RIYADH — Minister of Industry and Mineral Resources Bandar Alkhorayef said that the executive regulations of the Mining Investment Law, which came into effect on Jan. 1, will further stimulate investments and exports in the Saudi mining sector. "There are several positive advantages to be derived from the new regulations and they will reflect on investors and the investment environment in the long run," he said. The minister approved the executive regulations of the Mining Investment Law, to include all the procedures, controls and requirements necessary to implement the law in a manner that achieves the goals of Vision 2030, and the National Industrial Development and Logistics Vision Realization Program. Alkhorayef said in a statement that the regulation will lead to achieving many benefits that contribute to the development of neighboring regions of mining projects, such as employing people from these areas in mining projects, raising the percentage of purchases from the local market, and developing plans for effective communication networks in the zones surrounding the project. The regulations include environmental management plan that presents a study of the expected environmental impacts, and the rehabilitation and closure plans of the exploited mining sites. According to Alkhorayef, the positive effects of the new regulations include regulating the export of mineral ores, stimulating investment in value chains for mineral resources, developing control procedures to support regular investors who hold licenses, and raising the efficiency of licensing procedures. It also includes making the licensing procedures completely electronic, and specifying periods for decision, in addition to raising the level of transparency by publishing records related to licenses, and providing information and data for mineralized sites. The minister said that the issuance of the executive regulations comes as a fundamental step towards developing the mining sector. "The executive regulations achieve, in general, the governance of the sector, enhancing transparency, and increasing investor confidence in it, in addition to achieving the elements of sustainability for the sector, through the great attention it has paid to preserving the environment, health and occupational safety, besides stimulating local communities to participate in the growth tracks of the mining sector," he said. The preparation and review of the executive regulations has been completed through a number of steps that followed the approval of the Mining Investment Law by the Council of Ministers in June 2020. The steps included seeking the support of international and local expertise houses, as well as reviewing and harmonizing with relevant governmental and private sector institutions, with the aim of achieving the interests of the State on the one hand, and the interests of investors and beneficiaries on the other hand.
