RIYADH — Minister of Industry and Mineral Resources Bandar Alkhorayef emphasized that Saudi Arabia has targeted mining as the third pillar of national industries by raising the contribution of mining to gross domestic product (GDP) from the current $17 billion to $64 billion by the year 2030.
In an interview with the Al-Arabiya channel on the sidelines of the Future Minerals Forum here on Wednesday; the minister stressed the importance of holding the conference in consolidating efforts; to make the Kingdom a significant driver in developing the mining industry contribution at the regional level.
Alkhorayef said that the ministry had issued 1967 mining survey and exploration licenses. Around 25 percent of the licenses issued were during 2021. He said while noting that the number of reserved complexes and mineral reserve areas in the Kingdom stood at 431 sites.
Alkhorayef reviewed significant steps taken in the mining sector, including the largest geological survey of the Arabian Shield region; in addition to issuing decisions related to the largest allocation of mining reserve sites with an area of about 4,000 square kilometers; to develop the mining sector within the Kingdom’s Vision 2030.
He pointed out that Vision 2030 aims to transform the Kingdom into a leading industrial power; and that mining will be the third pillar of the national industry. The minister also drew attention to the approval of the new Mining Investment Law; and the launch of the Mining Electronic Platform.