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Saudi Arabia’s Investment ministry and the Industry and Mineral Resources ministry have signed an agreement to work together to attract capital into the Kingdom’s mining sector, with an estimated value of 6 trillion Saudi riyals ($1.3 trillion).
Investment Minister Khalid Al-Falih and Industry and Mineral Resources Minister Bandar Al-Khorayyef signed the deal in Riyadh on Thursday, the Arabic language daily Almadina and other Saudi publications reported on Sunday.
The agreement is intended to “unify efforts and plans by the two Ministries to attract investors to the industry and mining sectors,” the report said.
The two Ministries also agreed to “jointly prepare studies to promote investment opportunities and remove obstacles blocking capital flow into the sector,” it added.
Under the agreement, projects and other investment opportunities in the mining sector will published on the official “InvestSaudi” website.
“This will give all local and foreign investors access to investment opportunities in this sector and will also facilitate procedures for investment,” the report said.
Saudi Arabia, the world’s largest oil exporter, began last year enforcing a new law to attract capital in its mining sector within its Vision 2030 economic diversification scheme.
(Writing by Nadim Kawach; Editing by Anoop Menon)
