Latest news with #SAR9.4
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) (
Asharq Al-Awsat
28-02-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Tightens Regulations on Precious Metals and Gemstone Traders to Combat Money Laundering
Saudi Arabia has imposed stricter regulations on traders of precious metals and gemstones as part of its anti-money laundering efforts. The government has instructed investors to comply with Article 7 of the Anti-Money Laundering Law, which mandates financial institutions and designated non-financial businesses to implement due diligence measures. These measures coincide with Saudi Arabia's push to expand its mining sector, a key component of Vision 2030. The Kingdom has increased its mineral wealth estimate to SAR9.4 trillion ($2.5 trillion) and introduced exploration incentives worth SAR682.5 million ($182 million) by the end of 2023. The new Mining Investment Law aims to attract investment and boost mineral production. Since its enactment, the number of mining licenses has risen by 138%, according to the Ministry of Industry and Mineral Resources. The Saudi Ministry of Commerce has directed private sector entities to apply customer due diligence measures, especially for high-risk transactions. Businesses must verify customer identity using official documents and obtain and confirm details such as full name, address, date and place of birth, and nationality for individual customers. Transactions must not be conducted without proper identity verification, and businesses are encouraged to contact the General Administration for Anti-Money Laundering for guidance. Saudi Arabia aims to increase the mining sector's GDP contribution to SAR176 billion ($47 billion) by 2030 while enhancing domestic mineral supply, improving the trade balance, and attracting investment. Other priorities include expanding non-oil revenue, creating jobs, developing local talent, and strengthening regulatory frameworks. These efforts align with the Kingdom's broader goal of establishing a competitive and sustainable mining industry while ensuring compliance with international financial regulations.
