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 Arabia Records Significant Increase in Potato Production

Saudi Arabia Records Significant Increase in Potato Production
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Saudi Arabia Records Significant Increase in Potato Production

Saudi Arabia Records Significant Increase in Potato Production

The Saudi Ministry of Environment, Water and Agriculture announced a remarkable 47% increase in potato production in 2023, achieving a self-sufficiency rate of 86% with over 621,750 tons of potatoes produced compared to 423,770 tons in 2021.

This milestone was achieved after more than 17,000 hectares of land were cultivated with potatoes in 2023, up from 15,890 hectares in 2021. The potato production surge has positively impacted the manufacturing sector, stimulating investment and the use of advanced technologies.

According to the Ministry, overall vegetable production in 2023 reached 3.21 million tons, marking a 19% rise from 2020.

The significant improvement in agricultural productivity and its SAR109 billion contribution to the GDP are attributed to the Ministry's strategic initiatives focused on boosting self-sufficiency, attracting investments, and providing financial support, including increased financing rates for modern technology-based projects.

By prioritizing local production and reducing reliance on imports, the ministry aims to achieve the goals outlined in Saudi Vision 2030 and diversifying the national economy.