The Saudi Geological Department tweeted that the recent discoveries could attract foreign investment in the mining industry. The Ministry of Industry and Mineral Resources announced in June that the kingdom would invest $32 billion in mining.
Officials in Saudi Arabia have confirmed the discovery of huge deposits of copper and gold in Medina, the holy city of the Islamic Prophet. The Saudi Geological Survey announced on Twitter that gold deposits were discovered in the Aba al-Raha locality of Medina, whereas copper deposits were discovered in the Wadi Al-Faraa region of the holy city.
In the official tweet, the department said that the new discoveries open up prospects for foreign investment. Al Arabiya reported that the new discoveries were expected to attract domestic and foreign investors to the region, which could enhance the kingdom’s economy.
According to local administration, the new discoveries are expected to create over 4,000 jobs, generating an expected investment of upwards of $533 million. The newly found deposits are likely to encourage qualitative progress in the mining industry, which could attract foreign investors. Currently, the kingdom has at least 5,300 mineral locations, including diverse metal rocks and other elements like construction materials, gemstones, decorative rocks, etc.
Mining is being promoted as an integral part of Saudi Arabia’s highly anticipated Vision 2030. Crown Prince Mohammed bin Salman announced in June that the kingdom would be prioritizing research and development in the mining sector. Following the announcement, the Ministry of Industry and Mineral Resources confirmed that the kingdom would be pouring $32 billion into an investment in the mining industry.
Medina is one of the two holiest cities for Muslims worldwide. The city holds the tomb of Prophet Muhammad (peace be upon him), the Masjid al Nabawi, and the famous Jannat ul Baqi Cemetery. Millions of Muslim pilgrims from across the globe visit the city every week, which makes the city one of the biggest tourist centers in the world. The discovery of the new sites will further the existing tourism, especially for those looking to invest in the holy city.