Saudi Arabia seeks Japanese investment in fast-growing mining sector

Saudi Arabia seeks Japanese investment in fast-growing mining sector

RIYADH: Backed by recent reforms in the mining sector, Saudi Arabia sought the participation of Japanese firms in its massive exploration activities that aimed to attract SR40 billion ($10.6 billion) in investment.

As part of the Invest Saudi initiative, top ministry officials of the Kingdom and Japanese business leaders met in Tokyo between May 31 and June 2 to discuss ways to accelerate mutually beneficial partnerships and investment opportunities.

The Saudi-Japan Mining and Minerals Meeting provided a comprehensive overview of Saudi Arabia’s ambitious mining strategy while highlighting the significance of its National Investment Strategy.

The officials also gave an overview of the Saudi system for mining licenses, outlining various exploring opportunities available for medium- and long-term investments.

The three-day event also held a workshop jointly organized by the Kingdom’s Ministry of Investment, the Ministry of Industry and Mineral Resources and the Japan Oil, Gas and Metals National Corp., also known as JOGMEC.

It focused on supporting Japanese companies to invest in the Kingdom’s mining sector and its supply chain.

Rich in natural resources, Saudi Arabia has undertaken several policy initiatives in recent years to make its mining sector attractive to private investors.

The Kingdom’s strategic location and robust infrastructure also offered lucrative opportunities for firms to strengthen