Saudi Arabia will soon invite companies to vie for eight new mining sites as part of a drive to develop the industry and diversify its oil-reliant economy.

The Industry and Mineral Resources Ministry will soon launch a competition for the eight sites in the capital Riyadh and the Eastern region, the Arabic language daily Aliqtisadia said on Wednesday, quoting a Ministry statement.

The sites include two in Riyadh—Arma and Nasah, the statement said, adding that they contain limestone ore, sand and other substances. The five others are located in the  Eastern region, including Gonan, Musannat, Samman, Ras Al-Qarya, and Eastern and Western Salwa sites, which the statement said are rich in gravel, sand and other building materials.

The new mines are within a push by the Ministry to attract investment to the mining sector and boost non-oil revenue as part of an ambitious economic diversification scheme subbed “Vision 2030,” according to the statement.

Saudi Arabia, the world’s largest oil exporter, has awarded more than 2,000 mining permits to local and foreign firms since it introduced a new law three years ago to encourage investment in its mineral wealth, estimated at five trillion Saudi riyals ($1.33 trillion)

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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