According to media reports, the Saudi Ministry of Industry and Mineral Resources has brought forward an initiative to tender eight mining complexes. The aim is to attract foreign investment, foster local growth and enhance transparency.
Six of the complexes are located in the Eastern Province (Al-Ghunan, Al-Suman, Al-Misnah, Ras Al-Qaryah, Eastern and Western Salwa) and two more in the Riyadh Region (Al-Armah and Hofayrat Nesaah). The Eastern Province complexes contain gravel, sand, and other building material. The Riyadh sites contain limestone ore, sand, and other substances.
The mining sector is currently being developed in Saudi Arabia and certain other MENA countries. In 2020, the Saudi government updated its mining investment law in order to establish a long-term mining system that enhances workers protection and reduces environmental damages. The country is expected to have a relatively large reserve in rare earth minerals which makes it interesting for investors from all over the world.