Cabinet has approved the setup of a national programme for mining associated with the Industry and Mineral Resources Ministry, state news agency SPA reported. The meeting was chaired by Crown Prince and Prime Minister Mohammed bin Salman in Jeddah. No further details were provided on the programme, but it comes as the Kingdom ramps up investment in mineral exploration.

REMEMBER- The Industry and Mineral Resources Ministry unveiled earlier this year a fresh incentives package worth SAR 685 mn to boost mineral exploration in the Kingdom. The program was rolled out in collaboration with the Investment Ministry and aims to reduce early-stage risk for exploration companies. It comes as part of efforts to expand the sector and tap reserves of gold, phosphate and others.

The policy context: The nation’s untapped mineral resources are now worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said earlier in January.

Historic Jeddah gets an extension: Cabinet also approved extending the Historic Jeddah development project for two additional years. The government aims to turn the area into a global cultural and tourism attraction.

Tags: