Saudi Arabia to attract $32 bn in investment in mining sector

Fri 06-05-2022 20:43 PM

RIYADH, 6th May, 2022 (WAM) — Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Friday that the ministry has a goal to attract investments worth $32 billion to its mining and minerals sector through nine new projects, state news agency SPA reported.

The Kingdom is seeking to diversify its economy away from oil by investing hundreds of billions of dollars into a plan called Vision 2030.

The projects are aimed at supporting supplies of mineral products to local and international markets, according to SPA.

Alkhorayef added that the ministry is currently studying 145 applications for exploration licenses from foreign companies, SPA said.

The minister said the projects would create over 14,500 jobs and added the ministry is now processing 145 exploration license applications from foreign companies.

WAM/Tariq alfaham

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