Saudi Gazette report

RIYADH — The Saudi Ministry of Industry and Mineral Resources, in partnership with the Ministry of Investment, has unveiled a new incentives package for mineral exploration valued at approximately SR685 million ($182 million).

This initiative is designed to attract investors to the exploration sector and is committed to nurturing local talent and expertise within the mining industry.

The incentives aim to improve geological understanding, uncover untapped mineral resources, and foster the growth of domestic exploration capabilities.

By boosting investment in mining exploration, the package seeks to advance the Kingdom's sustainable development goals and fortify the national economy, aligning with Vision 2030's objectives.

The Ministry highlighted that the incentives would benefit companies holding valid exploration licenses for less than five years, with support of up to SR7.5 million available for each license.

Companies may receive support for up to 15 licenses, subject to the program's terms and conditions.