RIYADH, Jan. 10 (Xinhua) -- Saudi Arabia's mineral wealth has surged by 90 percent to 9.375 trillion riyals (2.5 trillion U.S. dollars), boosted by discoveries of rare earths and metals, the state news agency SPA reported Wednesday.
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef, speaking at the third edition of the Future Minerals Forum in Riyadh, said the new estimate was based on a comparison with the previous figure of 5 trillion riyals announced in 2016, according to the SPA.
He said the kingdom had found deposits of phosphate ore, zinc, gold, and other rare earth elements, which are used in high-tech products such as smartphones and electric vehicles, in the Arabian Shield region.
Saudi Arabia, the world's top oil exporter, is seeking to diversify its economy and develop new industries, including mining, tourism, and entertainment. ■
