Latest news with #SAR75
Zawya
02-05-2025
- Business
- Zawya
Saudi Arabia seeks Kuwaiti investment in mining
Saudi Arabia has invited Kuwaiti companies to take advantage of incentives and massive growth in its mining industry to invest in the sector, saying it aims to become a global hub for mineral industries. Saudi Industry and Mineral Resources Minister Bandar Al-Khorayef told Kuwaitis at a brief investment forum at the Saudi embassy in the capital Kuwait City on Wednesday that the Gulf Kingdom is concentrating on the development of 12 key industries, including metals, cars and aviation as part of its Vision 2030 economic transformation scheme launched eight years ago. In his comments, published by Kuwait's press on Thursday, the Minister said the mineral wealth in the world's dominant oil exporter is estimated at 9.3 trillion Saudi riyals ($2.48 trillion) but only around 60 percent of the targeted areas have been explored. 'We call on Kuwaiti businessmen and companies to take advantage of the available large opportunities, especially in the mining sector….we have introduced attractive incentives that will facilitate the journey of investors in this sector,' Khorayef said. 'Saudi Arabia is pinning high hopes on the mining sector to achieve economic diversification within Vision 2030…the Kingdom aims to become a pioneering global industrial power and a major centre for metal production and manufacturing.' Saudi Arabia, which controls the world's second largest proven oil deposits after Venezuela, has awarded metal exploration licenses to hundreds of foreign companies since it began enforcing a mining investment law six years ago. A senior Saudi official said in early 2025 that the Kingdom has attracted investments of nearly SAR75 billion ($20 billion) to mineral projects, including three phosphate plants. Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources, also said that there are new investment opportunities available in the Kingdom in the mining sector with a value of nearly $100 billion, covering numerous minerals such as aluminum, iron, titanium, electric battery metals and industries related to solar energy. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Asharq Al-Awsat
07-04-2025
- Business
- Asharq Al-Awsat
GACA Grants Air Operator Certificate to Riyadh Air, Paving the Way for Launch of Commercial Flights
President of Saudi Arabia's General Authority of Civil Aviation (GACA) Abdulaziz bin Abdullah Al-Duailej handed over on Sunday the Air Operator Certificate (AOC) to Chief Executive Officer of Riyadh Air Tony Douglas, officially authorizing the new national carrier to launch scheduled flights to and from airports across the Kingdom. The ceremony was attended by Minister of Transport and Logistic Services and GACA Chairman of the Board of Directors Eng. Saleh bin Nasser Al-Jasser. The issuance of the certificate follows Riyadh Air's successful fulfillment of all regulatory and operational requirements in accordance with the executive regulations of the Civil Aviation Law, particularly those related to safety, security, and operational quality standards, reported the Saudi Press Agency. This milestone reflects GACA's commitment to upholding world-class regulatory practices. The updated AOC marks a significant step toward enhancing the passenger experience and maintaining the highest aviation safety standards. It also supports GACA's broader efforts to create an attractive investment environment and to foster the growth and sustainability of the aviation sector, in line with the goals of the National Aviation Strategy and Saudi Vision 2030. Al-Jasser emphasized that the issuance of the AOC to Riyadh Air represents a foundational pillar of the Kingdom's aviation strategy, which aims to position Saudi Arabia as the Middle East's leading aviation hub by 2030. The strategy includes transforming the Kingdom into a global logistics hub connecting three continents, supporting tourism objectives, and establishing Riyadh as a global gateway and central hub for transportation, trade, and tourism. Riyadh Air plans to operate flights to over 100 international destinations by 2030. The airline has placed orders for more than 132 aircraft and is expected to generate over 200,000 direct and indirect jobs in the aviation sector, contributing an estimated SAR75 billion to the Kingdom's non-oil GDP.
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) (
