Saudi Arabia is embarking on an ambitious new project to become a mining powerhouse in the world. The goal is added to the Vision 2030 project as the Kingdom is aiming to diversify its economy and not be solely dependent on the oil and gas sector. Khalid Al-Mudaifer, Vice-Minister for Mining Affairs, said that Saudi Arabia is leveraging talent and expertise from the global workforce to become a major player in the mining industry.
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Al-Mudaifer revealed that Saudi Arabia is partnering with firms that can help the Kingdom achieve the goal. The collaboration has been extended to firms that conduct geological surveys and exploration in the mining sector. The Minister also confirmed that Saudi Arabia will provide financial assistance to the exploration companies and fund 25% of their initial costs.
Saudi Arabia Aims To Dominate the Mining Sector
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Saudi Arabia is looking to create a business-friendly atmosphere to achieve the goal and make Vision 2030 a reality. The Kingdom has made it easy to acquire a business license in mining and could be approved in less than three months. “We are building our mining minerals in partnership,” Al-Mudaifer said to Kitco News.
“The number of companies on exploration has increased in Saudi Arabia from 23 in 2023 to 132, 4 times in just one year because the potential is there and the enablement is here,” he said.
However, Al-Mudaifer said that Saudi Arabia is not competing with other countries but is looking out for everyone’s help. He said that the Kingdom wants every country to succeed in the quest of making it a mining powerhouse. “The world needs more minerals, and for it to happen, we need more countries to transform. We are not competing with everybody. We want everybody to succeed. That’s why we are helping not only Saudi Arabia but also countries around the world to transform,” he said.
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