Vedanta plans for hub in the UAE or Saudi Arabia – MEED

Vedanta plans for hub in the UAE or Saudi Arabia – MEED

India-based mining firm Vedanta is keen to explore business expansion opportunities in the Middle East, including setting up a regional headquarter in the UAE or Saudi Arabia.

Vedanta is a key partner of the Indian pavilion at Expo 2020 and intends to showcase “India’s capabilities” over the next six months.

In an exclusive interview with MEED, CEO and whole-time director Sunil Duggal highlighted how the UAE and broader region are promising mineral and trade hubs.

“We’re keen to talk to companies such as Maaden and Emirates Global Aluminium (EGA) to discuss collaborative opportunities,” said Duggal.

“We’re looking at having a regional centre, given that this [region] lies between the East and West. Through our presence here, we can partner up with local firms, leverage digital expertise and explore opportunities with sovereign wealth funds.”

Duggal said Vedanta was evaluating both the UAE and Saudi Arabia as possible locations for its regional headquarter.

Saudi Arabia is a metals and minerals hub in the region, accounting for a sizeable 37.9 per cent of the Middle East and Africa’s SR60bn ($16bn) metals and mining industry market.

Estimates from Invest Saudi indicate there is SR4.88tn ($1.3tn)-worth of untapped mining potential in the kingdom, with 20 million ounces of below-ground gold reserves.

The kingdom is also keen to involve the private sector, promising cost