Riyadh: International companies attending a significant industry conference in Riyadh next week may end up with new mining contracts, according to Saudi Arabia's deputy minister of industry and mineral resources.

The Future Minerals Forum will serve as a showroom for Saudi Arabia's mining industry, according to Khalid Al-Mudaifer, who has raised the prospect of even more multinational corporations looking to establish operations in the Kingdom.

The deputy minister revealed to Saudi Almadina daily that 20 to 30 percent of the mining permits issued in 2022 were given to companies that attended the FMF event the previous year.

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With more than 60 countries represented this year versus 38 in 2022, the gathering is expected to have an even wider global impact.

In order to increase the mining sector's contribution to GDP to over $64 billion in 2030, the Kingdom "plans to intensify a drive to attract more investment in the mining sector," according to Al-Mudaifer.

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The forum, which event organisers refer to as the "largest-ever gathering of its kind," is scheduled to begin with a roundtable of ministers.

The Ministerial Roundtable will focus on steps that can be taken to transform the Middle East and North Africa region into a future, as well as ways that increased global cooperation can be used to unlock the region's mining potential.

The summit is expected to cover a range of subjects, including integrated value chains, energy transition, the future of mining, sustainability, and the role that minerals play in society's development.

The FMF's second iteration takes place as Saudi Arabia's mining industry undergoes a rapid transformation and draws investors from all over the world.

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The Kingdom is thought to have an estimated reserve of untapped mining potential valued at $1.3 trillion, according to geological surveys dating back 80 years.

The CEO of the Saudi Geological Survey, Abdullah Al-Shamrani, stated in September 2022 that the true value of the Kingdom's current mineral wealth could be double that amount due to rising prices for valuable minerals, particularly gold, copper, and zinc.