February 8, 2023

KSA urges continent's mining sector to invest in “rich, vast natural resources” of Kingdom

(MENAFN) Saudi Arabia urged key players in the mining sector in Africa to cooperate and capitalize on the Kingdom’s abundant and extensive natural resources to boost social and economic development.

The worth of the Kingdom’s mineral riches is believed to be USD1.3 trillion, according to Khalid Al-Mudayfer, the Saudi deputy minister for mining affairs, who was speaking at the African Mining Conference in Cape Town, South Africa, the Saudi Press Agency reported on Tuesday.

He examined the Ministry of Industry and Mineral Resources’ investment potential, as well as the Kingdom’s infrastructure and legal capacity, which, in his opinion, places Saudi Arabia as the top location for mining investment worldwide.

Al-Mudayfer, who opened a conference for prospective investors arranged by the ministry, underlined the fantastic prospects he claimed were present in the Kingdom and its initiatives to grow its mining industry.

He discussed the modernization of the mining investment system, which includes a regulatory framework for the industry, a clear, transparent, and easy-to-navigate environment for investors, as well as the accessibility of geological data for investors, improvements to basic infrastructure, and incentives for investors.

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