Saudi Arabia's mining reforms gain global recognition

According to recent research, Saudi Arabia's mining sector has undergone reforms over the past five years, positioning it as the world's fastest-growing regulatory and investment environment. This is reported by Arab News.

The source stated that since the Kingdom's mineral reserves are estimated to be worth US$2.4 trillion, the goal is to establish mining as a core industry.

The news statement claims that the Kingdom has also made progress in terms of its legislative and regulatory framework, emerging as one of the world's top mining jurisdictions.

Beginning in 2018 with the adoption of a thorough mining plan, Saudi Arabia has launched several programmes to advance the mining industry.

Bandar Alkhorayef, Saudi Arabia's Minister of Industry and Mineral Resources, stated earlier this year that the kingdom had increased its estimates of undeveloped mineral resources, such as phosphates, gold, and rare earth metals, from a 2016 estimate of US$1.3 trillion to US$2.5 trillion.

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