2004 News Story

Oil minister on passing of Mineral Investment Act

Minister of Petroleum and Mineral Resources Ali Al-Naimi, commenting on today’s Cabinet resolution passing the Mineral Investment Act, said that the new system had been drafted in accordance with the State's economic policies and with the aim of optimum exploitation of the Kingdom's resources. Having taken more than three years to formulate, and as the result of thorough study and experimentation, it will for example facilitate the issuance of mineral licenses, open more opportunities for investment, offer fair treatment for foreign investors, and exempt equipment and spare parts for mining projects. In short, the Act, he affirmed, will have a positive effect on the growth of the Saudi mining industry.