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Thursday, December 26, 2024 21:22 GMT
Saudi Arabia has launched a competitive bidding process for 22 gravel and sand quarry sites to ensure a steady domestic supply of essential materials to support the country’s expanding construction sector.The Ministry of Industry and Mineral Resources announced on Sunday that the sites are located in the Eastern Province and the Tabuk region.The ministry stated that 10 of these sites are located in the Eastern Province, including five gravel licenses at the Al-Masnah Crushers Complex northeast of Hafar Al-Batin and five ordinary sand licenses at the Northwest Salwa Complex. Additionally, 12 gravel licenses are available at the South Wadi Amq Complex, situated southeast of Haql in the Tabuk region.This initiative is part of Saudi Arabia’s broader plan to develop its mining sector into a third pillar of its industrial base, alongside oil and petrochemicals.The Kingdom is home to more than 5,300 mineral sites, estimated to be worth approximately SR5 trillion (US$1.33 trillion), and the Ministry of Industry and Mineral Resources is focused on tapping into these resources to drive economic growth.To this end, the government has launched the Accelerated Exploration Program, which aims to effectively harness the Kingdom’s mineral wealth and support the development of the mining industry. This initiative aligns with Saudi Vision 2030 and the National Industrial Development and Logistics Program.Applications for the quarry site licenses will be accepted from Dec. 10-19. Interested investors can visit the “Taadeen” platform for more details.The competition will unfold in four stages: meeting qualification requirements, announcing qualified competitors, bidding on the sites, and revealing the winning bidders. This process is designed to ensure transparency and uphold high standards within the mining sector’s investment environment.Last month, the ministry awarded 11 mining exploration permits to local and international companies for six exploration sites. These sites, covering a total area of 850 sq. km in Riyadh, Makkah, and Asir, were granted through a competitive licensing process aimed at strengthening the country's mineral sector.The competition for exploration rights concluded with one national company and five alliances comprising 10 local and international firms securing permits. The ministry emphasized that these efforts are crucial for maximizing the value of Saudi Arabia’s mineral resources and positioning mining as a key pillar of the Kingdom’s economic future.