The Saudi Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has introduced a new incentives package for mineral exploration valued at around SR685 million ($182 million).
This initiative is crafted to entice investors into the exploration sector while nurturing local talent and expertise within the mining industry.
The incentives are geared towards enhancing geological understanding, uncovering untapped mineral resources, and fostering the growth of domestic exploration capabilities.
By increasing investment in mining exploration, the package aims to further the Kingdom’s sustainable development goals and bolster the national economy, in line with the objectives of Vision 2030.
The Ministry emphasized that these incentives would be advantageous for companies holding valid exploration licenses for less than five years, with support of up to SR7.5 million available for each license.
Companies may avail support for up to 15 licenses, subject to the terms and conditions of the program.