The Foreign Investment Potential of the New Saudi Mining Regime: Making Mining a "Third Pillar" of the Saudi Economy
Article from: OGEL 4 (2006), in Roundup of Articles
Abstract
The Kingdom of Saudi Arabia (KSA) is not only well-endowed with abundant oil and gas reserves, but also with mineral resources. Now the Kingdom is opening up its mining sector to foreign investors with a view to making it "a third pillar" of its economy after oil and petrochemicals. In this spirit, a new Mining Investment Code, among other [structures], has been promulgated which vests title to minerals in the State and promises a lot to foreign investors. This paper looks at the Saudi Mining sector, discusses the concept of ownership of minerals under Islamic Law, and under the ...