The Ministry of Industry and Mineral Resources has launched new incentives aimed at supporting mining exploration in the Kingdom, reducing risks for exploration companies during their early stages, and encouraging investment in this vital sector in line with the goals of Saudi Vision 2030.
The ministry explained that the new incentive package includes a series of financial facilitation measures for companies and investors wishing to invest in mineral resource exploration activities in the Kingdom, with a value of up to approximately 685 million riyals (182 million USD). It also prioritizes investors involved in exploration activities, provided they commit to fostering local talent and expertise in the mining sector.
The ministry confirmed that the new incentives also include support for companies holding valid exploration licenses for less than 5 years, with each license eligible for support of up to 7.5 million riyals, and each company can receive support for up to 15 licenses, in accordance with the program's terms and conditions.
The Ministry of Industry and Mineral Resources has invited all interested companies and investors to take advantage of this opportunity.
