https://arab.news/8j67b
RIYADH: Backed by recent reforms in the mining sector, Saudi Arabia sought the participation of Japanese firms in its massive exploration activities that aimed to attract SR40 billion ($10.6 billion) in investment.
As part of the Invest Saudi initiative, top ministry officials of the Kingdom and Japanese business leaders met in Tokyo between May 31 and June 2 to discuss ways to accelerate mutually beneficial partnerships and investment opportunities.
The Saudi-Japan Mining and Minerals Meeting provided a comprehensive overview of Saudi Arabia’s ambitious mining strategy while highlighting the significance of its National Investment Strategy.
The officials also gave an overview of the Saudi system for mining licenses, outlining various exploring opportunities available for medium- and long-term investments.
The three-day event also held a workshop jointly organized by the Kingdom’s Ministry of Investment, the Ministry of Industry and Mineral Resources and the Japan Oil, Gas and Metals National Corp., also known as JOGMEC.
It focused on supporting Japanese companies to invest in the Kingdom’s mining sector and its supply chain.
Rich in natural resources, Saudi Arabia has undertaken several policy initiatives in recent years to make its mining sector attractive to private investors.
The Kingdom’s strategic location and robust infrastructure also offered lucrative opportunities for firms to strengthen their global supply chain.
In March, Saudi Arabia’s industry ministry issued 27 new mining licenses, totaling 2,314.
The Kingdom has been striving to transform the mining sector into the third pillar of the national strategy. This effort involves substantially exploring its natural resources across 5,300 sites valued at SR5 trillion.
It boasts over 20 distinct mineral types, including gravel, gold, iron, copper, granite and marble.
The Kingdom also features 35 specific geological formations, known as mineral belts, with abundant mineral deposits.
In March, Saudi Arabia announced the indicative timelines for the bidding cycles of five new mineral exploration opportunities. These sites are Ar Ridaniyah, Umm Hadid, Bir Umq, Jabal Sahabiyah and Muhadad.
These initiatives align with Saudi Arabia’s Vision 2030, which aims to elevate the mining sector’s contribution to the gross domestic product to $64 billion by 2030.
Furthermore, the industry ministry’s monthly bulletin recently pointed out that the total volume of industrial investments in Saudi Arabia amounted to SR1.42 trillion as of December 2022.