RIYADH, March 19 -- Saudi Arabia's mining sector is on an impressive upswing, recording a 138 percent increase in the issuance of exploitation licenses since the implementation of the new Mining Investment Law in 2021.
The number of permits rose from eight in 2021 to 19 last year as the Saudi Ministry of Industry and Mineral Resources actively works to boost mineral production and investment.
The strategic shift is part of the Kingdom's efforts to transform mining into a foundational industrial pillar. The Kingdom's mineral wealth is valued at an estimated SR9.4 trillion ($2.4 trillion), according to a press release from the ministry.
Data further revealed a surge in building materials quarry licenses, which rose from 158 in 2021 to 538 ...