Saudi Arabian Mining Company (Maaden) is planning capital investments worth 246 billion Saudi riyals ($66 billion) by 2040, CEO Robert Wilt said in a press statement.

The capital programme will likely deliver a cumulative local content contribution of 72 billion riyals ($19 billion) and the potential to boost gross domestic product (GDP) by 418 billion riyals ($111 billion) over the same period, creating 225,000 jobs in the supply chains supporting its projects.

In addition, Maaden estimates spending 55 billion riyals ($15 billion) on goods and services to support operations, yielding an additional 33 billion ($8.8 billion) in local content contribution by 2040.

“This will enable Maaden to contribute 88 billion riyals ($23 billion) to the local GDP and create up to 47,000 jobs for nationals within the same timeframe,” Wilt said.

The CEO stated that most of these capital investments and expansions would take place in Kingdom’s remote areas, as they are crucial to the overall economic development.

In its second quarter investor presentation, the mining major said it expected Phases 1 and 2 of the third large-scale phosphate complex (Phosphate 3) to be completed in 2025 and 2027, respectively.