Saudi Arabia launches incentives package to attract FDI in mining sector
RIYADH: Saudi Arabia has launched a new incentive package to attract foreign direct investments into the nation's mining sector as the Kingdom steadily continues its economic diversification efforts.
According to a Saudi Press Agency report, the Ministry of Investment is collaborating closely with the Ministry of Industry and Mineral Resources through an exploration enablement program aimed at simplifying investments in the mineral exploration industry.
This initiative is also part of the Kingdom's efforts to enhance exploration and create an attractive investment environment for local and international mining companies.
Speaking at the Future Minerals Forum in Riyadh in January, Saudi Arabia's Minister of Industry and Mineral Resources Bandar Alkhorayef said that the nation seeks to promote exploration opportunities across 5,000 sq. km of mineralized belts in 2025, aligned with the country's broader plans to establish mining as the third pillar of its industrial economy.
During the same event, Abdulrahman Al-Belushi, deputy minister for mining development at the Ministry of Industry and Mineral Resources, said that the Kingdom is projected to invest SR120 million ($32 million) in 2025 as mining incentives aimed at supporting companies with the right technical expertise.
Attracting international investments in the mining sector also aligns with Saudi Arabia's ambitious goal to secure $100 billion a year in FDI by the end of this decade.
The latest collaboration between both ministries follows the granting of exploration licenses for multi-mineral sites in Jabal Sayid and Al-Hajjlah.
The licenses cover a total area of 4,788 sq. km. and companies are expected to spend approximately SR366 million ($97.6 million) on exploration over the next three years.
In 2024, Saudi Arabia revised upward estimates for its untapped mineral resources to $2.5 trillion from a 2016 forecast of $1.3 trillion.
In January, the Saudi Cabinet also authorized the Kingdom's Ministry of Industry and Mineral Resources to sign a cooperation agreement with the World Economic Forum to implement a project aimed at securing critical minerals for development.
In the same month, Saudi Arabia also allocated five sites for establishing mining complexes in the Makkah and Asir regions as part of the Kingdom's strategy to attract quality investments, enhance transparency, and support local communities.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leaders
7 hours ago
- Leaders
AI-Powered Baseer Platform: Cutting-Edge Technology for Efficient Hajj Crowd Management
The Baseer platform has emerged as a sophisticated, AI-driven system that diligently monitors every moment within the two holy mosques. More than a technological solution, it acts as a dynamic, living presence—supporting pilgrims in their religious rituals with peace and reverence while safeguarding their well-being. Additionally, it stands as a testament to a national vision rooted in foresight and respect for human dignity. SDAIA Developed by the Saudi Data and Artificial Intelligence Authority (SDAIA) in partnership with the Ministry of Interior, Baseer represents the Kingdom's broader mission to harness modern technology for the benefit of humanity. The platform also has been instrumental in swiftly locating missing individuals—adults and children alike—reuniting them with their families and significantly reducing search times. This has brought comfort and reassurance to countless pilgrims. Beyond its role in locating missing persons, Baseer plays a critical part in managing crowds within the holy sites. By easing congestion during peak periods and facilitating smooth movement through corridors and courtyards, it allows worshippers to perform their rituals in a calm, safe, and dignified setting—free from overcrowding or disruption. Powered by advanced AI and computer vision technologies, the platform equips authorities with real-time insights to anticipate incidents, allocate resources efficiently, and make informed decisions that prioritize safety and order. Baseer is more than a digital platform; it exemplifies the seamless integration of technology and human-centered service. It enhances the spiritual journey by providing a secure, respectful environment aligned with the sanctity of the place and the sacredness of the time. Finally, through Baseer, Saudi Arabia reaffirms its dedication to delivering a safe, efficient, and spiritually enriching Hajj experience. Related Topics: SFDA, SDAIA Sign MoU to Boost Data, AI Collaboration Saudi Interior Min.: Tourism Companies Deceive Pilgrims, Encourage Hajj Violations Riyadh Global Health Exhibition to Bring Together Int'nal Healthcare Experts Intensive Preparations for Smooth, Safe Hajj Season: Mecca Deputy Governor Short link : Post Views: 1
