The Saudi Arabian Cabinet has approved a new mining investment law which includes a new fund to provide sustainable finance for the sector as well as support for new geological survey and exploration programs.

Saudi Arabia Industry and Mineral Resources Minister Bandar Alkhorayef called the law a strategic initiative that will boost the mining sector’s contribution to gross domestic product by over SR240bn ($64bn), reduce imports by SR37bn, and create 200,000 direct and indirect jobs by 2030.