https://arab.news/mqn8a
- ‘Nuthree’ aims to boost mining entrepreneurship in the Kingdom
MAKKAH: Nuthree, an exploration incubator initiative for entrepreneurship in geology and mining, has been launched at the Saudi Geological Survey’s headquarters in Jeddah.
The project seeks to create a sustainable exploration environment to develop the Kingdom’s resource sites, positioning mining as its third pillar of income after petroleum and petrochemicals.
Saudi Geological Survey CEO Abdullah Al-Shamrani said the Kingdom was experiencing a new phase of growth and prosperity under King Salman and Crown Prince Mohammed bin Salman, driven by the Saudi Vision 2030 and the National Industrial Development and Logistics Program.
He told Arab News: “We aim for cooperation and integration with our partners in the Ministry of Industry and Mineral Resources and the Small and Medium Enterprises General Authority to serve and empower emerging investors in the mining exploration sector from individuals to local companies, and to establish a local, sustainable exploration environment through the Kingdom’s resources sites, making it an entry point for promising industries.”
He added Nuthree enhanced geological knowledge due to the variety of metals in the Kingdom and would serve as an incubator for small-scale investors and explorers.
“We support the localization of exploration for Saudi companies and foreign firms operating in Saudi Arabia because of its strategic importance,” Al-Shamrani said.
The Saudi Geological Survey is gathering information quickly to attract investors. This includes a comprehensive survey of the Kingdom’s sedimentary cover and the Arabian Shield.
Al-Shamrani said the incubator’s primary goal was to support and localize exploration in the Kingdom, helping investors engage in the process in a professional and practical way. It supplies information across various geological fields and the range of metals it is planned to explore is extensive.
“We expect investors to form complementary partnerships and alliances to achieve the best outcomes. This is a significant step that we support,” he said. “We will not only offer information but also support drilling, coordination and advisory visits to key locations.”
Abdulrahman Al-Balushi, undersecretary of the Ministry of Industry and Mineral Resources, told Arab News that exploration was the start of the mining process which was why it was so important.
He said the Kingdom was focused on supporting small and medium-sized enterprises through partnerships with the private and public sectors, as well as academic institutions, to help them obtain licenses and uncover new mining opportunities.
Al-Balushi said: “The ministry granted 500 licenses to private sector companies, allowing them to explore ores in base metals and precious metals.” Some of these companies were Saudi-based, he added, while others were either joint ventures or foreign-owned but registered with the Saudi Ministry of Commerce.
The exploration process receives particular support if “it targets locations with ores that are very important for the Kingdom’s industry, such as nickel, lithium, zinc, and copper, or certain materials that are part of simple and transformative industries and have a significant impact on the Kingdom’s economy,” he said.
Al-Balushi said the Nuthree incubator aimed to support small and medium-sized enterprises in the Kingdom by providing expertise in geology and mining. It offers technical courses, organizes trips to mining sites, and facilitates knowledge sharing with geological experts.