Saudi Arabia’s Next Ambitious Project: To Become a ‘Mining Powerhouse’

Saudi Arabia is embarking connected an ambitious caller task to go a mining powerhouse successful the world. The extremity is added to the Vision 2030 task arsenic the Kingdom is aiming to diversify its system and not beryllium solely babelike connected the lipid and state sector. Khalid Al-Mudaifer, Vice-Minister for Mining Affairs, said that Saudi Arabia is leveraging endowment and expertise from the planetary workforce to go a large subordinate successful the mining industry.

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Al-Mudaifer revealed that Saudi Arabia is partnering with firms that tin assistance the Kingdom execute the goal. The collaboration has been extended to firms that behaviour geological surveys and exploration successful the mining sector. The Minister besides confirmed that Saudi Arabia volition supply fiscal assistance to the exploration companies and money 25% of their archetypal costs.

Saudi Arabia Aims To Dominate the Mining Sector

Source: Bandar Algaloud / Getty

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Saudi Arabia is looking to make a business-friendly ambiance to execute the extremity and marque Vision 2030 a reality. The Kingdom has made it casual to get a concern licence successful mining and could beryllium approved successful little than 3 months. “We are gathering our mining minerals successful partnership,” Al-Mudaifer said to Kitco News.

“The fig of companies connected exploration has accrued successful Saudi Arabia from 23 successful 2023 to 132, 4 times successful conscionable 1 twelvemonth due to the fact that the imaginable is determination and the enablement is here,” helium said.

However, Al-Mudaifer said that Saudi Arabia is not competing with different countries but is looking retired for everyone’s help. He said that the Kingdom wants each state to win successful the quest of making it a mining powerhouse. “The satellite needs much minerals, and for it to happen, we request much countries to transform. We are not competing with everybody. We privation everybody to succeed. That’s wherefore we are helping not lone Saudi Arabia but besides countries astir the satellite to transform,” helium said.

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