Saudi Arabia seeks to follow in Morocco's footsteps in the phosphate industry

Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Al-Khorayef, recently travelled to Morocco in order to identify and boost cooperation and partnership opportunities in the mining sector, especially related to phosphates.

According to the Saudi news agency, the minister met with Energy Transition Minister Leila Benali and Economy Minister Nadia Fettah during his visit to the Kingdom on the sidelines of his participation in the 28th session of the general assembly of the Arab Organisation for Industrial Development, Standardisation and Mines, held in Rabat.

Saudi Arabia's aim is to take advantage of Morocco's expertise in this industry, in order to develop the phosphate fertiliser market, access new customers and expand regional cooperation in this field, according to La Vie Eco. 

Riyadh also seeks to overcome barriers to the import and export of vital minerals in the region and, of course, to boost cooperation with Morocco and promote Saudi Arabia's exports to Morocco. 

It is clear to the Moroccan media that Saudi Arabia aims to become the second largest exporter of phosphate fertilisers, benefiting from Morocco's experience and expertise in the field of phosphate mining, processing and industry, as well as its marketing networks around the world. 

Already an exporter of rock, the Saudi Kingdom also wants to consolidate other sectors linked to this industry, such as the production of animal feed and phosphorus, used in the production of batteries for electric cars and medicines. 

To this end, it is using the necessary means, investing more than 30 billion dollars in the sector, in addition to launching new projects worth almost 8 billion dollars within the framework of a public-private partnership. It is worth noting that Saudi Arabia's northern border region contains approximately 7% of the world's phosphate reserves. 

Morocco, for its part, is one of the world's largest phosphate suppliers. The industry accounts for 20% of the Kingdom's exports and contributes 5 % of its Gross Domestic Product, according to recent data. 

The North African country holds 70% of the world's phosphate reserves, which are managed by the OCP company, which is responsible for extracting, processing, manufacturing, exporting and maximising the value of phosphate.