RIYADH: Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef recently met Eduardo Bartolomeo, the CEO of Vale Mining Company, in Brazil.
The parties discussed the promising investment opportunities provided by the Saudi mining sector to Brazilian companies, and the expansion plans of Brazil’s investors in the Kingdom, the Saudi Press Agency reported on Saturday.
Bartolomeo praised the development and economic progress of the Kingdom in all fields and noted the efforts and initiatives involved in developing the Saudi mining sector.
Saudi Arabia is rapidly developing its mining sector, where there are an estimated SR9.4 trillion ($2.5 trillion) worth of buried mineral resources, to maximize the national economy’s and establish mining as a third pillar of its industrial sector.
The Kingdom values international cooperation and partnerships in addressing mineral supply chain challenges.
To attract investors, Saudi Arabia has improved the investment environment, including in mining, and by offering incentives such as contributing 75 percent of the financing of capital expenditures, a five-year tax exemption, and 100 percent direct foreign ownership.
