Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef, endorsed executive regulations of the mining investment law, which come into effect today, Jan. 1, 2021, the state-owned SPA reported.
The executive regulations state all the measures and requirements necessary for putting the law into application, in line with the objectives of Vision 2030 and the National Industrial Development and Logistics Program (NIDLP).
The new regulations will fully ensure the sector governance, enhance transparency and investor confidence in the sector and achieve its sustainability, Alkhorayef said.
This will be attained by encouraging local communities to participate in the mining sector growth plans, which in turn will contribute to developing the areas surrounding mining projects. In addition, it will boost local market purchasing and lay down plans for effective communication in project surrounding areas, the Saudi minister explained.
The regulations will reflect positively on investors and investment climate in the long term, as they also cover the ordinance of minerals exports, investment stimulation in value chains and the development of controls to support licensed investors and enhance efficiency of licensing measures to become fully digital, Alkhorayef added.
Last June, the Saudi Cabinet approved on Tuesday the mining investment law, Argaam reported.
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