{"id":18617,"date":"2019-01-14T08:24:00","date_gmt":"2019-01-14T08:24:00","guid":{"rendered":"https:\/\/www.alj.com\/en\/?post_type=perspective&p=18617"},"modified":"2022-03-21T11:17:47","modified_gmt":"2022-03-21T11:17:47","slug":"abdul-latif-jameel-machinery-heart-saudi-arabian-mining","status":"publish","type":"perspective","link":"https:\/\/alj.com\/en\/perspective\/abdul-latif-jameel-machinery-heart-saudi-arabian-mining\/","title":{"rendered":"Abdul Latif Jameel Machinery \u2013 at the heart of Saudi Arabian mining"},"content":{"rendered":"

With private investment encouraged across mineral-rich Saudi Arabia, what does the future of the country\u2019s mining sector look like?<\/strong><\/p>\n

As Saudi Arabia continues to strive to meet the ambitions laid out in Saudi Vision 2030<\/a>, economic diversification remains a key objective. \u00a0The country\u2019s mining sector, which grew 6.3% in the first quarter of 2018, offers rich potential for those looking to develop non-oil revenues \u2013 including overseas investors.<\/p>\n

Gold, bauxite, phosphate and copper are each abundant in Saudi Arabia. \u00a0The country\u2019s Ministry of Energy, Industry and Mineral Resources (MEIMR<\/a>) estimates its mineral wealth at US$ 1.3 trillion, with gold reserves alone of US$ 240 billion[1]<\/a>. \u00a0By 2030, it aims to have increased the mining sector from US$ 17 billion today to US$ 64 billion.<\/p>\n

At the heart of this surging industry sits Abdul Latif Jameel Machinery, a leading provider of commercial vehicles and industrial and heavy equipment \u2013 from global brands including Komatsu, Manitou, Teksan and Toyota Industrial Equipment. \u00a0<\/p>\n

Opening Doors spoke to M. Arif Chishti<\/a>, Managing Director of Abdul Latif Jameel Machinery, to find out more about Saudi Arabia\u2019s mining sector and how Abdul Latif Jameel Machinery can help to attract and facilitate the necessary private investment to ensure mining\u2019s success over the coming decade.<\/p>\n

\"\"<\/p>\n

Q: \u00a0How realistic is the ambition to quadruple the size of Saudi\u00a0 Arabia\u2019s mining sector by 2030?<\/strong><\/p>\n

Vision 2030 is very clear and committed towards opening this sector and bringing in international contractors with specialist skills. \u00a0Saudi Arabia has always been rich in minerals, but it\u2019s still relatively untapped \u2013 despite the country\u2019s vast resources. \u00a0With this in mind, quadrupling the size of the mining sector is actually not too ambitious. \u00a0One of the key elements will be private investment from international companies with mining expertise. \u00a0These companies have been warmly welcomed, and this kind of private-public partnership is perfectly in line with Vision 2030.<\/p>\n

Q: \u00a0How has Saudi Arabia\u2019s mining sector changed in recent years?<\/strong><\/p>\n

The Government started to increase focus in the mining sector around seven years ago, inviting international contractors to compete on major tenders. \u00a0Since then, seven international companies have started work on four large projects covering gold, phosphate and bauxite. \u00a0Based on the information we\u2019ve got from surveys so far, phosphate \u2013 which is used a lot in the fertilizer sector \u2013 and bauxite are the main two minerals in Saudi Arabia. \u00a0Five years ago,\u00a0 a gold mine contract was awarded, and Abdul Latif Jameel Machinery is a key equipment supplier on that mine. Then two years ago, a phosphate mine contract was awarded, and Abdul Latif Jameel Machinery is a key equipment supplier on the project. On both these projects, Abdul Latif Jameel Machinery provides on-site parts and workshop facilities<\/p>\n