JEDDAH, 3 February — More than 50 foreign experts will join local businessmen and government officials at a major seminar in Madinah today to discuss prospects of investment in the region's mineral resources.
Madinah Governor Prince Muqrin will open the three-day seminar, the first of its kind in the region attracting such international presence. A large South African delegation including top government officials will attend the event.
The speakers include Minister of Petroleum and Mineral Resources Ali Al-Naimi and at least two ministers from South Africa. Other delegates attending the meeting, jointly organized by the Madinah Governorate and the Saudi Geological Survey (SGS), include private companies from North America and Europe.
"This is the first time international experts are participating in such a gathering. The meeting is being held at the initiative of Prince Muqrin. We in SGS are facilitators and organizers," said Dr. Muhammad ibn Asaad Tawfiq, SGS acting president.
He said the meeting would seek to attract investments in mining industries and allow the private sector to increase its share in economic development. It also seeks to strengthen cooperation with foreign companies through joint ventures in the light of new foreign investment laws.
Deputy Minister for Mineral Affairs Dr. Zuhair Nawab said the Madinah seminar was among a series of meetings organized by the ministry to acquaint businessmen and investors with opportunities in the country's mining sector.
He said there was no ban on foreign investment in the mining sector. "Any non-Saudi company can apply for exploration or mining concession," he said, adding that foreign firms can now invest even in gold mines.
Saudi Arabia is rich in deposits of copper, zinc and lead and rare metals like titanium. Capital investment in the mining sector is estimated at SR10 billion but mining revenues as percentage of GPD stands at less than one percent.
Mahd Addahab gold mine in Madinah is known for 3,000 years. Annual output from Mahd Addahab and Sukhaybarat gold mines is more than seven tons.
South Africa's deputy ministers of trade and industry, and minerals and energy are expected to join the meeting. South African companies will present papers on their activities that include mining engineering and consultancy, mineral processing, water treatment, shaft sinking and tunneling, railway and road construction, production information systems, geological services and financing for mining projects. One company, Bateman Project Holdings, is responsible for establishing Mahd Addahab, the Kingdom's first underground gold mine.
Other speakers include Dr. Khaled Faqi from SGS, Dr. Zuhair Nawab, Abdul Aziz Al-Awadi from the General Investment Authority (GIA), Dr. Mahmoud Elaywah from Madinah Governorate and Dr. Abdullah Al-Dabbagh, president of the Saudi Arabian Mining Company Maaden, said Younus Ishaq, SGS media supervisor and member of the organizing committee.
The Ministry of Industry and Electricity, the Islamic Development Bank and the Saudi Industrial Development Fund will also present papers. An exhibition on mineral resources and mining activities in the Kingdom and South Africa has been planned on the sidelines of the meeting.
