Saudi Arabia is planning to offer nearly 5,300 mining sites to investors to take advantage of its massive mineral resources following the enforcement of a new law intended to attract local and foreign capital into the industry.
Saudi Industry and Mineral Resources Ministry Undersecretary Saleh Al-Okaili revealed such plans at a virtual seminar held by the Ministry on Thursday to highlight investment opportunities in the Gulf Kingdom’s mineral sector, the Arabic language daily Al-Madina said on Friday.
Okaili told investors that those sites have massive mineral potential estimated at more than 5 trillion Saudi riyals ($1.33 trillion) and that they need to be tapped.
“The mining strategy adopted by the Kingdom aims to fully utilize at least 5,300 mining sites with a total value of more than 5 trillion riyals,” he said.
He said a new mining law introduced by the world’s largest oil exporter two years ago is designed to expand the private sector’s role in this sector and support the country’s economic diversification scheme known as Vision 2030.
Saudi Arabia has already granted mining licences to scores of companies and intend to offer more sites as per the new investment law.
(Writing by Nadim Kawach; Editing by Anoop Menon)