Maaden offers SAR 4B investment opportunities for private sector

Saudi Arabian Mining Co. (Maaden) has over 52 investment opportunities worth more than SAR 4 billion for the private sector, said Abdullah Al Osaimi, Senior Vice President, Procurement & Business Support.

Opportunities worth SAR 1.3 billion are set to be implemented in the near future, Al Osaimi told CNBC Arabia.

He added that the local content dominates 57% of Maaden’s procurements currently, compared with 51% last year. This growth is attributed to a 33% (SAR 2 billion) rise in local procurements.

The top executive stressed that Maaden aims to boost this percentage to ensure its competitiveness and that of the sector.

The firm also aspires to expand its operations tenfold compared to 2020. This ambition led to the development of a 10-year future investment plan involving opportunities worth billions of riyals, with a vision to support the Saudi private sector, Al Osaimi noted.

He stressed that Maaden will primarily invest in the Saudi workforce that will enable the company’s future competitiveness.