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Through the National Industrial Development and Logistics Program (NDLP), the SIDF has created a new bundle of financial goods and services that represents a significant step toward realizing Vision 2030. The NDLP helps the economy by increasing GDP by SR 1.2 billion, creating employment, improving the balance of payments, and increasing the proportion of local content.
The Industrial Fund was established to play a critical role in boosting industrial investment possibilities, strengthening the local industry, and improving the performance of the local industry in general. These objectives are achieved by assisting in the establishment of industrial sectors, increasing competitiveness, and maintaining strategic initiatives, among other things. In a statement, Almojel stated that the Fund could finance up to 75% of mining projects that satisfy the necessary criteria.
Almojel, in an interview with Asharq Al-Awsat, said that the mining industry is one of the most critical investment pillars targeted by the Vision 2030 initiative. Saudi Arabia’s undiscovered natural riches and its unique geographic position spanning the three continents of Asia, Africa, and Europe contribute to its development. Aside from financing the final stage of exploration operations, which includes drilling and mining work, the CEO explained that the Fund also supports the development of support service companies, which help increase the added value and sustainability of the country’s mining sector by contributing to its growth and sustainability.
Almojel also emphasized that the Fund’s strategy in terms of financing aims to achieve the development of the mining sector and increase its contribution to non-oil GDP while also increasing job opportunities and contributing to an increase in the flow of local and foreign investments into the Kingdom of Saudi Arabia. In addition, Almojel said that the Fund assisted in financing above-ground mining operations for items such as zinc, copper, gold, and gypsum.
According to him, the Fund has lately sponsored exploratory projects (below the surface of the ground), which involve excavation and mine processing operations. “This is being done to meet the expanding demand and attract new investments,” he said. Saudi Arabia intends to sell at least three mining licenses in 2022, including one for the deposits in Khnaiguiyah, as part of its efforts to diversify its economy. According to the Saudi Mining Minister Bandar Al-Khorayef, these resources contain 26 tons of copper and zinc, among other metals.
According to the country’s mining minister, Saudi Arabia is seeking $170 billion in mining investment by 2030.