Saudi Arabia open to foreign investment in mining sector: Minister

Saudi Arabia is open to foreign investment in the mining sector, CNBC Arabia reported, citing Minister of Industry and Mineral Resources Bandar Alkhorayef.

The mining sector is part of the National Industrial Development and Logistics Program, he said, adding the financing entity concerned with this program is the Saudi Industrial Development Fund, which has recently restructured its plan to cover the mineral products, in line with the Vision 2030.

SIDF recently raised its capital to SAR 105 billion, directing part of its investments to the mining sector.

The Saudi Geological Survey (SGS) signed yesterday, Oct. 18, four contracts worth SAR 553 million with international experts and consultants under the first phase of the projects pertaining to the geological survey general program.