Investors in the mining sector in Saudi Arabia registered SR15 billion revenues last year, with a net profit of SR4.5 billion, Sultan Bin Jamal Shawli, deputy minister for mineral resources, told Saudi Gazette after the inauguration of the MENA-EX 2009 - International Exhibition and Forum for Mineral Exploration and Applications at Jeddah Hilton on Sunday night. Asked about the mining scene 10 years ago, and now, he said there is no comparison. “Five years ago, we used to have only 500 licenses, and now we have 1,406 licenses covering more than 135,000 square kilometers. So, it is three times, and we expect more in the coming years,” Shawli said. The opening was attended by Dr. Zuhair Abdul Aziz Nawab, chairman of the Saudi Geological Society (SGS), and Dr. Abdullah Dabbagh, president and CEO of the Saudi Arabian Mining Company (Ma'aden). Shawli said that the total investment in the mining sector is more than SR40 billion and it is growing. He stressed that care is taken to safeguard the environment. “The Mining Investment Code includes provisions to safeguard the environment and minimize negative effects from mining activities to the environment,” he said, and added, “The ministry conducted 600 field trips in 2008 to investigate mining activities and ensure that license holders adhere to technical and environmental guidelines.” He said that MENA-EX is number one in the Kingdom. More than 100 companies in mining and related businesses in this area are participating. “The reason for inviting these companies here is to showcase the opportunities that are available in the Kingdom, which will not only generate investments, and create jobs, but also help in the transfer of technology to miners in the Kingdom,” the minister said. Dabbagh said the event brings together companies and stakeholders, and Ma'aden is pleased to extend its support to local and foreign companies. He said that mining did not have strong influence until about 12 years ago when SGS was established, and mining was regulated with new laws. “It is a promising sector, contributes to the diversification of the economy, provides incentives to subsidiaries in the sector and jobs for Saudis.” __
