Riyadh – A webinar has recently been hosted to promote the second licensing round at Umm Ad Damar site for investors from New Zealand.
During the webinar, the investors learned about the Kingdom of Saudi Arabia’s geological and minerals database, as well as the success story of the Khnaiguiyah site, being one of the first investments promoted by the Kingdom.
Held after putting out Umm Ad Damar site for bid to local and international investors, the webinar is a collaboration between the ministry, the Ministry of Investment and New Zealand Embassy in the Kingdom.
The opening remarks of the webinar were delivered by Deputy Minister for Mining Development at the Ministry of Industry and Mineral Resources, Musad Abdulaziz Al-Daood and the Trade Commissioner at New Zealand Trade and Enterprise, Ahmad Zakkout. Both speakers highlighted the vast and untapped unique potential of the Saudi mining sector and briefed the attendees about the second licensing round at Umm Ad Damar site.
The webinar also emphasized the conducive and favorable investment climate and the Saudi new mining investment law, which provides transparency, clear and fair legislation for investors and optimizes the value of the mineral resources, estimated at 1.3 trillion dollars. The webinar underscored the minerals that expedite a seamless transition to clean energy.
The webinar underscored the significance of Umm Ad Damar site, which encompasses more than 40 square kilometers and contains copper, zinc, gold, and silver. The site is located 300 kilometers northeast of Jeddah and 25 kilometers northwest of Mahd Althahab town on Jabal Al-Sayid Belt in the Jeddah Geological terrane.
At the end of the webinar, enablers and benefits available for investors across many industries, particularly mining, were explained with emphasis on their role in attracting lucrative investments and tapping into mineral resources across the country.
The ministry previously announced that it had opened the prequalification stage for the exploration license tender round for the Umm Ad Damar site in the Madinah Region, as part of the “Accelerated Exploration” initiative, which is a giant step toward the utilization of the Kingdom’s rich mineral resources through the new investment law.