The CEO of the National Industrialization Company, Mutlaq Al-Muraishid, said that the mining sector in Saudi Arabia was “almost absent”, but the current period has begun to open its doors to investors.
Al-Muraishid added, in an interview with Al-Arabiya on the sidelines of the mining conference in Riyadh, today, Wednesday, that the company produces about 10% of the global production of titanium metal, indicating that the door is open in the sector to attract investments to the Kingdom.
He explained that the National Industrialization plant produces about 15.5 thousand tons, while global production reaches 150-160 thousand tons.
Al-Muraished added that titanium is used in the manufacture of aircraft, nuclear submarines, missiles and satellites.
He pointed out that titanium is a light metal and 3 times stronger than iron, adding that this metal has medical uses such as the manufacture of prostheses.
Al-Morished said that the minerals sector around the world needs investments in the trillions, because minerals are involved in making everything.
He revealed that the company’s titanium products are qualified by the American companies Boeing and Airbus for use in the aircraft industry.