Arab News
10 hours ago
- Arab News
Spiritual journey of Hajj pilgrims ends with gifts and souvenirs
MAKKAH: Throughout their profound journey of faith, especially as Hajj concludes, pilgrims commonly engage in the cherished custom of purchasing gifts. They flock to the malls and markets of Makkah, particularly those around the Grand Mosque. This tradition expresses their spiritual fulfillment and prepares them for their return home, blessed by Allah for having performed the sacred rites, according to a Saudi Press Agency report. Gift buying represents joy at Hajj's successful conclusion and strengthens social bonds between relatives, SPA added. Many gifts symbolize the holy sites and carry deep religious significance. Popular choices include Zamzam water, prayer beads, and copies of the Holy Qur'an. Pilgrims also frequently buy perfumes like incense and musk, along with various types of dates — ajwa dates being especially sought after. The markets of Makkah and Madinah see a significant boom after Hajj, bustling with pilgrims of diverse nationalities. These vibrant markets include modern malls in the Haram area, the traditional Aziziyah Market, the Hijaz Market, and bazaars near the Prophet's Mosque in Madinah. Merchants actively meet this demand, offering a wide range of products, special offers for pilgrims, and often discounts on bulk purchases.
Saudi Gazette
a day ago
- Saudi Gazette
Saudi Pavilion at Expo 2025 Osaka celebrates 70th anniversary of diplomatic relations with Japan
Saudi Gazette report OSAKA — The Saudi Pavilion at Expo 2025 Osaka is celebrating the 70th anniversary of diplomatic relations between Saudi Arabia and Japan. The two countries established diplomatic relations on June 7, 1955, laying the foundation for a long-term partnership that has evolved over the decades into a multifaceted alliance enhancing cultural exchange and diplomatic cooperation. This partnership has also had a significant economic impact on both nations. In February 2025, Saudi Arabia and Japan signed a memorandum to establish a Strategic Partnership Council. In this context, Saudi Ambassador to Japan and Commissioner General of the Saudi Pavilion at Expo 2025 Osaka Dr. Ghazi Faisal Binzagr said that Saudi-Japanese relations have grown and strengthened over the past 70 years. 'The relations go beyond a mere economic partnership to reflect the depth and diversity of our ties. Today, we build on the strength of the past and harness the momentum of the present to jointly shape a new vision for the future,' the ambassador said. 'With Expo 2025 taking place in Osaka and Saudi Arabia hosting Expo 2030 in Riyadh, our two countries stand at the forefront of global exchange, showcasing the latest innovations and sustainable technologies, and contributing to shaping an inclusive future for all.' The Saudi Pavilion at Expo 2025 Osaka hosts hundreds of business events aimed at strengthening trade and investment relations between the Kingdom and Japan. These include presentations led by the Ministries of Investment and Commerce, as well as events highlighting the trade and investment opportunities offered by Saudi Vision 2030. Trade volume between the two countries has grown significantly over the past decade, rising from $33.4 billion to over $41 billion currently. The Saudi Pavilion aims to increase the number of Japanese visitors to the Kingdom, targeting 30,000 annual visitors before Expo 2030 Riyadh. This is part of the comprehensive Saudi-Japan Vision 2030 strategy, which includes more than 80 projects across nine sectors: culture, food and agricultural security, media and entertainment, healthcare, advanced infrastructure, finance and investment, competitive industries, energy, small and medium enterprises, sports, and education. Cultural exchange between the two countries has flourished, highlighted by Saudi Arabia's role in bringing Japanese culture to the Middle East through local manga studios, whose works will be showcased at the Saudi Pavilion in August. The Saudi Pavilion at Expo 2025 Osaka offers more than 700 diverse and engaging events, including daily shows and live performing arts. Since the Expo opened in April 2025, it has attracted over 500,000 visitors. On September 23, it is expected to host a variety of events and presentations in celebration of Saudi National Day.
