Riyadh, March 19, 2024, The Ministry of Industry and Mineral Resources, in partnership with the Ministry of Investment, has unveiled a comprehensive mineral exploration incentives package worth SAR 685 million (approximately $182 million). This initiative aims to invigorate investment in mining exploration, aligning with Vision 2030 objectives and the Kingdom's sustainable development goals.
The incentives package is strategically crafted to boost geological knowledge, discover untapped mineral resources, and enhance local exploration capabilities. It seeks to attract investors to engage in exploration activities while nurturing local talent and expertise within the mining sector.
Of notable mention is the support provided to companies holding valid exploration licenses for less than five years, with each eligible for up to SAR 7.5 million in assistance. Furthermore, companies can seek support for a maximum of 15 licenses, subject to program guidelines.
The ministry encourages interested companies and investors to explore further details about this exciting opportunity on the Taadeen platform at taadeen.sa. This initiative underscores the Kingdom's commitment to fostering growth in the mining sector and driving economic diversification in line with its overarching development objectives.
