Saudi Arabia to cooperate with Sudan on Red Sea mineral exploration
The minister's visit “is part of Saudi policies to find alternatives to oil". (Shutterstock)
Saudi Minister of Petroleum and Mineral Resources Ali bin Ibrahim al-Naimi arrived in Sudan’s capital Khartoum on Wednesday for talks with his Sudanese counterpart on bilateral mineral cooperation.
The visit “is part of Saudi policies to find alternatives to oil,” Sudanese Minister of Minerals Mohamed Sadig al-Karori told reporters as he welcomed the Saudi minister at Khartoum Airport.
He said the talks will focus on the Atlantis II project, which involves exploring minerals in the joint territorial waters of the Red Sea.
Atlantis II dates back to the 1970s, but the two countries have failed to implement it due to the lack of suitable exploration technology at the time.
Al-Naimi, for his part, said his visit to Sudan reflects Saudi Arabia’s keenness “to launch joint non-oil investments, particularly minerals”.
Estimates show that there are 97 million tons of various minerals – including zinc, copper, silver and gold – in the area.
Saudi Arabia tops the list of Arab investors in Sudan with over $4 billion.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- Saudi firm funds major Australian mineral sands venture
- Saudi Arabia: Environmental Issues (part one ):
- Unholy and unexpected: new report reveals Iran's supposed, yet major, role in Sudan's arms industry
- Saudi Arabia Lists Three Upstream Projects for Foreign Firms
- Saudi Arabia plans industrial complex around phosphate mine