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Tuesday, 15th February 2005 (3890 views)

Saudi Arabia is looking to attract foreign companies to search for gold and other precious metals.<br/><br/>Hoping to boost the production of gold, a code was passed last month to stimulate foreign investment in mining, according to the Financial Times.<br/><br/>It is hoped mining can grow to become a key player in its economy, along with petrochemicals and hydrocarbons.<br/><br/>Previously foreign companies would have been restricted by financial restraints, but now they should have more freedom to invest as they wish.<br/><br/>Abdullah Dabbagh, president and chief executive officer of Ma'aden, the state-owned Saudi mining company, has welcomed the move.<br/><br/>He hopes that $7 billion worth of projects planned by the company will help to create tens of thousands of jobs in the area.<br/><br/>In addition, Ma'aden has set up four businesses, for gold, phosphate, aluminium and industrial metals, to offer greater flexibility for the area.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7810697"/>

 

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