Saudi Gazette report
CAIRO — Minister of Industry and Mineral Resources Bandar Al-Khorayef has confirmed that the Saudi Mining Investment Law was framed according to the latest international practices and it aimed to address the concerns of investors from all over the world, especially about opportunities for growth and profitability.
Al-Khorayef made the remarks during his participation in a dialogue session within the activities of the Egypt Mining Forum 2023, which is being held in Cairo on the 18th and 19th of July.
He said the Saudi Mining Investment Law also aims to overcome the risks associated with investment in the sector, lay down a flexible mechanism that is able to withstand different changes that may occur in the environment.
Al-Khorayef noted that all the advantages of the law have resulted in increasing the volume of licenses that the ministry issues in different mining locations.
It has also increased the turnout of investors to enter the exploratory auctions launched by the ministry, in addition to reducing the time required for issuing the licences, he said.
The unique geographical location of Saudi Arabia and the natural resources it possesses have allowed it to become a major player in facing challenges in global supply chains, whether in oil, gas or mining, Al-Khorayef stated.
He added that the mining strategy and the different initiatives emanating from the Saudi Mining Investment Law has contributed to developing the geological exploration process, enabling investors to access further data, in addition to improving the geological maps using advanced digital technology.
Saudi Arabia has decided to focus on the mining sector as a strategic option that helps in achieving the goals of the Kingdom's Vision 2030 in diversifying the base of the national economy, Al-Khorayef said, indicating the importance of focusing on how to maximize the economic impact of the sector rather than the short financial impact.
Choosing to link mining with industry is an empowerment point for the industry. The importance of mining is increasing to help global societies face different challenges, as well as to fill the growing global need for key minerals in light of the transition toward clean energy. Al-Khorayef noted that the Middle East and the Central Asia regions share 30% of the global reserves of minerals.
