Saudi Ministry of Investment has launched new incentive packages to attract foreign investment and develop the mining sector as part of efforts to improve the Kingdom’s investment environment.
The ministry is working with the Ministry of Industry and Mineral Resources through an exploration enablement program to simplify mining investment and attract leading local and international companies, supporting Saudi Vision 2030 goals.
This collaboration follows the granting of exploration licenses for multi-mineral sites covering 4,788 square kilometers at Jabal Sayid and Al-Hajlah. The initiative aims to increase exploration activity and sector investment.
Saudi Arabia has been heavily investing in its mining sector as part of its broader strategy to diversify its economy and reduce dependence on oil. The government has set a target to increase the contribution of the mining sector to the country’s GDP from 0.5 percent to 5 percent by 2030, as part of its Vision 2030.
The Ministry of Investment also provides investor services including advisory support, digital platforms, and service centers, while coordinating with government agencies to streamline processes.
The Saudi Ministry of Investment is central to driving the Kingdom’s economic diversification and enhancing its investment environment.
The Saudi Ministry’s efforts are primarily focused on attracting foreign investments across various sectors, with particular emphasis on non-oil industries such as mining, technology, renewable energy, and manufacturing. This is in line with Saudi Arabia’s Vision 2030, which aims to reduce the country’s reliance on oil and create a more diversified, sustainable economy.
Saudi Arabia has signed multiple large-scale investment agreements with foreign companies, collectively worth billions of dollars. These agreements are expected to contribute significantly to the Kingdom’s economic growth and job creation.
