Saudi Minister of Industry and Mineral Resources Bandar Al-Kharaif has started an official visit to the United States, leading a high-level delegation from the industry and mining sectors. The visit aims to strengthen bilateral economic ties and develop strategic partnerships in industrial and mining sectors, exploring cooperation and investment opportunities in mining and priority industries such as manufacturing, automotive, aviation, medical devices, and food.

The visit continues until August 28, 2025, during which Al-Kharaif will meet senior US government officials including US Energy Secretary Chris Wright and North Carolina Commerce Secretary Lee Lilly. He will also meet leaders from prominent US industrial and mining companies such as General Mills, Lilac Solutions, RTX, International Flavor & Fragrances, IBM Quantum Innovation Center, CAMAL, Carrier, and Guardian Industries, reflecting Saudi Arabia’s commitment to deepening international partnerships in industry and mining, knowledge transfer, technology, innovation, and supporting global supply chains.

The visit focuses on enhancing cooperation in mining and strategic metals with rising global demand, under the cooperation memorandum signed in May 2025 between Saudi Ministry of Industry and Mineral Resources and the US Department of Energy during the Saudi-US Investment Forum in Riyadh. This aims to secure global supply chains for critical minerals, alongside an agreement between Saudi Ma’aden and US MP Materials to develop rare earth element supply chains supporting the global clean energy transition.

The visit also highlights opportunities in industrial innovation and advanced manufacturing technologies amid Saudi Arabia’s industrial transformation journey, accelerating adoption of Industry 4.0 applications such as AI, automation, and robotics through initiatives like the Future Factories Program, which aims to enable smart transformation in factories to improve productivity and reduce operational costs.

Al-Kharaif’s visit showcases promising opportunities in priority industrial sectors within the national industry strategy and Saudi Arabia’s key enablers to attract foreign investments and facilitate investors’ journeys, including the standardized incentives program covering up to 35% of capital investment costs with a maximum of 50 million SAR.

The United States is Saudi Arabia’s largest economic partner in the Middle East, with non-oil trade volume reaching 69.7 billion SAR in 2024. Saudi exports to the US were valued at 20.4 billion SAR, mainly plastics, aluminum, and chemicals, while imports from the US reached 49.3 billion SAR, led by equipment, machinery, vehicles, electrical appliances, and pharmaceuticals.

Currently, over 1,300 American companies operate in Saudi Arabia, with 200 having regional headquarters in Riyadh, reflecting growing investor confidence in the Saudi industrial ecosystem. Major US companies in Saudi Arabia include Caterpillar, John Deere, PepsiCo, Coca-Cola, Nestlé, and Lucid Motors. The Saudi Arabian Industrial Investments Company (Dussur) project with Baker Hughes, valued at $141 million, exemplifies expanding US investments in Saudi industry.

Saudi investments in the US are estimated at around $770 billion, with the Saudi Public Investment Fund’s portfolio in America representing 40% of its global investments. The recent Saudi-US Investment Forum in Riyadh witnessed bilateral agreements exceeding $600 billion across vital sectors including mining, energy, defense, and advanced technologies.

This official visit aligns with Saudi Vision 2030 goals to transform the Kingdom into a leading industrial power and establish it as a global mining and minerals hub through deepening international partnerships, attracting quality investments, and transferring knowledge, technology, and innovation.