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The oil-dependent kingdom has the chance to be a raw-materials supplier and a key player during the energy transition. Foreigners are slow to embrace the opportunity.
Resources opportunity.
Anjani Trivedi
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As countries and companies rush to get their hands on critical raw materials to bolster supply chains and deal with a rocky energy transition, Saudi Arabia is staking its claim. It stands a real chance, especially with growing discomfort around reliance on China. But are investors willing to trust it just yet?
The country’s sovereign wealth fund and state miner are plowing in as much 11.95 billion riyals ($3.2 billion) to create a fund that will invest across the world in resources such as copper, nickel and lithium, as a non-operating partner with a minority equity stake. The company’s formation was announced at Saudi Arabia’s annual Future Minerals Forum, where giants like BHP Group Ltd., Rio Tinto Plc to Ivanhoe Mines Ltd., and officials from the US and UK convened last week.
