ASTANA — For decades, Saudi Arabia’s place in the global economy was defined by one commodity: oil. Today, the Kingdom is betting that its future will be shaped by another set of resources entirely. As demand for critical minerals surges amid the expansion of artificial intelligence, clean energy technologies, electric vehicles and advanced manufacturing, countries around the world are racing to secure access to the raw materials that power the modern economy.
While the two countries have traditionally enjoyed warm political relations, AlKhorayef believes the next chapter should be defined by trade, investment and industrial cooperation. Photo credit: The Astana Times/ Nargiz Raimbekova Yet the conversation is no longer only about who controls the resources.
Increasingly, it is about who can process them, refine them and transform them into industrial growth. Saudi Arabia wants to be one of those countries. In an exclusive interview with The Astana Times, Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef outlined how the Kingdom is leveraging mining as a pillar of its economic diversification strategy and why Kazakhstan could emerge as an important partner in that effort.
While the two countries have traditionally enjoyed warm political relations, AlKhorayef believes the next chapter should be defined by trade, investment and industrial cooperation. “As you know, our two countries have great relations in terms of leadership and people-to-people ties.
But it is our responsibility to build on this relationship through more economic ties, more trade and more investment,” he said. Mining sits at the center of that vision. For Saudi Arabia, the sector has become a strategic priority under Vision 2030, the Kingdom’s ambitious economic transformation agenda designed to reduce dependence on hydrocarbons and create new engines of growth.
For Kazakhstan, mining is hardly new. The country possesses some of the world’s largest reserves of metals and minerals and has supplied global markets for decades. Yet despite its vast resource base, much of Kazakhstan’s potential remains under explored and, in many cases, under appreciated by international investors.
Photo Credit: The Astana Times/ Nargiz Raimbekova “Mining is a sector where Kazakhstan has a long history and long knowledge. There is a lot of area for cooperation and to work with each other, from exploration to mining to processing and technology,”AlKhorayef said.
Kazakhstan’s vast mineral wealth is not in question. What remains a work in progress is building a clearer picture of where those resources are located, how economically viable they are and what it will take to develop them. This challenge has been repeatedly acknowledged by President Kassym-Jomart Tokayev, government officials and industry experts.
While Kazakhstan possesses significant reserves of critical minerals and metals, many deposits still require additional geological exploration and assessment in accordance with international reporting standards. For investors, that information is essential. Understanding not only what resources exist, but also the infrastructure, timelines and capital required to develop them often determines whether investment decisions move forward.
As Kazakhstan seeks to attract more international mining companies, improving geological knowledge and investment visibility has become as important as the resources themselves. In many ways, this is where Saudi Arabia’s recent experience becomes particularly relevant.