Commenting on today's Saudi Cabinet approval of the Mineral Investment system, Ali bin Ibrahim Alnaimi, the Minister of Petroleum and Mineral Resources, said the new system was drafted within the state's economical policies and that it aims at exploiting the Kingdom's resources. He vowed that the decision will have positive effect on the growth of mineral industry in the Kingdom. He said the system, which took more than three years to come out, is a result of thorough study and experiments of Saudis and others. Highlighting the system, Alnaimi said it simplifies measures, facilitates the issuance of mineral licenses, gives more room for more investors, protects mineral wealth of the country, offers fair treatment for foreign investors, and exempts equipment and spare parts for the project.
