RIYADH: The year 2021 is a good year for Saudi mining industryÌýas it achievedÌýits highest revenues on record, according to government data.
The Ministry of Industry and Minerals ResorucesÌýsaid in a statement carried by Saud Press Agency that revenues of the mining sectorÌýexceededÌýSR724 million ($192.8 million) in first 10 months of theÌýyear, with 690 miningÌýlicenses issued this year.
Mining revenues this yearÌýwent up by 27 percent between January and October, compared to the same period in 2020, Saudi press Agency reported.
Under Vision 2030, mining is the third pillar of ¶¶Òõ¶ÌÊÓƵ’s economic development, after energy and petrochemicals, as it aims to diversify the country’s economy away from dependency on oil.
The mining sector is expected to create thousands of jobs in the Kingdom in the coming years with the goal of 256,000 geologists, engineers and others by 2030.
This year issued licenses included 517 building materials quarrying licenses, 143 exploration licenses, and 30 exploration licenses. The total number of valid mining licenses till date was estimated at 1,913.
Riyadh peaked with the largest number of valid building materials quarry licenses amounting to 388 licenses, followed by Makkah with 373 licenses, while Al-Madinah had 210 licenses, theÌýreport showed.
The licenses were givenÌýforÌýcrushers, gold, associated minerals, sand, gravel materials and granite blocks.
Investment interest in Saudi mining has skyrocketed this year, Khalid Al-Mudaifer, vice minister for mining affairs at the Ministry of Industry and Mineral Resources (MIM) told Arab news in October.
The Kingdom's issued a newÌýmining law to enhance theÌýcompetitiveness of the sector toÌýinternational investors, he added.
The National Geological Database is being created to allow investors to find the locations of mineral deposits in a bid to increase the transparency and competitiveness of the sector in ¶¶Òõ¶ÌÊÓƵ.
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: Khalid Al-Mudaifer, vice minister for mining affairs at the , explained to Arab News at why investment interest in Saudi mining has skyrocketed this year.
— Arab News (@arabnews)
