The Saudi cabinet has approved a new mining law to encourage foreign investment

 
Saudi Arabia's cabinet Wednesday afternoon approved a new law on the mining industry at its weekly meeting, aiming to encourage foreign investment in the country's mining industry.
 
The passage of the new law is one of the most important strategic initiatives in the kingdom's mining industry and is expected to promote "qualitative changes" in the sector in the near future, the state news agency quoted Mining and Industry Minister Adel al-Julef as saying.
 
The new mining law will help attract investors from around the world, eventually tripling the mining sector's contribution to the Saudi economy and creating 200,000 direct and indirect jobs by 2030 to help diversify the Saudi economy, Al-Hulef stressed.
 
Saudi Arabia is one of the most abundant natural resources in the Middle East countries, in addition to known as the fossil energy such as oil and natural gas, gold, silver, copper, iron, tin, aluminum, zinc, phosphate and other metal and non-metallic mineral also has large storage, official estimates not mining mineral resources within the territory of worth more than 5 trillion Saudi riyal (about 9.4 trillion yuan).
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