Expected investment agreements between Saudi Arabia and Australia at the “ANZUK” Forum
Today, Wednesday, the forum activities began "Saudi Arabia – ANZUK" Which includes the Kingdom, Britain, and Australia, in addition to New Zealand, to discuss trade and investment opportunities, as the four countries seek to diversify trade channels, especially in the field of mining.
The event, which continues on October 22 and 23, aims to strengthen relations between Saudi Arabia and Australia, where a company won "Hancock Exploration" A subsidiary of mining magnate Gina Reinhart, and the Saudi Arabian Mining Company (Ma’aden) recently acquired the right to explore for minerals together in the Kingdom.
The company also signed "Macquarie Asset Management" Recently an agreement with Natural Resources, and are seeking to diversify their economies.
Khaled Al-Mudaifer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, said that Australian mining companies, including… "Hancock" It currently represents 10% of the 70 foreign companies exploring Saudi resources.
He explained in an interview conducted with him in Sydney yesterday, Tuesday: "We are building a new sector in Saudi Arabia. Is there a better destination than Australia?" He added: "Australia has the experience and capacity building we need"
An anticipated flow of investments
Anas Qutait, lecturer in economics and political economy of the Middle East at the Australian National University, said that there is great integration between the Australian and Saudi markets, indicating the possibility of reaching important decisions or agreements during this forum, which may pave the way for the growth of these investment flows.
Sam Jamshidi, Chairman of the Saudi Business Council, said. Australian: "The relationship is still in its infancy, but it is developing rapidly. We are seeing significant interest from Australian companies, particularly in the mining, agribusiness and healthcare sectors."
The volume of bilateral trade between Saudi Arabia and Australia has witnessed steady growth over the past years, reaching 1.4 billion US dollars in the fiscal year 2024, compared to about 1.3 billion dollars 5 years ago.
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