Media ININ Economy We Trust
Media In / Riyadh 8 July 2018
Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources announced today the completion of the revised mineral investment system which opens the way for investors and the private sector to benefit from the promising investment opportunities in this vital sector in the Kingdom. The Ministry provided all interested parties with access to the revised system and comment on the project as of today and for a month through the website www.dmmr.gov.sa, indicating that it is still open to investors and entrepreneurs to invest in the good opportunities offered by the vision of the Kingdom 2030 in the mining sector . Minister of Energy, Industry and Mineral Resources Khalid bin Abdulaziz Al-Falih stressed the importance of mineral wealth as one of the most important activities to achieve the vision of the Kingdom 2030, including promising future opportunities that contribute to diversifying sources of income and enhancing the national economy. Local industry, by providing basic local raw materials that form the basis of any advanced industrial economy. The value of the Kingdom’s geological reserves exceeds SR4.9 trillion, which is one of the Kingdom’s main resources in various raw materials such as phosphates, iron ore, bauxite, gold, zinc, copper and industrial minerals. He added that this strategy seeks to increase the production of base metals and precious metals, to reach, with the help of God, ten times the current production, and to become the mining sector the third pillar of the Saudi industry along with oil, gas and petrochemical industries. The amendment of the mineral investment system is intended to increase investment in mining, enhance its working environment, activate the role of the private sector, and facilitate licensing and mining licensing procedures within a period of time close to the best international standards. Junior Minors have been encouraged to enter this sector, particularly after the economic viability of mining, intermediate and transformational projects has been enhanced by providing the necessary infrastructure and raising the level of concessional funding for such projects.
