Saudi Arabia is taking initiatives to make investing in mining attractive
The Kingdom of Saudi Arabia (KSA) is fast emerging as a mining investment hub thanks to its geology, industry ecosystem and sustainability, said a top government official.
"Saudi Arabia is very much open for business, and we have taken many transformational steps to make investing in mining more attractive than ever before," remarked Khalid Al Mudaifer, the Vice Minister of Mining Affairs for the Saudi Ministry of Industry and Mineral Resources.
He stated this in an interview on the sidelines of Mines and Money Online Connect event late last month where he shared with a global audience of investors the reasons why Saudi Arabia is rapidly emerging as a major mining destination.
He highlighted three primary attractions for investors: Geology, Mining Ecosystem and Sustainability.
According to him, the Arabian Shield is estimated to contain $1.3 trillion worth of potential mineral value, across numerous commodities, including gold, copper, phosphate, iron ore and rare earth minerals, many of which are critical to the technologies that will drive a sustainable future, and which are in high demand.
"Plus, because of what investors have told us are critical success factors, we have a new national mind-set, deeper understanding of the complexities of mining and a greater focus on stability and predictability," stated Al Mudaifer.
"Combined with a rich and diverse geological footprint, a transformed mining sector and a sharp focus on sustainability, we can make a compelling case that Saudi Arabia is a mining country in the making," he added.
Saudi Vision 2030 singled out mining to grow to become the third pillar of the country's industrial growth, which led to the development of a comprehensive Mining and Mining Industries Development Strategy, which has identified nearly 40 initiatives, most of which already are up and running.
The kingdom's legal and regulatory framework for mining is being transformed and is now designed to ensure efficient and transparent licensing; simplify doing business; and support a dynamic, sustainable mining industry.
