The Saudi Ministry of Industry and Mineral Resources has focused primarily on supporting and fulfilling the objectives of Saudi Arabia’s Vision 2030 program for economic development and diversification. The Ministry’s mining strategy aims to unlock the potential of the Kingdom’s burgeoning mining sector and make it the third pillar of the Kingdom’s industry, alongside petroleum and petrochemical.
Since IMARC 2019, several mining strategic initiatives have been launched to propel the sector forward, including the new Mining Investment Law, the new digital web-based mining sector platform, and the recently-launched Regional Geological Survey Program (RGP).
The RGP, for example, is a multi-disciplinary initiative that will provide a greater understanding of the landscape of the mineral-rich Arabian Shield area in western Saudi Arabia. With a government investment of $533 million, the RGP aims to carry out geophysical and geochemical surveying and geological mapping of more than 600 000 square kilometers over the next six years, unlocking investment opportunities in the Kingdom’s mining operations, as well as value and supply chains.
This year, the Kingdom’s participation in IMARC 2020 will be a celebration of our successes to date, with representatives from the Ministry of Investment of Saudi Arabia (MISA), National Industry Development and Logistics Program (NIDLP), the Saudi Industrial Development Fund (SIDF), the National Industrial Development Centre (NIDC) and the Saudi Geological Survey (SGS) speaking on these new initiatives. These organizations have made great strides in creating an easily accessible and transparent investment environment, with a mining legislative framework that can compete with the world’s best.
As 2021 approaches, we hope that potential investors and stakeholders will join us in our journey to develop the incredible untapped value of Kingdom’s mineral wealth, now estimated at $1.3 trillion.
To learn more, please visit https://investsaudi.sa/en/