“With our discoveries, we are opening up more promising investment opportunities for the world,” the Kingdom’s Geological Survey wrote on social media.
Saudi Arabia recently announced the discovery of new sites for gold and copper ore deposits in the holy city of Medina. The Saudi Geological Survey said in a Twitter post that the gold ore was discovered within the boundaries of Aba al-Raha in the Medina region. Copper ore was also discovered at four sites in the Al-Madiq area in the Wadi al-Fara area in Medina, officials said.
“With our discoveries, we are opening up more promising investment opportunities for the world,” the Kingdom’s Geological Survey wrote on social media.
According to a report by Al Arabiya, the new discoveries are now expected to attract local and international investors and contribute to the development of the national economy. Officials believe the newly discovered site has an expected investment of $533 million, and is also expected to create around 4,000 jobs.
Analysts said, according to the outlet, that the new discoveries would constitute a qualitative leap for mining in the Kingdom, and open up more possibilities for promising investment opportunities.
Saudi Arabia is home to more than 5,300 mineral sites, which he said include a variety of metallic and non-metallic rocks, building materials, ornamental rocks and gemstones, said Professor Abdulaziz bin Labon, president of the Saudi Geological Cooperative Federation, in January.
Mining is one of the sectors that have been identified for expansion as part of the Vision 2030 God established by Crown Prince Mohammed bin Salman. According to Al Arabiya, back in June, the Crown Prince announced national priorities for the research and development sector. In May, the Kingdom’s Ministry of Industry and Mineral Resources outlined a plan to attract $32 billion investment in the mining sector.
