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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)
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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.

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Local Content in Saudi Government Projects Rises to 47% by Q3

Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
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Local Content in Saudi Government Projects Rises to 47% by Q3

Al-Falih said that local content policies are integral to the state’s strategy. (SPA)
Al-Falih said that local content policies are integral to the state’s strategy. (SPA)

The proportion of local content in Saudi government projects has grown significantly, rising from 33% in 2020 to approximately 47% by the end of the third quarter of this year. This progress was announced by Minister of Industry and Mineral Resources Bandar Al-Khorayef during a ministerial session titled, Future Trends in Light of Vision 2030, at the second edition of the Local Content Forum 2024.

Tourism Minister Ahmed Al-Khateeb emphasized that tourism is a cornerstone of Vision 2030, stating: “We aim to localize investment spending with the support of national institutions.”

He also outlined plans to increase the tourism sector’s contribution to the national economy from 3% in 2019 to 10%.

Al-Khateeb underscored the collaborative efforts underway with the private sector to develop the tourism industry.

For his part, Investment Minister Khalid Al-Falih highlighted that local content policies have been integral to the state’s strategy since its founding. He stressed that enhancing the competitiveness of local companies plays a vital role in advancing localization efforts.

Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail stated that increasing local content is part of a long-term plan, noting that 70% of home construction technologies are now manufactured locally.

In turn, Economy and Planning Minister Faisal Al-Ibrahim explained that boosting local content helps drive economic growth. He emphasized that import substitution presents a valuable opportunity to support domestic products and balance trade.