Everything you need to know about the new Saudi mining investment law

Saudi Arabia's executive regulations on mining investments came into effect in 2021. (Shutterstock)
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Updated 03 January 2021

Everything you need to know about the new Saudi mining investment law

Everything you need to know about the new Saudi mining investment law

Saudi Arabia's executive regulations on mining investments came into effect on Jan. 1, the official gazette reported.

The regulations aim to enhance the principles of mining investment governance, and identify the mechanisms that boost responsibility, efficiency, effectiveness, and response to the law application. They also lay down clear procedures for the licensing based on fairness and transparency in order to build confidence in decision-making.

In addition, the regulations aim to achieve the stability required to develop mineral deposits, ensure the efficiency of mining operations, and set effective mechanisms for dispute settlements.

The regulations stipulate that the minister, after coordination with the relevant government agencies, can allocate any land or sea area as a mining reserve based on valid mining licenses.

According to the regulations, the licensee with an exploitation license has the right to export minerals and ores for commercial purposes after carrying out industrial processing operations and removing impurities in order to use the processed minerals in industry or other purposes.

Minerals and ores of category (B) may be exported for commercial purposes, provided that 10% of the net sales of the exported minerals or ores are paid. The export percentage should not exceed 30% of the average annual actual production capacity before processing the ores. The minister or whomever he delegates may increase this percentage as appropriate.

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Riyadh investment forum sends ‘message of optimism’ with global linkup

FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event. (AFP/File Photo)
FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event. (AFP/File Photo)
Updated 15 min 22 sec ago

Riyadh investment forum sends ‘message of optimism’ with global linkup

FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event. (AFP/File Photo)
  • FII embraces unique high-tech format in bid to reinvent global economy

DUBAI: Olympic medalists, political leaders, Nobel laureates and global CEOs are among speakers due to take part in the fourth edition of the Future Investment Initiative (FII), a two-day event that will embrace a hybrid format for the first time when it starts on Wednesday.

Jamaican eight-time Olympic gold medalist Usain Bolt is one of the star speakers among the 150 names set to take part in the event, organized under the theme “The Neo-Renaissance.”

Travel restrictions as a result of the coronavirus pandemic mean some speakers will attend in person in Riyadh, while many others will participate virtually from hubs in New York, Paris, Beijing and Mumbai.

Other high-profile speakers announced in recent days include Sen. Matteo Renzi, former prime minister of Italy; Kevin Rudd, former Australian prime minister; Alberto Fernandez, president of Argentina; and Bruno Le Maire, French finance and economy minister.

READ MORE: FII confirms over 140 global speakers for 2021 event

FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event, as the Saudi Arabian economy opened up to foreign investment.

Richard Attias, CEO of organizing body the FII Institute, told Arab News that pandemic restrictions mean the 2021 event will be “totally different” from the first editions.

“But we still need to carry a message of optimism, a message that the global economy should not stop and cannot stop. This is why we are hosting this conversation in a unique format.

“The conversation will be about the rebirth of the global economy. In fact, this rebirth will be the neo-renaissance of the global economy. I hope this renaissance will positively affect all sectors. Under the leadership of the FII Institute, speakers and participants will discuss how the investment world, the sports industry, the sustainability industry — how all these industries will be reinvented.”

Attias said that the two-day event will embrace “first time ever” conference technology, “which is bringing together all participants in a virtual world.”