Wednesday, 27 October 2021 05:49 GMT

Saudi mining regulation will pull ‘incredible’ private shareholdings to USD1.3T industry

(MENAFN) As stated by Meshary Al-Ali, founder and CEO of mining consultancy Golden Compass, Saudi Arabia’s fresh mining regulation will encourage private shareholders from home and overseas as the country seeks to exploit about USD1.3 trillion of possible value in the industry.

In January, Saudi Arabia shifted to capitalise on the huge wealth concealed under-ground in the Kingdom with the launch of a mining finance and hold up for geological studies and exploration program events.

The Saudi Industrial Development Fund is additionally providing 60 percent loans to shareholders in a bid to encourage international players to visit the Kingdom, whereas the Ministry of Industry and Mineral Resources is putting in USD3.7 billion of shares in the industry.

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