Saudi Arabia awards exploration licenses for mineral resources

Saudi Arabia has granted exploration licenses worth SR366 million ($97.5 million) for two mineral belts at Jabal Sayid and Al-Hajjar, covering a combined area of 4,788 sq. km. The licenses were awarded to various companies including Ajlan and Bros-Norin for Mining and a consortium involving Hancock Prospecting. The exploration investment from winning companies is expected to exceed SR366 million over three years, with additional funds pledged for community development. Saudi Arabia aims to diversify its economy through mining as a key pillar in line with Vision 2030.