RIYADH | SAUDI ARABIA – Saudi Arabia’s cabinet on Tuesday approved a new mining law that aims to accelerate foreign investment in the sector as part of efforts to diversify its economy away from hydrocarbons.
The new law facilitates investor access to financing and supports exploration and geological survey activities, state news agency SPA said, quoting the minister of mining and industry Bandar Alkhorayef.
‘This will help attract local and foreign investors and eventually raise mining sector participation in gross domestic product (GDP)’, he added.
The Saudi government aims to more than triple this sector’s contribution to the nation’s economic output and to create more than 200,000 direct and indirect jobs in the sector by 2030.
Riyadh’s efforts to build an economy that does not largely rely on oil and state subsidies involves a shift towards mining vast untapped reserves of bauxite, the main source of aluminum, as well as phosphate, gold, copper and uranium.
The energy ministry estimates the kingdom’s unused mineral resources to be valued at 5 trillion riyals ($1.33 trillion).
In April, the cabinet approved setting up a state-owned, joint-stock company for mining services,
Currently Saudi Ma’aden is the kingdom’s sole miner, producing gold and copper and has in recent years expanded into the production of aluminum and phosphates. It is 65% owned by the kingdom’s Public Investment Fund.
Saudi Arabia’s FII: World Leaders To Discuss Building A Strong Economy Post – Pandemic
MILAN – – World Leaders, former presidents, CEOs and heads of economy will be among those converging for Saudi Arabia’s fourth annual Future Investment Initiative (FII) Conference this week. Discussion about the future of global economies in a post – pandemic world are on the agenda. The event will feature over 140 speakers and will officially be opened … Continue reading Saudi Arabia’s FII: World Leaders To Discuss Building A Strong Economy Post – Pandemic
BREAKING NEWS | Saudi Crown Prince Announces New 5-Year Strategy For Kingdom’s Economy
JEDDAH – – Saudi Crown Prince Mohammed bin Salman on Sunday launched a new five – year strategy for the Kingdom’s sovereign wealth fund as Saudi Arabia drives toward achieving its Vision 2030 goal to diversify the economy away from dependence on oil. The Public Investment Fund (PIF) will pump at least $40 billion a … Continue reading BREAKING NEWS | Saudi Crown Prince Announces New 5-Year Strategy For Kingdom’s Economy
CORONAVIRUS ALERT | French Health Body Recommends Delaying Second Covid Shot To Six Weeks After First
PARIS – – France’s top health advisory body on Saturday recommended doubling the time between people being given the first and second Covid-19 vaccination to six weeks from three in order to increase the number getting inoculated . The gap between the first and second injection in France is currently three weeks for people in … Continue reading CORONAVIRUS ALERT | French Health Body Recommends Delaying Second Covid Shot To Six Weeks After First
BREAKING NEWS | Police Round Up More Than 350 At Russia Protests Backing Jailed Kremlin Foe Navalny
Police detained more than 350 people across Russia on Saturday and broke up rallies around the country as protesters defied bitter cold and a ban by authorities to demand the release of jailed Kremlin critic Alexei Navalny. Navalny had called on his supporter to protest after being arrested last weekend as he returned to Moscow … Continue reading BREAKING NEWS | Police Round Up More Than 350 At Russia Protests Backing Jailed Kremlin Foe Navalny
BUSINESS | UAE Confirms It Inked $23 Billion To Buy F-35 Jets, Drones From U.S.
WASHINGTON – – The United Arab Emirates confirmed that it signed agreements with the United States on former President Donald Trump’s last full day in office to purchase up to 50 F-35 jets, 18 armed drones and other defense equipment in a deal worth $23 billion. The UAE embassy in Washington said in a statement … Continue reading BUSINESS | UAE Confirms It Inked $23 Billion To Buy F-35 Jets, Drones From U.S.
Breaking News | Saudi TV Says Missile Or Drone Intercepted Over Riyadh
RIYADH – – Saudi Arabia said Saturday it intercepted an apparent missile or drone attack over its capital, Riyadh, amid the kingdom’s yearlong war against neighbouring Yemen’s Houthi rebels.Social media users posted video of what appeared to be an explosion in the air over Riyadh. Saudi State TV quoted authorities in the kingdom acknowledging the … Continue reading Breaking News | Saudi TV Says Missile Or Drone Intercepted Over Riyadh
TRAVEL | Denmark Suspend Dubai Flights Amid Doubts Over Virus Tests
DUBAI – Denmark has temporarily suspended all flights from the United Arab Emirates for five days after suspicion arose that the coronavirus tests that can be obtained before leaving Dubai are not reliable, authorities announced Friday. The development, which comes amid a surge of infections in the UAE, poses a direct challenge to the mass … Continue reading TRAVEL | Denmark Suspend Dubai Flights Amid Doubts Over Virus Tests
BUSINESS | Google Seals Content Payment Deal With French News Publishers
PARIS – – Google and a French publishers’ lobby said on Thursday they had agreed to a copyright framework for the U.S. tech giant to pay news publishers for content online, in a first for Europe.The move paves the way for individual licensing agreements for French publications, some of which have seen revenues drop with … Continue reading BUSINESS | Google Seals Content Payment Deal With French News Publishers
Business News | BioNTech Investors, Amid Worry Over Shortage, Vows Vaccines To Be Delivered For Second Shot
MILAN – European countries should use all available vaccine doses provided by biotech firm BioNTech and its partner Pfizer because there will be enough for the requisite second booster shot due to a planned production ramp – up, BioNTech’s largest investor said. Some countries were believed to be withholding some vaccines for fear of shortage … Continue reading Business News | BioNTech Investors, Amid Worry Over Shortage, Vows Vaccines To Be Delivered For Second Shot
BREAKING NEWS | Arab Coalition Thwarts Two Houthi Attacks
The Saudi – led coalition fighting against Yemen’s Houthi movement said it thwarted two attacks by the Houthis on Friday morning, including destroying an explosive – laden boat in the southern Red Sea, Saudi State TV said on Twitter. The coalition also intercepted and destroyed an explosive – laden drone launched by the Houthis toward … Continue reading BREAKING NEWS | Arab Coalition Thwarts Two Houthi Attacks
Loading…
Something went wrong. Please refresh the page and/or try again.
