Commenting on the development of the new fund, Robert Wilt, stated that, “The global energy transition relies on the strategic minerals needed for renewable energy and battery storage, and our focus on these will give us a foothold in the global commodity value chain,” adding that investments set to be made by the new investment arm across the world will position Saudi Arabia “as a key ally in securing the metals of the future.”
For Egypt, having companies such as MA’ADEN investing in the country will be game changer as the country seeks to drive gross domestic product (GDP) growth on the back of the growth of the mining sector. Currently, the mining sector accounts for 0.5% of Egypt’s GDP, with the government targeting to increase this share to 5% by 2030.
