To diversify its economy, Saudi Arabia’s Ministry of Industry and Mineral Resources has secured $6 billion for a steel plate mill complex and electric vehicle battery metals plant. According to a statement, these efforts are part of the kingdom’s plans to attract $32 billion of investment into the mining sector. The country aims to leverage its position as a global mining production and logistics hub through such investments. 

The ministry aims to fund nine mining projects for midstream minerals and metals, said Bandar al-Khorayef, Industry and Mineral Resources Minister, in a statement to Saudi Press Agency.

The nine projects include a $4 billion steel plate mill complex for the shipbuilding, oil & gas, construction and defense sectors, a “green” flat steel complex that will supply the automotive, food packaging, machinery and equipment, and other industrial sectors. A $2 billion EV battery metals plant is already underway.

Last week, the country announced an agreement to purchase 50,000 to 100,000 EVs over ten years from Lucid Group, in which the Public Investment Fund has a majority of stakes. 

The projects are estimated to attract investment and spur approximately 14,000 jobs. The ministry is currently processing 145 exploration license applications from foreign companies. 

“These targeted investments represent an important ‘down payment’ in our efforts to move beyond exploration and extraction and into creating integrated value chains, a central focus of our overall mining strategy,” al-Khorayef said in a statement.