Mining to be third pillar of Saudi Arabia’s economy

Posted on 8th July 2019

Mining to be third pillar of Saudi Arabia’s economy
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According to *ME Construction News report, Volker Hellberg, CEO of thyssenkrupp Industrial Solutions – KSA, told MECN that the company is shifting its focus away from cement in the Kingdom towards mining, a strong pillar of the Kingdom’s Vision 2030.

Earlier this year, Saudi Arabia had announced its initiative to invest $3.8 billion to enhance business opportunities in mining of gold, zinc, rare earth metals and other minerals. Meanwhile, the Kingdom’s objective to jump-start its mining sector was part of a broader industrial strategy which is aimed at diversifying the economy and attracting private-sector investments worth $426 billion over the next decade.

In an exclusive interview with MECN, Hellberg said: “According to Saudi Arabia’s Vision 2030, mining will be the third pillar of the Kingdom’s economy. In the past, one of our biggest business was cement, but due to Vision 2030 and the capacities in the cement market, we have changed our focus to CPT and mining.”

“With regards to the Saudi Arabian market, we have a wide range of machines available- from standard (small) machines to huge machines that we use for phosphate mining, as well as high pressure grinding rolls, with the lowest energy consumption per ton, which helps us focus on the Kingdom’s vision.”

Hellberg added that while the organisation is focusing on mining and downstream projects, they are also looking at improving the capabilities of the local company, especially effective to hiring more local talent.

“We are part of the Saudi Training Academy, where we look for first-year university students who show potential or have special talents. The program started two to three years back, and the training we provide them is on the job- inside and outside Saudi Arabia,” he concluded.

Saudi Arabia’s mining sector employs around 250,000 people, while the Kingdom is one of the world’s top phosphate supplier.

*News source:

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