Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih said that the mineral resources sector is among the most important resources that support countries’ economies.
Participating in a session of the International Mining Conference, he said that the Kingdom of Saudi Arabia has increased its competitiveness in the sector through enacting laws and regulations, according to Saudi media reports.
He added that launching the International Mining Conference reflects the Kingdom of Saudi Arabia’s interest in the mining sector in the world, its influence on the economic recovery and its big impact on the future of several priority industries.
To speed up procedures for geological exploration and attract investments, the Kingdom of Saudi Arabia has developed the quality and availability of geographical data through several initiatives.
This includes the General program for Geological Survey, where efforts resulted in issuing 75 new exploration licenses after launching the new Mining Investment Bylaw in January 2021.
Al-Falih noted that Saudi Arabia has set ambitious targets, where the mining sector now contributes some $ 17 billion to the GDP, and Saudi Arabia is willing to triple this number by 2030.
He referred to the importance of holding such conferences to exchange expertise, boost benefits in the sector and seek to develop modern mining industries, expressing hope for the event to realize envisioned goals, the reports said.
The ministry’s participation in the conference is part of its keenness to attract investments in the mining sector and enhance their flow into the national economy.
The ministry, through its participation in the accompanying “Invest in Saudi” pavilion, reviewed top promising investment opportunities in the fields of mining and mineral resources, whose development is among top priorities.
This sector is the third biggest pillar for industries to diversify economic resources of the Kingdom of Saudi Arabia is a reason for it being a top priority in addition to holding several bilateral meetings.
The aim of meetings is to provide investors with an opportunity to get acquainted with the available investments and partnerships, as well as the services and incentives it offers to investors.
The volume of mineral resources investments on the “Invest in Saudi” platform currently stands at 70 private opportunities in the mining and mineral sector with an investment volume exceeding $ 25 billion.
Estimations put the value of mineral resources in the Kingdom of Saudi Arabia at $ 1.3 trillion.