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The Kingdom’s Mining History

The Kingdom’s Mining History, from Founding Days to the Present with the 2030 Vision

The Kingdom of Saudi Arabia has been exploring its mineral wealth since 1997, when the Ministry of Oil and Mineral Wealth developed a strategy to expand the mining sector. These efforts culminated in a major shift in the mining sector after the release of the Kingdom’s 2030 vision. That aims to diversifying the

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Kingdom’s economy, which includes mining as the third pillar of national industrialism. three strategic initiatives Conducting geological surveys of the kingdom to identify potential mining sites, Identifying investment opportunities in the mining sector, Studying possible incentives to attract foreign investment. One of the most important strategic recommendations was to introduce a new mining investment law that would prioritize the development of the sector and promote foreign investment by reducing the tax rate from 45% to 20%. This change had no effect on the financial system, but it was aimed at protecting investors in accordance with international standards.

Another recommendation put forth by the strategy was the establishment of a dedicated team tasked with strengthening investments within the sector. This team would undertake various responsibilities, such as:

Strategy

Developing a strong investment approach centered around high-quality investments, while also ensuring the engagement of diverse range of investment partners.

Added-Value

Assessing the impact of sector initiatives on the competitiveness and the sector's overall integration.

Go To Market

Crafting innovative marketing concepts, refining investment mechanisms, and fostering communication with potential investors.

Governing and Organizing

A continuing improvement & maintenance of the tools and regulations; this includes: the ministry’s website, sector’s standards, and developing an inclusive employment plan that consists recruiting and training employees.

Operations

Map out work operations, enhance key performance indicators, and ensure a seamless integration of the investor's journey.

Enable Investments

Through evaluation and enhancement of the kingdom's competitive value, structuring investment prospects, and collaborating with existing entities to ease efforts of empowerment within the sector.

Develop Mineral Supply Chains

Elevating mining to a pivotal role for industrial growth by leveraging local mineral resources and domestic demand. Simultaneously, tapping into global markets to diversify local products & create employment avenues.

Correlation with Vision 2030

Saudi Vision 2030

There are many initiatives that aim to evolve the environmental industry organizations, as well as the business environment:

Develop the educational system for applied technology

Develop Local supply chain

Improve the efficiency of the seaports

Implement the national investment strategy

Rely on hydrocarbon and mineral resources to grow remote regions, and connect electrical grids to these regions

Prioritize and implement the sector’s comprehensive strategy plan:

The development of the mining sector has been chosen as a priority initiative

Collaboration with the National Development and Logistical Program

There are many initiatives that aim to evolve the environmental industry organizations, as well as the business environment:

Develop the educational system for applied technology

Develop Local supply chain

Improve the efficiency of the seaports

Implement the national investment strategy

Rely on hydrocarbon and mineral resources to grow remote regions, and connect electrical grids to these regions

Prioritize and implement the sector’s comprehensive strategy plan:

The development of the mining sector has been chosen as a priority initiative

Last Modified Date: 2024/12/15 - 01:30 PM | Saudi Arabia Time

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