Saudi Arabia is poised to invest SR120 million ($32 million) this year in mining incentives aimed at supporting companies with the right technical expertise, the country’s deputy minister announced.
On the third and final day of the Future Minerals Forum, Abdulrahman Al-Belushi, deputy minister for mining development at the Ministry of Industry and Mineral Resources, said that financial support for the sector will continue to increase.
“Last year, we injected about SR70 million via the exploration enablement program for six companies, and this year we’re working on launching SR120 million worth of incentives to be distributed to companies that have the right technical expertise,” he said during a panel discussion.
This initiative is part of Saudi Arabia’s broader strategy to develop its mining sector and accelerate project timelines.
“Our focus today is to accelerate the duration from the start of exploration all the way to the production of a mine,” Al-Belushi added.—AN
