Saudi seeks to build investor-friendly mining system: official

Saudi seeks to build investor-friendly mining system: official

Saudi Arabia is determined to build a mining system which is attractive for investors as part of its 2030 economic diversification plan that focuses on the development of non-oil sectors, a senior Saudi official was quoted on Friday as saying.

Khalid Al-Mudaifer, Undersecretary of the Industry and Mineral Resources Ministry, said despite a late entry, the Kingdom has largely benefited from relevant experiences of other countries.

“For this reason, we are resolved to build a developed mining system which is beneficial and attract for local and foreign investors…this will serve our economy and stimulate growth along with other sectors,” Mudaifer told the Saudi daily Asharqalawsat.

The official said Saudi Arabia gives priority to cooperation with other countries to support global supply chains through investments and building of capabilities, adding that this is of “paramount importance” to face growing demand for strategic metals.

According to Mudaifer, there is a need for producers to invest at least $5 trillion to develop the sector’s services and infrastructure and bridge a supply gap.

(Writing by Nadim Kawach; Editing by Anoop Menon)

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