Deals worth $7bln signed on first day of FMF24 in Riyadh

Deals worth $7bln signed on first day of FMF24 in Riyadh

The first day of the third edition of Future Minerals Forum (FMF) saw the signing of 20 agreements and memorandums of understanding worth a total of SAR27 billion riyals ($7 billion) between government agencies, companies and other organizations participating in the Forum.

These included agreements connected with mining exploration, technology and communications, as well as the application of sustainability standards, localization, qualification and industrialization in the minerals sector.

Also, unveiled at the Forum, taking place in Riyadh's King Abdulaziz International Conference Center, were details of the 33 sites available for exploration this year, and the first mining belt to be made available for exploration in the region at Jabal Sayid, an area of 4,000 square kilometers.

The signing ceremony was attended by the Minister of Industry and Mineral Resources, Bandar AlKhorayef the Minister of Investment, Khalid Al-Falih, the Minister of Transport and Logistics Services, Saleh Al-Jasser, the Vice-Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer, and Sulaiman Al-Mazrou, CEO of the National Industrial Development and Logistics Services Program.

Among the government agencies and private sector participating in signing these agreements and memorandums of understanding were Saudi Arabia’s Ministry of Industry and Mineral Resources, the Ministry of Investment, the Royal Commission for