Saudi Arabia has achieved the fastest growth in investments in the mining sector around the world, according to a report issued by MineHutte in cooperation with Mining Journal.
The report indicated that the Kingdom had the fastest global growth in the development of the regulatory and basic environment attractive to mining investments during the past five years (2018-2023).
The classifications included in the report included an improvement in the Kingdom’s rating in the mining licensing index, as it ranked as the second best country in the licensing environment in the world. It also witnessed development in the financial policy index, making it one of the top 10 countries in the index in the world.
The Kingdom has made progress in the index of legislative structure and regulatory regulations, becoming among the best mining countries in the world in terms of legislative and regulatory frameworks.
According to the report, the global assessment of investment risks in the mining sector highlighted Saudi Arabia’s efforts to develop the mining sector.
In 2018, Saudi Arabia launched the comprehensive strategy for mining and mineral industries, to maximize the value generated from natural resources, supported by the development of the mining investment system.
The report quoted the Chief Operating Officer and Research Director at MineHutte, Emma Beatty, as praising the positive transformation that the Kingdom has witnessed to enhance global investments in the Saudi mining sector.
Betty said: “The transformation in the mining sector in the Kingdom is the most prominent at the regional and international levels during the past five years, and the reforms that the sector has witnessed at the regulatory, legislative and infrastructure levels are the main reason behind its significant progress in the report’s international classification.”
For his part, Khaled Al-Mudaifer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, said in a statement issued by him that the highest ranking in the world comes as a result of the efforts made to develop the mining sector during the past five years.
The risk analysis report, issued by Mine Hat in cooperation with Mining Journal, is a reliable source for mining companies and investors around the world to determine investment destinations based on 5 criteria:
- Legislative framework.
- Governance.
- Infrastructure.
- Investment incentives.
- Social standards.
The Kingdom seeks to attract foreign investments to the mineral sector, benefiting from the economic growth of its mineral wealth, the value of which has recently doubled to reach more than 9.3 trillion riyals ($2.6 trillion).
