Saudi Arabia to Propose Investment Opportunities in Six Mining Locations

Engineers explore a min in Saudi Arabia. (SPA)
Engineers explore a min in Saudi Arabia. (SPA)
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Saudi Arabia to Propose Investment Opportunities in Six Mining Locations

Engineers explore a min in Saudi Arabia. (SPA)
Engineers explore a min in Saudi Arabia. (SPA)

The mining sector in Saudi Arabia is witnessing growth and development with more investment opportunities expected to be proposed in 2024.

Six locations will be the targets of the fifth round of exploration. They include gold, copper and zinc and span an area of 940 square kms.

Assistant Deputy Minister for Mining Enablement at the Ministry of Industry and Mineral Resources Abdulrahman AlBelushi told Asharq Al-Awsat that the ministry has granted over 500 exploration licenses.

Exploration has witnessed a qualitative leap and it is reaching new heights year after year, he added. This has paved the way for the development of new mines.

The development can all be credited to the amendment of the mining investment regulation, he stated.

Saudi Arabia’s mining wealth is estimated at SAR9.6 trillion (USD2.5 trillion), he went on to say.

He underscored the importance of the optimal exploitation of this wealth so that it can become part of national industries and so that its products can help grow industrial cities in target areas such as cars and planes.

On the Arabian Shield region, AlBelushi said the Saudi Geological Survey has carried out extensive work in the area, using various geophysical and geochemical tools.

Work is underway to develop accurate maps of this work, he revealed.

Saudi Arabia boasts massive mineral wealth, and it will be explored through every mean possible, he stressed.

Saudi Arabia has sought to develop the mining sector in recent years. It launched the largest and most modern geological survey in the world, covering an area of 600,000 kms of the Arabian Shield.



Saudi Investment Minister: Local Content is an Important Enabler for Economic Competitiveness

Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA
Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA
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Saudi Investment Minister: Local Content is an Important Enabler for Economic Competitiveness

Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA
Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA

Saudi Minister of Investment Khalid Al-Falih stressed that local content is an important enabler for transforming the economy from a rentier system to a prosperous one.

The investment minister added that local content is one of the main pillars of the Kingdom's Vision 2030, viewing it as fuel for the competitiveness of the economy and companies in relevant sectors, including industry, agriculture, energy, municipalities, and tourism.

This came during his participation, along with several other ministers, in a dialogue session entitled "Future Trends for Local Content in Light of the Kingdom's Vision 2030," held on Wednesday in Riyadh as part of the Local Content Forum 2024.

He noted that the vision's goals include developing and diversifying the economy and increasing quality opportunities to ensure sustainability and competitiveness both locally and internationally. He reviewed several successful global experiences in local content that have contributed to increasing the percentage of local content across various sectors and achieving global leadership.

Al-Falih also highlighted the role of the initiatives and programs under the National Investment Strategy, such as special economic zones, regional headquarters, and the Shareek Program, in enabling and motivating investors to invest in the Saudi market and building an attractive investment environment that enhances global quality investments, which will lead to strengthening the national economy and creating more job opportunities.

He mentioned that 95 deals, with an investment value exceeding SAR100 billion, are currently under negotiation through the "GSCRI" initiative.