The Saudi Ministry of Energy, Industry and Mineral Resources announced Sunday the completion of the modified mineral investment system which will "open the path for investors and the private sector to benefit from promising investment opportunities in this vital sector."
Days after the Vision 2030 plan was announced the Saudi Public Investment Fund (PIF) reshuffled the board of the Saudi Arabian Mining Company - known as Ma'aden - and named Khalid Falih Chairmen of the Board. Falih is also Chairman of Aramco and Minister of Health.
Citing industry sources, Reuters reports that “at least 160 rigs are currently deployed in Saudi territory and that the world’s top oil exporter plans to raise its rig count to 210 by the end of 2014.”
Saudi Economy expert John Sfakianakis, formerly with Banque Saudi Fransi and now Chief Investment Strategist for MASIC, pens an analysis in Foreign Policy about how Saudi Arabia’s oil production will outlast the shale craze in the United States.