Saudi mining sector undergoing major changes to make it third pillar of industry, says minister

Saudi mining sector undergoing major changes to make it third pillar of industry, says minister
Above, phosphate granules at a storage facility in the Ma’aden Aluminium Factory in Ras Al-Khair Industrial area near Jubail City. (AFP file photo)
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Updated 03 December 2020

Saudi mining sector undergoing major changes to make it third pillar of industry, says minister

Saudi mining sector undergoing major changes to make it third pillar of industry, says minister
  • Mining Investment Law has undergone a comprehensive review

The mining sector in Saudi Arabia is witnessing major changes to achieve one of the most important goals of Vision 2030, which is to diversify the resources of the national economy and make it the third pillar of the local industry, along with oil and petrochemical industries, Al-Eqtisadiah newspaper quoted Khalid Al-Mudaifer, vice minister of industry and mineral resources for mining affairs, as saying.

The ministry is working to complete the drafting of the executive regulations for the mining system to be ready for implementation, with the system coming into effect next January, Al-Mudaifer added.

The Mining Investment Law has undergone a comprehensive review to enhance its role as a legal framework that supports transparency, sustainability, and business facilitation in the sector, the vice minister also said.

The executive regulations of the Mining Investment Law have paid great attention to the employment of Saudi citizens and the development of national competencies in mining projects, in addition to developing communities near mining sites, and preserving the environment.

He emphasized that the Kingdom has one of the lowest ceiling in terms of mining licenses fees in the world, indicating that there is an opportunity to restructure the financial compensation, as part of the sector restructuring, in a way that contributes to the development and sustainability of the sector, without exceeding international rates and losing the Kingdom’s competitive advantage being one of the lowest in terms of fees.

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Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
Updated 17 January 2021

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan

Goldman Sachs nudges U.S. growth forecast higher on Biden stimulus plan
  • The bank expects economic growth of 6.6% in 2021
  • Biden outlined a $1.9 trillion stimulus package proposal on Thursday

Analysts at Goldman Sachs Group raised their U.S. growth forecast for the second time this month on expectations that President-elect Joe Biden’s fiscal stimulus plan will hasten the economy’s recovery from the COVID-19 pandemic.
The bank expects economic growth of 6.6% in 2021, compared with a previous forecast of 6.4%, according to a report published on Saturday. It also raised forecasts for how much stimulus the new administration will be able to push through in the near-term, to $1.1 trillion from $750 billion.
Biden outlined a $1.9 trillion stimulus package proposal on Thursday, saying bold investment was needed to jump-start the economy and accelerate the distribution of vaccines to bring the coronavirus under control.
“Larger boosts to disposable income and government spending imply stronger growth later in the year,” the bank’s analysts wrote.