“The company is in discussions to identify investment opportunities in Saudi Arabia, which will transform itself into a mineral hub in the Middle East,” said Vedanta’s chairman, Anil Agarwal who was invited as a guest speaker at the Future Minerals Forum 2022 held in Riyadh, Saudi Arabia.
Considering the strong demand for zinc and its expected shortage globally, Saudi Arabia is planning to become a leading producer of the metal in the coming years.
News agency Reuters reported on Thursday that the country is also preparing a new investment law to address the needs of investors, as told by its investment minister Khalid al-Falih.
“The new investment law would address the needs of both domestic and international investors,” the Reuters report said.
Saudi Arabia has tremendous potential in non-oil minerals and the Government wants to make the country a future hub for minerals, Vedanta said in a statement.
“Saudi Arabia has set a target of generating half of its energy from renewable sources by 2030. Vedanta would like to be the ideal partner to bring about the transformation,” the statement said.
The strong collaboration between India and Saudi Arabia is bringing to the fore big opportunities. We are in the process of identifying investment options in the mineral sector which we believe the country has in abundance, Agarwal said.