Eurasian Resources Group enters the Kingdom of Saudi Arabia, plans long-term investment

Eurasian Resources Group enters the Kingdom of Saudi Arabia, plans long-term investment

Riyadh – Following the World Economic Forum (WEF) held in Davos last week and the agreements achieved at the Future Minerals Forum in Saudi Arabia, Eurasian Resources Group (“ERG” or “The Group”) discloses its intention to invest in the Kingdom for the long term. A leading diversified natural resources group headquartered in Luxembourg, ERG plans to invest $50 million in the market, with the potential to grow this figure year-on-year.

ERG’s market entry to the Kingdom is a natural move to expand its existing global footprint, now spanning more than 16 countries. ERG states that its two offices, in Riyadh and Jeddah, will be central to the Group’s regional development strategy focused on its growth in the Middle East and North Africa regions.

ERG will prioritise large scale, tech-enabled early-stage exploration for battery transition minerals in the Ad Dawidimi region of the Kingdom, where it has already secured licenses and is actively pursuing further exploration ground.

Benedikt Sobotka, CEO of ERG, said, “The World Bank estimates 75% of global exploration spend goes to only 10 countries. This is not sustainable if we want to meet the exponential demand for minerals needed to power the global energy transition. ERG is seasoned in entering new