Saudi Cabinet Issues New Mining Law to Boost Foreign Investment
The Saudi Cabinet approved a new mining investment regulation that intends to facilitate foreign investment in the mining industry and increase its contribution to the country’s GDP by $64 billion.
The new law will streamline investor access to capital and boost geological survey and exploration activities to tap into the country’s unused mineral resources, which according to the Ministry of Energy is estimated to be worth $1.33 trillion.
Minister of Industry and Mineral Resources, H.E. Bandar Alkhorayef, stated that the new law ensures strong governance and transparent regulations and licensing processes, which aligns with the ministry’s objective towards transforming the mining sector as the third pillar of the Saudi Arabia’s industrial sector. He also added that the new law will also reduce imports by $10 billion and create 200,000 direct and indirect jobs by 2030.
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