New mining strategy to add SAR 176 bln to Saudi GDP, says industry minister

Saudi Arabia has recently launched a new mining strategy aimed at increasing the industry contribution to the gross domestic product (GDP) to SAR 176 billion, Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs, said on the sidelines of the Mines and Money Conference held in London.

“The Saudi mining industry has been subject to a restructuring process,” Al-Mudaifer said.

“The new strategy will also increase the industry revenues to SAR 9 billion and provide more than 200,000 job opportunities,” he stated, adding that the total estimated value of the mineral resources exceeded SAR 4.8 trillion.

Saudi Arabia invested $3.8 billion to improve the mining sector in three ways, including enhancing the ease of doing business through improved regulations and digitization; de-risking investment by improving the quality and availability of geoscience data; and maximizing the sector’s economic contribution by growing value chains in base metal, steel, fertilizer, industrial minerals and non-organic mineral chemicals.

“Saudi Arabia now offers mining investment opportunities supported by promising geological prospects, enhanced access to data, clear regulations and competitive terms, growing supply chains and enhancement of strategic partnerships with local and foreign investors,” Al-Mudaifer said.
 

Saudi Vision 2030 recognizes the Kingdom’s rich mineral resource sector as the third pillar of the local economy's industrial growth, alongside petroleum and petrochemicals.