The Undersecretary of the Saudi Ministry of Petroleum and Mineral Resources, Sultan bin Jamal Chaoli, confirmed that the ministry is working on a balanced strategy to achieve the desired goals of mineral exploitation in the Kingdom.
He notes that the comprehensive strategy of the mineral wealth is expected to be finalised within one year from now, Al Riyadh Newspaper reports.
Chaoli adds that the objective of the mining strategy is to make mining in the Kingdom one of the main pillars of the economy and it is hoped that mining will be the third national economy supporter next to the petroleum and petrochemicals.
“It is expected that mining activity over the next twenty years double and grow by 200 per cent of GDP growth, creating direct and indirect employment opportunities, up to 150,000 jobs in the sector and nearly 30,000 jobs in remote areas,” Chaoli adds.
“The development of the mining sector in the Kingdom will create many benefits, including diversification of GDP, which will impact per capita income; transfer of technology and expertise to Saudi cadres; achiev new exploration for mineral deposits not known in the past; provid direct and indirect employment opportunities; increase exports and the establishment of local raw materials instead of the imported ones,” he says.