Saudi Arabia signs Trillion-dollar deals with mining and metals giants from Chinese, Indian and Australian

To cut oil reliance, Saudi Arabia has signed deals with Chinese, Indian and Australian companies. With growing interest in its massive mineral reserves, mining and metals giants from China, India and Australia are pumping billions of project investments into Saudi Arabia, as the kingdom seeks to accelerate its economic diversification and become a major industry player in Asia and Africa.

Riyadh is also acquiring global mining firms to capitalise on the worldwide shift to renewable energy and electric vehicles. Last year, Riyadh acquired a 10 per cent stake in Vale Base Metals for US$2.5 billion.

Through its state-owned mining company Ma’aden and overseas investment vehicle Manara Minerals, Saudi Arabia earlier this year signed memorandums of understanding with several mineral-rich African nations, including the Democratic Republic of Congo, Egypt, and Morocco. It has signed similar agreements with Russia and Turkey.