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Saudi Arabia currently dominates the GCC mining market

Saudi Arabia currently dominates the GCC mining market



Mining `to contribute $64bn to Saudi’

January 2018

Saudi Arabia's mining strategy is expected to nearly quadruple the mining sector’s contribution to the GPD by 2030, from $17 billion to $64 billion, a report said.

At the same time, Saudi Vision 2030 is set to create 25,000 jobs in the mining sector, according to Ventures Onsite report for The Big 5 Heavy, the largest dedicated heavy construction industry exhibition in the region.

The Big 5 Heavy, to be held from March 26 to 28, at the Dubai World Trade Centre, in Dubai, will feature a dedicated ‘mining and quarrying’ product sector.

A growing range of opportunities are guaranteed to open up to companies able to supply the growing GCC mining sector, according to Ventures Onsite, research partner of The Big 5 Heavy.

The ‘GCC Mining Industry Report’ notes that Saudi Arabia, Oman and the UAE are countries with vast opportunities for suppliers of the mining and metals industry.

According to the report, Saudi currently dominates the GCC mining market with  ambitious growth targets. Saudi Vision 2030 has embarked to create 25,000 jobs in the mining sector, and seeks to quadruple the sector’s GDP contribution.

As a result, there are an estimated $16 billion worth of ongoing mining projects in the kingdom focused on extracting minerals. It is worthy to note that recent changes in Saudi Arabia’s mining law have paved the way in allowing greater access for foreign companies looking to invest in the kingdom’s mining sector.

 




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