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Saudi Arabia: Minerals Geological Storage Exceeds $1.3 Trillion

Saudi Arabia: Minerals Geological Storage Exceeds $1.3 Trillion

Monday, 9 July, 2018 - 09:30
Saudi King Salman (C) attends the inauguration ceremony of several energy projects in Ras Al Khair, Saudi Arabia, November 29, 2016. Saudi Press Agency/Handout via REUTERS

Ministry of Energy, Industry and Mineral Resources in Saudi Arabia announced Sunday the completion of the adjusted mining investment system that allows investors and public sector to benefit from the promising investment opportunities in this vital sector in the country.

Saudi Energy Minister Khalid al-Faleh stressed the importance of mineral wealth as one of the most important activities for achieving Saudi Vision 2030 in addition to what it includes from promising future chances that contribute to diversifying the income sources and reinforcing the national economy, not to mention supporting the goals related to developing domestic industry through providing raw material that represents the foundation of any advanced industrial economy.

The geologic storage of minerals in Saudi Arabia exceeds SAR4.9 trillion (USD1.3 trillion), said Faleh.

He added that this strategy seeks to increase minerals production to reach the double of domestic production and to make the mining sector the third pillar for the Saudi industry in addition to petroleum, gas and petrochemical industries.

The adjusted mining investment system is anticipated to increase investment in mining field and reinforce the working environment as well as activate the private sector role and facilitate procedures of getting licenses of discovering and mining within a period that is similar to the best international standards.

The ministry called on those interested to get to know the adjusted system and express their remarks regarding the project starting Sunday and for a period of one month through the website.

The ministry added that it is still available for investors and entrepreneurs to invest good opportunities offered by Saudi Vision 2030 in the mining sector.

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