas Al Shimal Mining City in KSA and the US$500mn Potash Mining Project in Oman, along with ongoing changes to law and regulation, indicate opportunities for suppliers of machines and equipment involved in the industry.

Running from 26-28 March 2018, The Big 5 Heavy is expected to bring together the whole heavy construction industry with more than 350 local and international exhibiting brands at the Dubai World Trade Centre.  

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