In addition, he said it is highly likely the authorities will offer incentives to attract investors, just as they were offered to petrochemicals and gas investors in the 1970s. They are in line with global mining laws and offer investors many concessions, he noted. The Ministry of Industry and Mineral Resources drafted the laws regulating the mining industry after studying international experiences in the sector, said Al-Rashed, a former chairman the Council of Saudi Chambers. He also commended the transparency of the decisions, which delineate clearly the responsibilities of the authorities and local or foreign investors. Other mineral sources in the country have not yet been opened up for investment, he noted, and added that mining companies around the world recognize the importance of these opportunities.
Abdulrahman Al-Rashed, a member of the Shoura Council’s finance committee, said the Kingdom is rich in natural resources, especially minerals, and the decisions will open up the mining sector to investors.
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