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Wed 10 Jun 2020 11:42 AM

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Saudi Arabia's new mining investment law to boost GDP by $64bn

New law will reduce imports by SR37bn and create more than 200,000 direct and indirect jobs in the sector by 2030

Saudi Arabia's new mining investment law to boost GDP by $64bn

Industry and Mineral Resources Minister Bandar Alkhorayef said the law will reduce imports by SR37bn and create more than 200,000 direct and indirect jobs in the sector by 2030.

Saudi Arabia has approved a new mining investment law aimed at encouraging more foreign investment into the sector as the kingdom continues to diversify its economy away from a reliance on hydrocarbons.

Industry and Mineral Resources Minister Bandar Alkhorayef revealed the new law will boost the mining sector’s contribution to the country’s GDP by over SR240 billion ($64bn), according to a report by the Saudi Press Agency (SPA).

Alkhorayef added that the law will reduce imports by SR37bn and create more than 200,000 direct and indirect jobs in the sector by 2030.

“This will help attract local and foreign investors and eventually raise mining sector participation in gross domestic product (GDP),” he said.

The new law will see the creation of a mining fund to provide sustainable finance for the sector as well as support geological survey and exploration programmes.

The law consists of 63 articles, which will help mine the vast untapped mineral resources in the kingdom, which are estimated to be worth in the region of SR5 trillion.

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