Dubai: Saudi Arabia advances its efforts to tap into an estimated $2.5 trillion (Dh9 trillion) of mineral resources with the opening of a new metals and minerals facility in Jeddah by Bureau Veritas, a global laboratory testing company.
In support of this initiative, the Saudi ministries of industry and investment have introduced a mineral exploration incentives package worth $182 million (Dh668 million).
The number of exploration permits surged to 259 in 2023, up from 58 in 2021, while licenses for building material quarries tripled to 538.
Additionally, the London Metal Exchange, a commodities market trading in metals options, recently designated Jeddah Islamic Port as a storage location for copper and zinc, making it only the second site in the region after Dubai.
Saudi Arabia aims to establish itself as the Middle East’s logistics hub and a key player in the global mining sector, spearheaded by Maaden, the country’s largest mining company.Saudi Arabia boasts the seventh-largest mining industry in the world, valued at $36.3 billion (Dh133 billion) annually.
