Saudi Arabia’s got money but can it also lure foreign capital?
Riyadh has an ambitious China-plus-one plan for manufacturing
As countries and companies rush to get their hands on critical raw materials to bolster supply chains and deal with a rocky energy transition, Saudi Arabia is staking its claim. It stands a real chance, especially with growing discomfort around reliance on China. But are investors willing to trust it yet? Its sovereign wealth fund and state miner are ploughing $3.2 billion into a fund that will invest across the world in resources like copper, nickel and lithium, as a non-operating partner with a minority stake. The company’s formation was announced at Saudi Arabia’s annual Future Minerals Forum, where giants like BHP, Rio Tinto, Ivanhoe Mines and US and UK officials convened last week.