Saudi Arabia has vast mineral resources which, remained largely untapped for decades. However, as the country attempts to diversify its economy and revenue stream away from its reliance on oil, mining has taken on more importance as a growth driver. This process began in 1997 with the establishment of the state-owned Saudi Arabian Mining Company (Ma’aden) and was followed in 2004 by the introduction of a revised mining code, which aimed to encourage greater investment in the sector. Today, mining features heavily in the Kingdom’s Vision 2030. Highlighting the importance being given to mining as the third pillar of the Saudi economy, the Ministry of Petroleum and Mineral Resources has been reorganised, resulting in the formation of the Ministry of Energy, Industry and Mineral Resources.
Geotech as a national company looking to invest in the mining sector applying for mining licenses of some strategic minerals.