- ORIGINAL NEWS
Saudi Arabia nearly doubles estimate for the value of its mineral resources
- SUMMARY
Saudi Arabia’s untapped mineral reserves are now estimated to be worth a whopping $2.5 trillion, up from $1.3 trillion in 2016.
The government expects to sign deals worth $20 billion at its annual minerals forum in Riyadh.
Saudi Arabia’s Vision 2030 program, aiming to diversify the economy away from oil, is driving the investment in minerals exploration and mining.
Mining is seen as a crucial pillar in this effort, alongside tourism and other sectors.
The government has revamped laws and business practices to attract foreign investors, and more than 4,500 licenses have been issued in the past two years.
The country’s mining minister expressed optimism about meeting Vision 2030 goals, highlighting the progress in policies, enablers, infrastructure, budgeting, and financing.
A new mineral exploration incentive program with a budget of over $182 million has also been announced to support investors.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“Saudi Arabia nearly doubled the estimate for the value of its mineral resources and is seeing lucrative deals signed during its Future Minerals Forum held in Riyadh this week, ministers told CNBC.”
“The concerted effort to invest in minerals exploration and mining and issue licenses to foreign investors is part of Saudi Arabia’s Vision 2030 program.”
Negative
“Mining is seen by the Saudi government as the third industrial pillar that will move its economy away from reliance on hydrocarbons.”