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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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Türkiye's Central Bank Lowers Key Interest Rate to 47.5%

A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
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Türkiye's Central Bank Lowers Key Interest Rate to 47.5%

A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)

Türkiye’s central bank lowered its key interest rate by 2.5 percentage points to 47.5% on Thursday, carrying out its first rate cut in nearly two years as it tries to control soaring inflation.
Citing slowing inflation, the bank’s Monetary Policy Committee said it was reducing its one-week repo rate to 47.5% from the current 50%.
The committee said in a statement that the overall inflation trend was “flat” in November and that indicators suggest it is likely to decline in December, The Associated Press reported.

Demand within the country was slowing, helping to reduce inflation, it said.
Inflation in Türkiye surged in recent years due to declining foreign reserves and President Recep Tayyip Erdogan’s unconventional economic policy of lowering rates as a way to tame inflation — which he later abandoned.
Inflation stood at 47% in November, after having peaked at 85% in late 2022, although independent economists say the real rate is much higher than the official figures.

Most economists argue that higher interest rates help control inflation, but the Turkish leader had fired central bank governors for failing to fall in line with his previous rate-cutting policies.

Following a return to more conventional policies under a new economic team, the central bank raised interest rates from 8.5% to 50% between May 2023 and March 2024. The bank had kept rates steady at 50% until Thursday's rate cut.
The high inflation has left many households struggling to afford basic goods, such as food and housing.