KSA eases procedures to boost mining sector

KSA eases procedures to boost mining sector
Updated 29 October 2016

KSA eases procedures to boost mining sector

KSA eases procedures to boost mining sector

JEDDAH: The Ministry of Energy, Industry and Mineral Resources in Saudi Arabia has announced its willingness to launch more investment licenses in the mining sector, Asharq Al-Awsat reported.
The move comes amid amid growing interest among foreign investors to exploit mining opportunities in Saudi Arabia.
Sources in the mining sector told Asharq Al-Awsat that the ministry received new instructions on easing procedures to urge foreign investors’ involvement in the sector.
The sources added that the ministry has presented a new ongoing project that targets re-planning mining chances, knowing its details and offering them to investors during investment-related conferences as well as providing motives that would boost investors in the domain.
A senior Saudi official said that efforts are being made to develop the mining sector and increase its contribution to the GDP for the purpose of developing the domain and increasing its contribution to $25 billion by 2020 via the implementation of the Saudi Vision 2030 goals.
According to the ministry, the current contribution of mining in GDP is 2.5 percent and the share is expected to rise in case of new investments and new and opportunities.
The sector also grants licenses in zinc, phosphate and other minerals.
The ministry is implementing a strategy that enhances investment opportunities in the mining sector, provides an appealing investment environment, develops skills of Saudi labor force, protects promising mining zones and improves technical information and data related to mining investments, according to Asharq Al-Awsat
Saudi lands are rich in natural mineral resources and there are several factors that ensure success in this field, represented in availability of: nearby energy, financial solvency, increasing demand and mining investment regulations. The domestic market is expected to witness a rising demand on local products of metal ores, which are forecast to grow up to 7.5 percent in upcoming years.