The Saudi Arabian mining sector is on the brink of significant growth, with the country’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, engaging in strategic discussions with Eduardo Bartolomeo, CEO of Vale Mining Company, during a recent visit to Brazil.
These conversations centered on the attractive investment prospects that the Saudi mining industry holds for Brazilian enterprises. Additionally, they explored potential avenues for Brazilian investors to broaden their presence within the Kingdom, as reported by the Saudi Press Agency.
Bartolomeo expressed admiration for Saudi Arabia’s economic advancements across various sectors and acknowledged the targeted efforts and initiatives aimed at cultivating the Saudi mining sector.
With an estimated SR9.4 trillion ($2.5 trillion) worth of untapped mineral riches, Saudi Arabia is fervently advancing its mining sector. The nation aspires to propel mining into the forefront as a key pillar of its industrial domain, thereby amplifying the overall national economy.
The Kingdom is actively seeking international collaborations to tackle the challenges associated with mineral supply chains.
In a bid to lure investors, Saudi Arabia has enhanced its investment climate, particularly within the mining industry. The country is offering compelling incentives, such as funding up to 75 percent of capital expenditures, providing a five-year tax holiday, and permitting 100 percent foreign direct ownership.
