KSA Mining Sector Contribution to GDP to Reach USD 64 billion by 2030
KSA mining strategy to nearly quadruple the mining sector’s contribution to the GPD by 2030, from USD 17 billion to USD 64 billion, and Saudi Vision 2030 set to create 25,000 jobs in the mining sector, according to Ventures Onsite report for The big 5 Heavy.
A growing range of opportunities are guaranteed to open up to companies able to supply the growing GCC mining sector according to research partner of The Big 5 Heavy, Ventures Onsite. The ‘GCC Mining Industry Report’ notes that Saudi Arabia, Oman and the UAE are countries with vast opportunities for suppliers of the mining and metals industry.
According to the report prepared for The Big 5 Heavy, Saudi Arabia currently dominates the GCC mining market with the most ambitious growth targets. Saudi Vision 2030 has embarked to create 25,000 jobs in the mining sector, and seeks to nearly quadruple the sector’s GDP contribution from USD 17 billion to USD 64 billion by the deadline.
As a result, there are an estimated USD 16 billion worth of ongoing mining projects in the Kingdom focused on extracting minerals such as bauxite, copper, gold, iron, lead, silver, tin, zinc and a number of non-metallic minerals. It is worthy to note that recent changes in KSA’s mining law have paved the way in allowing greater access for foreign companies looking to invest in the kingdom’s mining sector.
Also big players in the GCC mining sector, Oman and the UAE have both incorporated the mining industry into the core pillars supporting their ongoing economic strategies - Oman Vision 2020 and UAE Vision 2021. Oman has the potential to become a “minerals export hub”, and the UAE Ministry of Energy is creating a mining industries federal electronic and interactive database to encourage sustainable development of the sector.
“With the GCC mining industry so rapidly expanding, it is crucial that we provide a dedicated product sector for the ‘Mining & Quarrying’ community, from suppliers to top mining and quarry owners, to network and do business at The Big 5 Heavy 2018,” says Event Director Richard Pavitt.
“The scale of mining projects in the region, such as the Waas Al Shimal Mining City in KSA (worth USD 9 billion), and the Potash Mining Project in Oman (USD 500 million), as well as ongoing changes to law and regulation surrounding the mining sector, indicate the wealth of opportunities for suppliers of machines and equipment involved in the mining and metals industry,” he adds.
From 26-28 March 2018, The Big 5 Heavy will bring the whole heavy construction industry together with over 350 local and international exhibiting brands at the Dubai World Trade Centre. In addition to Mining & Quarrying, the event will feature four other product sectors: Middle East Concrete, PMV Live, Foundations & Geotechnical, and Road Construction.
More than just an exhibition, The Big 5 Heavy will also offer a broad educational agenda with free to attend CPD-Certified workshops, and a Live Demo Area.
The Big 5 Heavy is the largest dedicated heavy construction industry exhibition in the region. Organised by dmg events Middle East, Asia & Africa, it is a re-launch of the Middle East Concrete and PMV Live events, and is supported by finished lubricants manufacturer, Caltex (Lubricant Official Partner).