Mineral policy in the Gulf Cooperation Council (GCC) countries: The case of Saudi Arabia

This research paper intends to review the mineral development and investment policies of Saudi Arabia. The formulation of mining policies that will attract foreign investment must address conventionally acknowledged investor concerns and some new challenges. Issues that have been extensively examined in the paper include country's characteristics such as geological, political, financial, regulatory, operational, fiscal, social and envi-ronmental, and profit and marketing criteria. Once these criteria are analyzed for Saudi Arabia, they have been compared to the GCC region to provide insights of possible changes and improvements to both the GCC and Saudi Arabia mineral policy. For some time, Saudi Arabian's mineral policies were not favorable for developing the country's mineral sector, but mineral policies are now being changed to address aspects that need improvement. With better mining regulations in place; more efficient regulatory agencies; more liberal foreign investment regulations; a competitive tax system; upgraded infrastructure; a greater availability of excellent local expertise and skills; as well as a stable economic and political system, this will position the GCC as an excellent place to invest in mining and create more economic diversity for the whole region.