In a significant move to revitalize Saudi Arabia’s mining industry and diversify the national economy, the Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, unveiled a substantial incentive package valued at SAR685 million (approximately $182 million). This initiative falls in line with the overarching goals of Vision 2030, the Kingdom’s ambitious plan to reduce dependence on oil, and aligns with its commitment to sustainable development practices.
The program extends financial support to incentivize exploration activities. By offering this aid, the Saudi government aims to unlock the potential of the country’s mineral wealth, enhance geological knowledge, and cultivate a skilled domestic workforce in the mining sector. The program places particular emphasis on companies that hold valid exploration licenses for less than five years. These companies can qualify for support up to SAR7.5 million each, making exploration efforts less financially risky. Additionally, under the program’s terms and conditions, companies can potentially receive assistance for up to 15 licenses, significantly amplifying the reach of the initiative.
Interested companies and investors eager to learn more about this program and explore participation opportunities can visit the Taadeen platform: taadeen.sa. This platform likely houses detailed information about the application process, eligibility criteria, and specific types of exploration activities that qualify for support. By launching this comprehensive incentive package, Saudi Arabia is signaling a strong commitment to transforming its mining sector into a key driver of economic growth and technological advancement.
