Saudi Arabia has allocated significant investments towards becoming a hub for electric vehicle (EV) production, aligning with Crown Prince Mohammed Bin Salman’s vision to diversify the economy.

The kingdom is actively pursuing the acquisition of lithium supplies from abroad to bolster its EV industry, according to a Reuters interview with Industry and Mineral Resources Minister Bandar Alkhorayef.

Acknowledging lithium’s crucial role in EV battery production, the minister emphasized, “I wouldn’t imagine that we would live without it.”

Domestic efforts to extract lithium from seawater and oil field discharges are ongoing in collaboration with Aramco, but the viability of these methods remains uncertain. “There are some signs that are encouraging, but we need to do more,” Alkhorayef told Reuters.

Saudi Arabia’s focus has shifted towards securing reliable overseas sources. Last year, the Public Investment Fund (PIF) and Ma’aden formed Manara Minerals, a joint venture dedicated to acquiring international mining assets.

Saudi Arabia’s focus has shifted towards securing reliable overseas sources. Last year, the Public Investment Fund (PIF) and mining giant Ma’aden formed Manara Minerals, a joint venture dedicated to acquiring international mining assets.

“I’m quite confident that Saudi Arabia’s natural resource needs will be satisfied one way or another,” said Alkhorayef. “Either through the products we have in the country or through imports, be it Manara investing or other partners.”