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HomeEconomySaudi Arabia Launches $182M Incentive for Mining Sector

Saudi Arabia Launches $182M Incentive for Mining Sector

New Exploration Package to Boost Saudi Mining Investments

May 10, 2024
in Economy, Vision 2030
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In a significant move to promote the mining sector, the Saudi Ministry of Industry and Mineral Resources, together with the Ministry of Investment, has unveiled an incentive program for mineral exploration. This initiative, with an impressive fund of SAR685 million (equivalent to $182 million), aims to attract investment into mining explorations, which is a key component of the nation’s economic expansion goals as per Vision 2030 and aligns with its sustainable development objectives.

The government’s strategy includes a series of measures intended to deepen geological understanding, uncover untapped mineral deposits, and enhance indigenous exploration capabilities. These incentives are tailored to back exploration ventures and reinforce local expertise within the mining landscape.

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The support is not just theoretical; companies with exploration licenses less than five years old are eligible for up to SAR7.5 million in assistance. Moreover, the support extends to a maximum of 15 licenses for each company, depending on adherence to the program stipulations.

Prospective investors and interested entities are encouraged to visit the Taadeen platform for more information regarding this lucrative opportunity, as the ministry is eager to see a surge in exploration activities bolstered by these financial incentives.

Tags: economic growthMineral Explorationmining investmentsaudi arabiaVision 2030
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