Saudi Arabia Expands Mining Sector with Global Investments
Riyadh: Saudi Arabia’s wealth lies in its crude oil revenues. The government understands that it cannot always rely on them alone. As part of this, the Vision 2030 plan is being prepared and implemented. Its goal is to diversify income. The mining sector is also focusing on developing sports, entertainment and tourism sectors.
It has been decided to expand mining in Saudi Arabia. Yesterday, licenses were awarded to several mining companies. India’s Vedanta is one of them. Licenses have been given to companies operating locally and internationally. Gold mining is going to take place in places including Medina….
The main mining is in Jaban Said in Medina, and it was earlier found that this area is rich in minerals. In addition, mining will also take place in the Al Hajar area of Asir. Apart from gold, it is believed to have large reserves of copper, zinc and silver.
In addition to Vedanta, Saudi Arabia has awarded licenses to a consortium of companies, Ajlan and Brothers and China’s Jijin Mining Company. It is also worth mentioning that companies from India and China are involved in mining.
The mining permit has been granted for the next three years. The mining will take place in an area of 4788 square kilometers. The companies will spend 366 million Saudi riyals for this. The new change is that foreign companies are increasingly ready to invest in Saudi Arabia. Saudi Arabia’s goal is to increase foreign investment to 100 billion dollars by 2030.