Saudi mining investment law to deliver $64bn GDP boost

Saudi mining investment law to deliver $64bn GDP boost

RIYADH: The Saudi Cabinet on Tuesday approved a new mining investment law that aims to revolutionize the Kingdom's mining and metals industry, and boost local and foreign investments in the sector.. The new law will facilitate the establishment of a mining fund to provide sustainable finance for the sector as well as support geological survey and exploration programs.. The minister said areas near mining projects in the Kingdom will also eventually reap the benefits of the new law.. NIDLP CEO Sulaiman Al-Mazroua said the new law will benefit other major sectors and create job opportunities for Saudi youth.. Al-Mazroua said the new law is comprehensive and covers all aspects of the mining and metals industry.. Dubai Meraas merger 'will advance growth' /node/1687346/business-economy. The merger comes as Dubai grapples with the economic downturn resulting from the coronavirus pandemic, which has hit business in the emirate and globally.. Some experts believe the pandemic will accelerate a trend toward consolidation across the Gulf..