Saudi Arabia is re-energizing its efforts to attract foreign investment into local mining and minerals opportunities, with the Kingdom’s Vice-Minister of Mining Affairs declaring that Saudi has a “a new national mind-set” on the sector.
In an interview this week during an event called Mines and Money Online Connect, His Excellency Khalid Al-Mudaifer, Vice-Minister of Mining Affairs for the Saudi Ministry of Industry and Mineral Resources, discussed how the Kingdom is emerging as a major mining destination.
“Saudi Arabia is very much open for business, and we have taken many transformational steps to make investing in mining more attractive than ever before,” Al-Mudaifer said. “Plus, because of what investors have told us are critical success factors, we have a new national mind-set, deeper understanding of the complexities of mining and a greater focus on stability and predictability. Combined with a rich and diverse geological footprint, a transformed mining sector and a sharp focus on sustainability, we can make a compelling case that Saudi Arabia is a mining country in the making.”
The Arabian Shield in Saudi Arabia is estimated to contain $1.3 trillion worth of potential mineral value including gold, copper, phosphate, iron ore and rare earth minerals, “many of which are critical to the technologies that will drive a sustainable future,” the Kingdom says.
Emphasizing the mining and minerals sector has been in focus since the launch of Vision 2030, which identified the sector as one of the most important in contributing to the diversification of the economy.
Saudi Arabia also recently launched a National Geological Database, which provides online access to 80 years’ worth of national records of geological, geophysical and geochemical information, including thousands of detailed reports on mining targets and prospects.
Vice-Minister Al-Mudaifer also announced details of the inaugural Future Minerals Summit (FMS), the first-ever event to offer a ‘one-stop-shop’ for investors, miners and other industry stakeholders interested in learning more about the mining potential of the Middle East, Central Asia, and North and East Africa.
