MADINAH, 5 January — Madinah Governor Prince Muqrin has said plenty of opportunities exist for investors in the mining sector in Madinah region as about 95 percent of mineral resources in the area remains untapped. "Investments in the region accounts for only five percent of the resources there," he told reporters after opening a mining seminar here yesterday.
Prince Muqrin announced the establishment of a one-stop shop in Madinah to speed up paper work for prospective investments. He emphasized the need to set up necessary infrastructure to promote mining projects. The governor also called upon Saudi businessmen to play a major role in boosting the country's development.
Opening the mining seminar, Prince Muqrin called upon businessmen and investors within and outside the Kingdom to use the occasion to explore opportunities for investment in the country's lucrative mining projects.
The seminar organized by the Madinah governorate and the Saudi Geological Survey started its sessions on Saturday though the formal opening was put off till yesterday. More than 50 foreign experts are taking part in the event.
Dr. Zuhair Nawab, deputy minister for mineral resources, who addressed the forum on behalf of Petroleum and Mineral Resources Minister Ali Al-Naimi, said the seminar was aimed at establishing upstream and downstream industries in the sector to diversify revenue sources and create more jobs for Saudis.
Nawab underscored the huge mineral wealth in Madinah. "There are areas with potential mineral deposits on which no studies have so far been conducted while drilling in certain areas reached advanced stages. On the other hand, commercial mining has started in some areas," he pointed out.
Addressing the opening session, South Africa's deputy minister of energy and mining commended the "exemplary" cooperation between Saudi Arabia and her country, especially in the mining sector.
South African companies were to present papers at the three-day forum on their activities that include mining engineering and consultancy, mineral processing, water treatment, shaft sinking and tunneling, railway and road construction, production of information systems, geological services, and financing for mining projects.
Prince Muqrin also opened an exhibition organized on the sidelines of the seminar. Exhibits included replicas of various mineral industries and maps of mining regions in the country. Yousuf Al-Maimany, the general coordinator of the seminar, said proven mineral deposits in Madinah could be exploited at reasonable cost.
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 the sector's contribution to the gross domestic product (GDP) is less than one percent.
Industrial investment: Industrial investment in the Kingdom has reached SR163 billion, Al-Watan newspaper reported yesterday. The industrial cities of Jubail and Yanbu grabbed the lion's share as investments in the two cities totaled SR95 billion, the paper said. Dr. Jasim Al-Ansary, director general of the Royal Commission in Jubail, said industrial investment in the city reached SR74.8 billion.
