Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, has announced a partnership with the London Metal Exchange to set up metal storage and delivery centers in the country. Alkhorayef highlighted Saudi Arabia's expanding military industries sector, crediting the Public Investment Fund (PIF) as a key partner, during his speech at the second PIF Private Sector Forum in Riyadh

While discussing the private sector's contribution to Saudi Arabia's Vision 2030, Alkhorayef unveiled the new National Academy of Vehicles and Cars to advance electric vehicle skills and a fresh Automotive Manufacturers Association to stimulate industrial growth.

Emphasizing the support from PIF as essential for establishing the automobile sector and attracting international firms, Alkhorayef underscored the ministry's goal to safeguard manufacturers and innovators. The ministry is surveying value chains for 11,000 products with the objective of making Saudi Arabia a competitive force in these markets, working closely with PIF and private entities.

Alkhorayef noted the strategic role of companies like Ma'aden in the mining industry and boosting Saudi Arabia's global mining stature. He stressed that the nation is a prime investment destination for mining and associated industries, offering significant employment opportunities, with the PIF playing a pivotal role in supporting capital-intensive sectors set to generate substantial demand and jobs.