Riyadh - Sharikat Mubasher: The Saudi mining sector was recognized as the fastest-growing regulatory and investment-friendly hub globally over the past five years, according to a recent report.

The World Risk Report 2023, released by Mining Journal Intelligence MineHutte, stated that Saudi Arabia ranked the second highest country in the Permitting Index globally, as the Kingdom witnessed a 138% surge in exploitation license issuance since implementing the new Mining Investment Law in 2021.

The Kingdom has also advanced in the legislative and regulatory framework metric, emerging as a top-tier mining jurisdiction for investment in the world.

The report further stated that Saudi Arabia was ranked among the top 10 countries for fiscal risk mitigation globally, driven by the significant progress it achieved in the financial policies index.

Khalid Almudaifer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, affirmed that this global ranking reflects the Kingdom’s efforts to upgrade the mining sector over the past five years.

“In line with Vision 2030, the Ministry of Industry and Mineral Resources has been working to establish the mining sector as the third pillar of its industrial economy and believes that it offers a myriad of opportunities for investors,” Almudaifer added.

He stated that the Kingdom represents a unique mining and mineral sector value proposition.

Meanwhile, Emma Beatty, Chief Operating Officer and Research Director at MineHutte, stated that the transformation in the Saudi mining sector has been the most prominent at both regional and international levels over the past five years.

“The reforms in the regulatory, legislative, and infrastructural frameworks are the main reasons behind its substantial progress in the international ranking,” Beatty added.

MineHutte is a global risk rating and analysis firm that empowers companies to navigate the complexities of legal and regulatory risks. Its comprehensive database provides access to over 100 mining codes.