The Minister of Petroleum and Mineral Resources Eng. Ali bin Ibrahim Al-Naimi praised the mining investment regulation recently approved by the Council of Ministers and its role in developing the Kingdom’s mining industry.
In a statement delivered at a press conference held on the fringes of a symposium entitled “Mining Investment Opportunities in Makkah Region,” organized by the Ministry of Petroleum and Mineral Resources in cooperation with the Makkah-based Chamber of Commerce and Industry, Al-Naimi said that regulation is part of the Kingdom’s policy of opening the economy and ensuring fair and equal grounds for investors.
The Minister explained aspects of the sixty-one-article regulation, and said that it will contribute to economic, industrial and social development. He stressed that the new mining investment regulation does not apply to petroleum, gas or their derivatives, which are governed by a separate regulation.
Al-Naimi noted that the mining investment regulation would yield revenues of SR20 billion and provide 6,800 direct jobs and 30,000 further jobs indirectly.
Al-Naimi then answered questions asked by those present at the conference. He said that finances have been allocated for implementation of the Kingdom’s railway project from the north of the Kingdom to a port in the Eastern Region. He said that development is underway on Saudi power and water stations and ports, to be funded by foreign investment. He noted that the Kingdom has many minerals to attract foreign investment.
Al-Naimi said that privatisation of Maaden Company will take place in stages, as will other privatisation projects. He noted that all sectors of the Kingdom are open to investors, other than exclusive areas of cities and holy, tourist and archaeological sites.
The Minister said that his Ministry recently licensed seven companies for investment in the Kingdom’s mining sector.
Source: SPA
