Saudi Gazette report

CHICAGO — Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Al-Khorayef, met with leaders of the American private sector in Chicago to discuss enhancing cooperation in industry and mining, and to explore bilateral investment opportunities.

The roundtable, held at the headquarters of World Business Chicago, focused on the development of Saudi Arabia’s industrial and mining sectors, the potential for innovation-driven investments, and strategies to build sustainable economic partnerships between the two countries.

During the meeting, Al-Khorayef emphasized the strength of the strategic relationship between Saudi Arabia and the United States, highlighting that bilateral trade reached over SR123 billion ($32.8 billion).

He also referenced the recent visit of U.S. President Donald Trump to Saudi Arabia, which resulted in the signing of a strategic partnership document and a series of key agreements in sectors including defense, energy, mining, technology, and artificial intelligence.

Al-Khorayef outlined the central role of the industrial and mining sectors in Saudi Arabia’s Vision 2030 economic diversification agenda.

He noted that the National Industrial Strategy aims to localize and grow 12 priority sectors — including downstream chemicals, automotive, aerospace, and mining — and raise the sector’s GDP contribution to $244 billion by 2030.

The strategy offers 800 investment opportunities worth around SR1 trillion ($266.6 billion), positioning Saudi Arabia as a global industrial hub.

On the mining front, the minister said the Kingdom aims to develop the sector into the "third pillar" of national industry, capitalizing on untapped mineral resources valued at over SR9.4 trillion ($2.5 trillion), including gold, copper, and rare earth elements. The comprehensive mining and minerals strategy targets a sectoral GDP contribution of SR240 billion ($64 billion).

Al-Khorayef also pointed to the Kingdom’s competitive regulatory environment for mining investments. Recent reforms have streamlined licensing, reducing the application processing period to just 90 days, while a supportive legislative framework offers attractive incentives for domestic and international mining firms.

The roundtable was attended by key figures from the U.S. private sector and more than 30 investors across strategic industries including specialty chemicals, automotive, aviation, and mining.