According to Saudi Arabia’s Deputy Minister of Industry and Mineral Resources for Mining Affairs Khalid bin Saleh Al Mudayfar, the country’s mining industry could create more than 219,000 jobs and improve its participation to the Kingdom’s GDP to 240 billion riyals ($64 billion) by 2030. ,
The Ministry of Industry and Mineral Resources has been dedicated on supporting investors who possess mineral licenses. The ministry has delayed the collection of financial demands for the 2019 fiscal year for two months to help investors manage cash flow, and add to the sustainability of the country’s mining sector.
Mr. Al Mudayfar remarked that the Kingdom’s mining sector continues to remain a rich resource for economic growth.
Currently, Saudi Arabia employs less than a quarter as much for mining exploration per square kilometer compared to global spending norms, the Minister said. Increasing development in the mining sector would lead the sector to become the “third pillar” of the Saudi economy, alongside petroleum and petrochemical industries, Mr. Al Mudayfar added.
The Ministry of Industry and Mineral Resources is a relatively new government body. In September last year, Saudi Arabia took the decision to divide the Ministry of Energy, Industry and Mineral Resources into two separate entities. The new Ministry of Industry and Mineral Resources became fully independent from January 1, 2020