RIYADH, 1 October 2003 — The Saudi Arabian Mining Company — Maaden — has invited Gulf investors to participate in the development of a new gold mine in the central province scheduled to be operational by 2006. Maaden already has three gold mines in Madinah, Qassim and Al-Baha. The Al-Baha can produce 60,000 ounces of gold annually.
A spokesman for Maaden said that in addition to precious metals, deposits of copper and zinc are also being evaluated. He said the company’s goal is to become a diversified export-oriented mining and mineral processing company.
“We welcome a partnership with experienced and resourceful companies in developing the mining sector — from mineral exploration to mining and processing,”he said.
Prince Abdullah ibn Faisal ibn Turki, chairman of the Saudi Arabian General Investment Authority (SAGIA), explained the main thrust of the Kingdom’s economic reform program. He provided a broad outline of the investment climate against the international situation. Since its founding in April 2000, SAGIA has issued licenses valued at more than SR51 billion for 187 projects. Of the licenses, 26 percent have been issued for joint venture projects and 74 percent for wholly Saudi-owned ones.
A study, covering Saudi Arabia, Bahrain and the UAE, sponsored by SAGIA concludes that regional governments need to do more to promote direct foreign investment.