Written by 23:42 News, Saudi Arabia

Saudi Arabia Will Invest $32 Million in Mining Incentives to Boost Industry Expansion

Saudi Arabia Will Invest $32 Million in Mining Incentives to Boost Industry Expansion

RIYADH: Saudi Arabia plans to invest SR120 million ($32 million) this year in mining incentives to help enterprises with the necessary technological competence, the country’s deputy minister revealed. On the third and final day of the Future Minerals Forum, Abdulrahman Al-Belushi, deputy minister for mining development at the Ministry of Industry and Mineral Resources, stated that financial assistance for the sector would continue to grow.

“Last year, we injected about SR70 million via the exploration enablement program for six companies, and this year we’re working on launching SR120 million worth of incentives to be distributed to companies that have the right technical expertise,” he told the audience during a conversation. This effort is part of Saudi Arabia’s overall aim to strengthen its mining sector.

He also emphasised the government’s commitment to providing necessary resources to mining enterprises. “We’ve been busy listening to explorers and miners from the Kingdom and throughout the world. We gathered three components, or vital factors, that are essential to their success. They always want land, data, and funding.

To further strengthen the industry, Saudi Arabia has made significant investments in geological research and exploration. “We’ve been working on the regional geosciences program, and that is nearing completion, and we will start off with the detailed mapping program that should be completed by 2030,” Al-Belushi told reporters.

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