Published on: Thursday, Thu, 24 Oct 2024 ● 2 Min Read
RIYADH, Saudi Arabia, Oct. 24, 2024 -- The Ministry of Industry and Mineral Resources (MIM) is inviting exploration and mining companies to participate in its 7th round of exploration licensing. The licensing round, consisting of 7 sites with a total area of more than 1070 sq. km, will be open for bidding from mid Of October, with Successful bidders set to be announced in December.
The sites up for auction include;
Interested investors are invited to view the Information Memorandum by visiting Ta'adeen website at https://taadeen.sa/en/mining-bids to access the data room for the sites.
Saudi Arabia offers several competitive incentives to support investors across various sectors and industries. These include 75% co-funding for capital expenditure (CAPEX), a five-year exemption on royalty fees, discounts of up to 30% for local downstream processing (with potential savings of up to 90%), a competitive 20% corporate tax rate, and the advantage of 100% foreign direct ownership.
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