Ministry of Industry studies to set up metals stock exchange: Report

The Ministry of Industry and Mineral Resources is in talks with the Ministry of Commerce, the Capital Market Authority (CMA) and businessmen to study a new metals and mining stock exchange in Saudi Arabia, Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources, told Al-Eqtisadiah newspaper.

Driven by the Kingdom’s mineral resources, exploration license applications of major foreign firms, which represent about 25% of mining applications, saw an increase.

In November 2022, Minister Bandar Alkhorayef said that Saudi Arabia is considering a new mining index and mining stock exchange, