Monday, 25 October 2021 01:45 GMT

Saudi Arabia’s new mining law to attract private investment from home, abroad

(MENAFN) Meshary Al-Ali, founder and CEO of mining consultancy Golden Compass stated that Saudi Arabia’s new mining law is going to attract private investment from home and abroad as the Kingdom is aiming to exploit an expected USD1.3 trillion of potential value in the sector.

The Kingdom moved to utilize the vast wealth hidden below ground in Saudi Arabia with the founding of a mining fund and support for geological surveys and exploration program activities.

In addition, the Saudi Industrial Development Fund offers 60 percent loans to investors in order to attract global investors into the Kingdom, since the Ministry of Industry and Mineral Resources is investing USD3.7 billion in the sector.

Studies have predicted USD1.3 trillion in reserves of phosphates, gold, copper, zinc, nickel, rare earth metals and other minerals, the deputy minister of Industry and Mineral Resources Khaled Al-Mudaifer stated, talking up the potential riches beneath the Kingdom’s soil in August.

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