Saudi Gazette report

RIYADH — Minister of Industry and Mineral Resources Bandar Alkhorayef emphasized that Saudi Arabia is working to make the mining sector the third pillar of national industries, with raising the contribution of mining to gross domestic product (GDP) from the current $17 billion to $64 billion by the year 2030.

In an interview with Al-Arabiya channel on the sidelines of the Future Minerals Forum here on Wednesday, the minister stressed the importance of holding the conference in consolidating efforts so as to make the Kingdom a major driver in the development of the mining industry at the region level.

Alkhorayef said that the ministry has issued a total of 1967 licenses for mining survey and exploration. Around 25 percent of these licenses were granted during the year 2021, he said while noting that the number of reserved complexes and mineral reserve areas in the Kingdom stood at 431 sites.

Alkhorayef reviewed major steps taken in the mining sector, including the largest geological survey of the Arabian Shield region, in addition to issuing decisions related to the largest allocation of mining reserve sites with an area of about 4,000 square kilometers, to develop the mining sector within the Kingdom’s Vision 2030.

He pointed out that Vision 2030 aims to expand the economic base by transforming the Kingdom into a leading industrial power so that mining will be the third pillar of the national industry based on the provision of natural resources estimated at $1.3 trillion, in light of the increasing global demand for them.

The minister also drew attention to the approval of the new Mining Investment Law and the launch of the Mining Electronic Platform.

There has also been an accelerated exploration initiative to conduct surveys and evaluate mineral sites, which will include more than 50 approved sites, in addition to starting the implementation of the initiative of the General Geological Survey project to cover 600,000 square kilometers in the Arabian Shield region, he pointed out.