Latest news with #SAR1.33
Zawya
05-05-2025
- Business
- Zawya
$355 mln spent on Saudi metal exploration
Saudi Arabia has spent nearly 1.33 billion Saudi riyals ($355 million) on exploration for metals within a drive to develop its massive mineral industry and diversify its oil-reliant economy, a senior Saudi official has said. The investments do not include spending by companies awarded mining contracts following the enforcement of a landmark mining investment law six years ago. 'The government has so far spent nearly SAR1.33 billion on mining exploration…this demonstrates its commitment to the development of minerals sector,' said Khalid Al-Mudaifer, deputy Industry and Mineral Resources Minister. Addressing a mining conference in Istanbul, Turkey, at the weekend, Al-Mudaifer said the number of mining exploration companies in the Gulf Kingdom jumped from only six in 2020 to 133 at the end of 2023. The estimated value of the country's mineral wealth has also been massively revised up from around SAR 5 trillion ($1.33 trillion) to SAR9.4 trillion ($2.5 trillion), he added. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
27-02-2025
- Business
- Zawya
Saudi targets $100bln mining investment
Saudi Arabia has set a target to attract investments of around 375 billion Saudi riyals ($100 billion) to its mining sector as part of its Vision 2030, an official has said. The world's largest oil exporter has already managed to attract nearly SAR75 billion ($20 billion) to mining projects since it introduced a landmark law to incentivise investors, said Khalid Al-Mudaifer, Deputy Industry and Mineral Resources Minister. 'The Kingdom has announced several investment opportunities in the mining sector with a value of nearly SAR375 billion until 2035,' Mudaifer told a promotion seminar on Saudi Arabia in the US Miami city. Quoted by the Saudi daily Al-Madina on Thursday, Mudaifer said Saudi Arabia's drive to develop that sector has largely paid off, with the number of mining companies jumping from six in 2020 to 133 at the end of 2023. Spending on mining exploration exceeded SAR1.33 billion ($355 million), he added. (Writing by Nadim Kawach; Editing by Anoop Menon) (
