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Saudi Arabia has unveiled a significant milestone in its economic diversification efforts, discovering lithium reserves within its oil fields near the sea.
The breakthrough, spearheaded by Saudi Aramco, represents a pivotal shift for the oil-dependent nation as it seeks to embrace sustainable energy opportunities.
Successful Pilot Project Extracts Lithium
Saudi Aramco, the state-owned petroleum and natural gas giant, successfully extracted lithium during a pilot project.
The deputy minister of mining affairs, Khalid bin Saleh Al-Mudaifer, announced plans to scale this initiative by launching a commercial pilot program focused on direct lithium mining.
Pioneering Technology from Local Innovators
The project will be led by Lithium Infinity, also known as Lihytech, a startup from King Abdullah University of Science and Technology.
Lihytech will collaborate with Saudi mining company Ma’aden and Aramco to develop continuous lithium extraction from brine runoff in oil fields.
Al-Mudaifer praised the university-developed technology as innovative and rapidly progressing.
Economic Potential Amid Rising Lithium Demand
Despite the higher cost of extracting lithium from brine compared to traditional methods, Al-Mudaifer expressed optimism about the project’s profitability.
Rising global lithium prices and the growing demand for the white gold make the initiative strategically valuable.
Lithium plays a critical role in manufacturing rechargeable batteries for electric vehicles (EVs), smartphones, and other electronics, all of which are in increasing demand as the world shifts away from fossil fuels.
Aligning with Vision 2030 Goals
The initiative supports Saudi Arabia’s Vision 2030 objectives. These objectives aim to reduce dependence on oil. They also aim to position the kingdom as a global hub for EV production.
Crown Prince Mohammed bin Salman has championed efforts to identify alternative revenue streams. Lithium mining aligns with these ambitions.
Global Energy Companies Join the Race
This move by Saudi Arabia mirrors efforts by other major oil companies. Exxon Mobil and Occidental Petroleum are also exploring advanced lithium extraction technologies.
As reported by dnaindia.com, the global transition to renewable energy is accelerating. Saudi Arabia’s investment in lithium extraction could secure a prominent role in the sustainable energy landscape.
Resource: Chemeical Industry Digest

Forum aims to foster forward-looking investment and drive innovation between the two nations
Saudi-French Investment Forum to Strengthen Investment Ties
Forum aims to foster forward-looking investment and drive innovation between the two nations
3 Dec 2024
Over 1,000 delegates have registered to attend the Saudi-French Investment Forum in Riyadh on December 3, which is being held on the sidelines of French President Emmanuel Macron’s visit to the Kingdom. Hosted by Invest Saudi, the Forum will be held under the theme, “Investing to Leverage Both Promising Visions.”
The event will feature keynote speeches from Ministers of both Saudi Arabia and France, and panels with CEOs and other top business leaders from Saudi Arabia and France, showcasing the enduring partnership between the two nations and identifying opportunities for transformative investments, long-term collaboration, innovation, and mutual growth across critical sectors.
The Forum comes on the heels of significant achievements in the French-Saudi investment relationship. France is Saudi Arabia’s third-largest source of foreign direct investment (FDI), contributing over $11.2 billion net inflow of investment into the Kingdom in 2023. Over 175 French companies and firms actively operate in the Kingdom, with 30 establishing regional headquarters (RHQ), driving progress in industries such as transport, healthcare, and luxury goods. Additionally, 433 investment licenses were issued to French companies in Saudi Arabia in Q1 2024.
The Forum’s program includes several panels, round tables and side discussions exploring themes critical to the future of both nations. Topics include leveraging digital transformation, advancing green energy initiatives, and fostering cultural exchange.
Saudi Arabia is a dynamic global hub of opportunity for French and global investors, driven by bold Vision 2030 and a resilient economy ranked 19th worldwide with a GDP of $1.1 trillion in 2024. Positioned at the crossroads of three continents, the Kingdom offers unmatched investment opportunities through groundbreaking reforms, robust governance, and thriving sectors like green energy, technology, healthcare, and tourism. With a young, tech-savvy population, a stable macroeconomic environment, and a strategic location, Saudi Arabia ensures profitability, stability, and access to global markets. By fostering inclusivity and sustainability, the Kingdom is not just preparing for the future—it is shaping it.

The credit rating agency “Moody’s Ratings” has upgraded the Kingdom of Saudi Arabia’s credit rating at “Aa3″ in local and foreign currency with a “stable” outlook.
The agency indicated in its report that this rating upgrade with stable outlook is a result of the Kingdom’s ongoing progress in economic diversification, Moody’s has expected that the non-oil private sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region.
It’s worth noting that during the current and previous years, the Kingdom has achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom’s ongoing efforts toward economic transformation supported by structural reforms.

Under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the 28th annual World Investment Conference (WIC) kicked off today. The conference, organized by Invest Saudi in partnership with the World Association of Investment Promotion Agencies (WAIPA), takes place from November 25 to 27.
During his speech at the opening ceremony, Minister of Investment Khalid Al-Falih welcomed the participants, affirming that the Kingdom is honoured to host this prominent international gathering that brings together a group of investors, decision-makers, and experts to discuss one of the most important engines of the global economy, which is investment. He highlighted the challenges and opportunities addressing global investment amid the ongoing economic transformations.
“As this conference extends over three days, it is designed to foster a productive dialogue that emphasizes the diverse perspectives of the global investment scene,” he said.
The minister of investment emphasized that the Kingdom’s Vision 2030 is a successful model for sustainable investment. He noted that the Kingdom has achieved remarkable economic growth of 70% in recent years, a threefold increase in foreign direct investment flows, and a tenfold increase in the number of registered international investors compared to the pre-vision era. Additionally, over 1,200 international investors have been granted premium residency permits for a year.
At the conclusion of his speech, Al-Falih urged the participants to fortify international investment cooperation in order to achieve sustainable and comprehensive growth. He also commended the collaborative endeavours of investment promotion agencies and international institutions in achieving the conference’s objectives.

The credit rating agency “Moody’s Ratings” upgraded the Kingdom of Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom’s ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom’s financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom’s non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody’s expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom’s ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom’s strong and resilient fiscal position.

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Saudi-French Investment Forum Witnesses Signing of 24 MoUs and Agreements
Saudi-French Investment Forum Witnesses Signing of 24 MoUs and Agreements
19 June 2023
The Saudi-French Investment Forum, now in progress in the French capital of Paris, witnessed the signing of 24 memorandum of understanding (MoUs) and investment agreements with a total value of around $2.9 billion, in the presence of officials from both sides.
The Forum brought together policymakers, business leaders, innovators, and major companies from both countries.
Minister of Investment of the Kingdom of Saudi Arabia Eng. Khalid bin Abdulaziz Al-Falih emphasized that the Kingdom places great importance on its relationship with the French Republic as well as all countries around the world.
He also expressed the Kingdom’s eagerness to collaborate with French partners in order to launch more opportunities for cooperation between the two countries.
Furthermore, he emphasized that the success of the Saudi-French Investment Forum is a testament to the strength of Saudi-French relations and a reaffirmation of the commitment to working together towards achieving greater prosperity for both countries.
The Minister indicated that the MoUs and agreements signed during the Forum represent opportunities for increased investment and collaboration in various fields and investment sectors, including healthcare, clean energy, hospitality and culture.
In 2022, the growing trade volume between France and Saudi Arabia increased by more than 80%, reaching $11.5 billion, according to official statistics.
The report said that the total French direct investment in the Kingdom amounts to nearly $6 billion, and the number of French companies operating in Saudi Arabia has increased by 43% since 2020.
Source: Saudi Press Agency
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