Alkhorayef: New regulations to stimulate investments and exports in mining sector

Alkhorayef: New regulations to stimulate investments and exports in mining sector

Saudi Gazette reportRIYADH — Minister of Industry and Mineral Resources Bandar Alkhorayef said that the executive regulations of the Mining Investment Law, which came into effect on Jan. 1, will further stimulate investments and exports in the Saudi mining sector.“There are several positive advantages to be derived from the new regulations and they will reflect on investors and the investment environment in the long run,” he said.The minister approved the executive regulations of the Mining Investment Law, to include all the procedures, controls and requirements necessary to implement the law in a manner that achieves the goals of Vision 2030, and the National Industrial Development and Logistics Vision Realization Program.Alkhorayef said in a statement that the regulation will lead to achieving many benefits that contribute to the development of neighboring regions of mining projects, such as employing people from these areas in mining projects, raising the percentage of purchases from the local market, and developing plans for effective communication networks in the zones surrounding the project.The regulations include environmental management plan that