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Saudi Ministry of Industry Announces Preferred Bidders for 3 Exploration Sites

The Saudi Ministry of Industry and Mineral Resources announced on Wednesday the preferred bidders in the fourth series of the licensing rounds conducted as part of the Accelerated Exploration Program initiative.
The Saudi Ministry of Industry and Mineral Resources announced on Wednesday the preferred bidders in the fourth series of the licensing rounds conducted as part of the Accelerated Exploration Program initiative.
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Saudi Ministry of Industry Announces Preferred Bidders for 3 Exploration Sites

The Saudi Ministry of Industry and Mineral Resources announced on Wednesday the preferred bidders in the fourth series of the licensing rounds conducted as part of the Accelerated Exploration Program initiative.
The Saudi Ministry of Industry and Mineral Resources announced on Wednesday the preferred bidders in the fourth series of the licensing rounds conducted as part of the Accelerated Exploration Program initiative.

The Saudi Ministry of Industry and Mineral Resources announced on Wednesday the preferred bidders in the fourth series of the licensing rounds conducted as part of the Accelerated Exploration Program initiative.

The initiative has been designed to effectively leverage the Kingdom’s mineral resources in support of the development and growth of the mining sector, in line with the goals of Saudi Vision 2030 and the National Industrial Development and Logistics Program.

After a comprehensive evaluation of technical and social aspects, the preferred bidders were: Ajlan & Bros and Norin Mining Ltd Consortium for Bir Umq exploration site, Royal Roads and MSB Holding Consortium for Jabal Sahabiyah exploration site, and Sumou Holding with Kuya Silver Consortium for Umm Hadid exploration site, said a statement from the ministry.

It added that the exploration licenses will be issued in accordance with the Mining Investment Law, which mandates that companies seeking mining licenses in the Kingdom demonstrate their technical expertise and commitment to social and environmental impact management plans. The licensing rounds have been designed in a manner that is consistent with the Kingdom’s efforts to reach a sustainable development of the mining sector.

The Bir Umq mining site is located in the city of Mahd Ad Dhahab, in the west of the Kingdom. Covering an area of approximately 187 km2, the site includes mineral deposits of copper and zinc. As part of the exploration license award for this site, Ajlan & Bros Norin Mining Ltd will invest over SAR110 million in exploration activities. The consortium has also committed SAR15 million for local community initiatives, including training and development programs for local communities.

The Jabal Sahabiyah mining site is located in the Tathleeth region, in the south of the Kingdom. Covering an area of some 283 km2, it includes mineral deposits of zinc, lead and copper. The winners of the exploration license, Royal Roads and MSB Holding Consortium, will invest more than SAR20 million in exploration work. They have also committed SAR450,000 for local community initiatives, including training and development of local communities.

The Umm Hadid mining site is located in the Afif region, in the center of the Kingdom. Covering an area of some 246 km2, it includes mineral deposits of silver, lead, copper and zinc. The winners of the exploration license, Sumou Holding and Kuya Silver Consortium, will invest SAR83 million in exploration work. They have also committed over SAR3 million to local community initiatives, including training and development of local communities.

Following the latest licensing rounds, the ministry reiterated its commitment to designing a competitive auction process for exploration licenses, with the objective of encouraging the participation of new companies in the Kingdom’s metals and minerals sector.

It also stated that "rigorous evaluation processes will continue to prioritize fairness and transparency in competitor selection".

In addition to these initiatives, the ministry said that it will continue to dedicate its efforts to maximize the economic impact of mining investments, with a focus on promoting fundamental investments, attracting a diverse range of companies to develop exploration sites in the Kingdom, and ultimately leveraging its mineral resources to support the development of the most promising industries.

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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)

The Saudi government has directed greater private sector involvement in shaping the content of Vision 2030 communications and reports, according to sources who spoke to Asharq Al-Awsat. The goal is to amplify the impact of the annual Vision 2030 reports by making them more comprehensive and directly relevant to the business community.

The Strategic Management Office in the Saudi Royal Court has invited private sector stakeholders to review the annual Vision 2030 report to raise awareness of governmental achievements. Businesses are encouraged to provide feedback to ensure that future reports are more impactful and valuable for their audience.

The initiative aims to gather feedback on whether the current report format effectively delivers information relevant to the business sector. It also seeks input on the balance between general achievements and sector-specific details, as well as insights on the report’s accessibility and usefulness to business audiences.

According to the sources, the government is also evaluating the level of transparency in the report, particularly in showcasing progress and achievements. Stakeholders are being asked to suggest areas of focus for future editions to make the reports more comprehensive and relevant to their needs.

Additional proposals include enhancing collaboration between the Vision 2030 communications team and Saudi chambers of commerce to better report on progress and achievements to the private sector. Furthermore, the government is exploring the inclusion of practical success stories from businesses that have played a role in achieving Vision 2030 goals.

Since its inception, Vision 2030 has worked to identify and address challenges facing businesses. Significant reforms have been implemented to remove barriers, ensuring the private sector can fulfill its vital role in driving economic growth.

Efforts have included reforms to streamline the business environment, enhance the quality and efficiency of government services, and digitize processes. Additionally, numerous programs, initiatives, funding platforms, and business incubators and accelerators have been launched to support the private sector.

The Vision 2030 annual report for 2023 highlighted strong program performance, with 87% of the year’s 1,064 initiatives either completed or on track. Among the 243 key performance indicators (KPIs) identified, 81% of third-level KPIs met their targets, while 105 exceeded future targets set for 2024–2025.

The report also noted that non-oil gross domestic product (GDP) reached SAR 1.889 trillion, compared to a baseline of SAR 1.519 trillion. The 2023 target was SAR 1.934 trillion, with the ultimate Vision 2030 target set at SAR 4.97 trillion.

Private sector contributions to GDP increased to 45%, meeting the 2023 target and surpassing the baseline of 40.3%. The long-term Vision 2030 target is 65%.