Saudi Arabia Launches New Incentives to Enhance Mining Exploration with $182 Million

The new incentive package includes a series of financial facilities for companies and investors (Photo: Reuters)
The new incentive package includes a series of financial facilities for companies and investors (Photo: Reuters)
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Saudi Arabia Launches New Incentives to Enhance Mining Exploration with $182 Million

The new incentive package includes a series of financial facilities for companies and investors (Photo: Reuters)
The new incentive package includes a series of financial facilities for companies and investors (Photo: Reuters)

The Saudi Ministry of Industry and Mineral Resources launched new incentives, in cooperation with the Ministry of Investment, amounting to approximately SAR 685 million ($182 million), aiming to support mining exploration in the Kingdom and reduce risks facing exploration companies during their early stages, in addition to encouraging investment in this vital sector according to the objectives of Vision 2030.

In a statement, the ministry said that the new incentive package includes a series of financial facilities for companies and investors wishing to invest in mineral resource exploration activities in the Kingdom, in addition to a priority framework for investors who commit to fostering local talent and expertise in the sector.

The ministry added that the new incentives also include financial support for companies that have licenses valid for less than 5 years, as each license is entitled to a maximum support of SAR 7.5 million ($2 million), while each company can benefit from support for up to 15 licenses according to the program’s terms and conditions.



GASTAT: Saudi Non-Oil Exports Rose by 13.1% in 2024

General Authority for Statistics (GASTAT) logo
General Authority for Statistics (GASTAT) logo
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GASTAT: Saudi Non-Oil Exports Rose by 13.1% in 2024

General Authority for Statistics (GASTAT) logo
General Authority for Statistics (GASTAT) logo

Saudi Arabia’s General Authority for Statistics (GASTAT) said in the 2024 International Trade Statistics Bulletin that there was an 13.1% increase in non-oil exports (including re-exports) compared to 2023.

However, total merchandise exports declined by 4.5% year-on-year, while imports rose by 12.5% in 2024.

According to the bulletin, the ratio of non-oil exports (including re-exports) to imports increased to 35.3% in 2024, up from 35.1% in 2023.

Meanwhile, the share of oil exports in total exports decreased from 77.3% in 2023 to 73.1% in 2024.

The bulletin showed that “chemical industry products” topped the list of non-oil exports, accounting for 25.5% of the total, while “machinery, electrical equipment, and parts” led imports with a 25.3% share.

China remained Saudi Arabia’s top trading partner in merchandise trade, accounting for 15.2% of total Saudi exports in 2024, while imports from China accounted for 23.9% of the Kingdom’s total imports during the same year.