Saudi Arabia’s Ministry of Industry and Mineral Resources and Ministry of Investment have launched a new incentive package of 685 million Saudi riyals ($182 million) to drive mining exploration in the Kingdom.
The incentives will advance geological knowledge, identify unexplored mineral resources and develop local exploration skills, state-owned SPA reported, citing a joint ministry statement.
The newly introduced incentives also include support for companies holding valid exploration licenses for less than five years, each eligible for up to SAR 7.5 million.
The statement added that companies could obtain support for up to 15 licenses, subject to the programme’s terms and conditions.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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