The Saudi new mining investment law came into force on Friday and aims to attract foreign investors to the sector and boost the mineral industry in Saudi Arabia as part of Vision 2030.
Bandar Al-Khorayef, Minister of Industry and Mineral Resources, said that the new regulations that were introduced to the law would have several positive effects that would benefit the investors and the investment environment in the long-term.
In remarks on Friday, the minister that the new regulations would ensure the sector governance, enhance transparency and investor confidence in the sector and achieve its sustainability.
He added that the regulations would cover minerals exports, investment stimulation in value chains and the development of controls to support licensed investors and enhance efficiency of licensing measures to become fully digital.
The law comes in line with the objectives of Vision 2030 to diversify non-oil economic resources and the National Industrial Development and Logistics Program (NIDLP).
Meanwhile, the Economic and Energy Committee of the Shura Council recently discussed the annual report of the Ministry of Industry and Mineral Resources, which included the mechanisms to encourage and stimulate the establishment of factories in cities and regions to support sustainability in the industrial sector and to address different challenges.
In a report issued by the National Center for Industrial Information, the ministry noted that up to October the number of factories throughout the Kingdom reached 9,563, with a capital amounting to 1.086 trillion riyals (USD 266 billion). The factories perform more than 24 industrial activities, leading with the non-metallic minerals sector.
