Saudi geologists aim to unlock Kingdom’s $1.3 trillion mineral wealth

Saudi geologists aim to unlock Kingdom’s $1.3 trillion mineral wealth
A miner at work in the Al Amar gold mine, southwest of Riyadh, Saudi Arabia. (Reuters)
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Updated 15 October 2020

Saudi geologists aim to unlock Kingdom’s $1.3 trillion mineral wealth

Saudi geologists aim to unlock Kingdom’s $1.3 trillion mineral wealth
  • The Regional Geological Survey Program (RGP) aims to conduct a series of surveys over the next six years that are set to provide new opportunities for international mining investors
  • The plan has a budget of SR2bn and is being driven by the Saudi Geological Survey which will survey an area of 600,000 km2 across the geological formation known as the Arabian Shield

LONDON: Saudi geologists are collaborating with international colleagues to undertake a vast survey of the Kingdom’s mineral reserves, estimated to be worth $1.3 trillion.
The Regional Geological Survey Program (RGP) aims to conduct a series of surveys over the next six years that are set to provide new opportunities for international mining investors.
The plan has a budget of SR2 billion and is being driven by the Saudi Geological Survey which will survey an area of about 600,000 square kilometers across the geological formation known as the Arabian Shield.
“With the assistance of global experts, and our growing expertise, we can unlock the country’s mineral potential and train local and international geologists,” said RGP Director Wadee Kashghari. “This will be supported by the advantage of the country’s unique geological landscape with limited presence of vegetation cover.” 
The survey represents a key component of the mining strategy that forms part of Saudi Vision 2030. It will be conducted in collaboration with technical experts and contractual partners from different countries such as Finland, China, the UK and South Africa.
Some 500 technical staff are working on the program alongside international partners. 
The project also aims to help progress junior geological scientists through in-depth training.

Decoder

The Arabian Shield

The Arabian Shield is the name given to the Precambrian rocks in the western part of the Arabian Peninsula.


Madinah industrial investment opportunities highlighted during official tour

Deputy Minister Osama bin Abdul Aziz Al-Zamil on Thursday inspected a number of industrial facilities in Madinah and Yanbu. (Supplied)
Updated 44 min ago

Madinah industrial investment opportunities highlighted during official tour

Deputy Minister Osama bin Abdul Aziz Al-Zamil on Thursday inspected a number of industrial facilities in Madinah and Yanbu. (Supplied)
  • Deputy minister of industry of mineral resources conducts tour of factories, meets stakeholders

JEDDAH: The deputy minister of industry of mineral resources conducted a tour of factories in Madinah region, as part of the ministry’s efforts to investigate the challenges and opportunities within the area’s industrial sector.

Deputy Minister Osama bin Abdul Aziz Al-Zamil on Thursday inspected a number of industrial facilities in Madinah and Yanbu, where he met with investors to discuss potential opportunities.

The Madinah region ranks fifth in the Kingdom in terms of the number of factories, with 312 in total. The region also ranks fourth in terms of its investment share worth, which is valued at SR109.9 billion ($29.3 billion).

Madinah is home to 61 percent of the region’s factories; Yanbu is in second place with 35 percent, and Al-Ula in third place with 1 percent.

In terms of the current levels of investment so far, chemical activity accounts for the bulk, with 56 percent, oil and coke representing 16 percent, non-metallic minerals activity 15 percent, and other activities constituting about 13 percent of the total capital invested in the region.

Al-Zamil reviewed the services provided by the Saudi Authority for Industrial Cities and Technology Zones (MODON) where he held discussions with officials, industrialists and workers from the governorate.

During his inspection tour in Madinah, Al-Zamil visited a number of factories, including Itqan Food Industries, the House of Granite Factory, and the National Factory for Elevators.

As part of the visit, Al-Zamil also had a meeting with officials from the Madinah Chamber of Commerce and Industry, where he met with the chairman of the chamber’s industrial committee.

The visit included a visit to the Yanbu National Petrochemical Company (Yansab), which came during meetings held with officials from the Yanbu Chamber of Commerce and Industry and the Royal Commission for Jubail and Yanbu (RCJY)

The tour is part of the ministry’s initiatives to develop the sector and improve its investment environment, in order to achieve the goals set out as part of the Kingdom’s Vision 2030.