The Kingdom of Saudi Arabia sent a delegation from the industry and mineral resources system, led by Minister of Industry Bandar Al-Kharif, on a visit to Brazil and Chile during the period from July 22 to July 30.

This visit aims to strengthen bilateral ties and attract investments to the mining sector in the Kingdom, in addition to searching for mutual investment opportunities in the fields of mining and minerals.

This step is within the framework of achieving the goals of the Kingdom’s Vision 2030, which aims to diversify the economy, transform the Kingdom into a global industrial power, and support its capabilities to become a global center for metals and mining.

During the visit, the Saudi delegation will hold meetings with senior officials of the governments of the two countries and leaders of international companies specializing in the mining sector and other sectors such as aviation, strategic industries, and food.

Brazil is a strategic partner of the Kingdom in the field of mining, as the Kingdom has direct investments in Rio de Janeiro, including a 10% stake in Vale Basic Metals Company.

The Kingdom also aims to strengthen its relations with Chile, the second-largest lithium producer in the world, as part of the Kingdom’s move toward manufacturing electric cars.

Saudi Arabia has enormous mineral wealth estimated at $2.5 trillion with 80-year-old geological data.

The Kingdom has provided significant competitive incentives in the mining sector, including the possibility of 75% joint financing for capital expenditures, exemption from tax duties for a period of 5 years, and allowing 100% direct foreign ownership.