...
BusinessCompaniesCountriesIndustry NewsMineral DirectorySaudi Arabia

Saudi to issue 30 mining permits in 2024

Story Highlights
  • Large rise in investment applications

Saudi Arabia intends to issue 30 new mining permits in 2024 as part of a strategy to attract local and foreign investment to its lucrative minerals industry, a senior Saudi official was reported on Monday as saying.

Industry and Mineral Resources Ministry Undersecretary Khalid Al-Mudaifer told the Saudi daily Aliqtisadia that the world’s dominant oil exporter is pushing ahead with plans to create a metals bourse, buoyed by sharp growth in the industry in the past years.

He noted that the Ministry has recently massively revised up its mineral wealth from around $1.3 trillion to $2.5 trillion, adding that this would encourage the Ministry to intensify plans to lure in more investors.

“We are planning to issue at least 30 mining licenses this year, with an average of 8 licenses in each quarter…this is because there has been a large increase in applications by foreign firms to hunt for minerals in the Kingdom,” Mudaifer said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects’ PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.  

© ZAWYA 2022

Source
Zawya.com

Minerals Meridian

Minerals Meridian is a premier online portal dedicated to exploring and uncovering the Earth's hidden wealth in the GCC and beyond. Our platform provides valuable insights and information on resource exploration, mining, and sustainable practices. With a focus on responsible resource management and ethical operations, we strive to empower individuals and businesses with knowledge to make informed decisions in the industry. Through cutting-edge technology and a commitment to environmental stewardship, Minerals Meridian aims to be the go-to resource for those seeking to understand, engage, and contribute to the world of resource exploration and mining. Join us as we navigate the depths and unlock the potential of our planet's resources.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Seraphinite AcceleratorOptimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.