2004 News Story

Oil minister comments on investment in mining

Minister of Petroleum and Mineral Resources Ali Al-Naimi, at a press conference in Makkah today on the fringes of a symposium on mining investment opportunities organized by the Ministry in cooperation with the Makkah Chamber of Commerce and Industry, referred to the recently-introduced mining investment regulations as being in line with the Kingdom's open economic policies that ensure fair and equal treatment for all investors. He expected the new regulations to contribute to various sectors, social as well as economic and industrial, and pointed out that Saudi Arabia possesses a wide range of mineral resources.

Minister Al-Naimi stressed that the new mining investment regulations do not apply to petroleum, natural gas or their derivatives. Nevertheless, they are expected to yield revenues of up to SR 20 billion [U.S. $5.3 billion] and provide 6,800 jobs directly, and another 30,000 indirectly. Seven companies have already been licensed for investment in mining operations in the Kingdom.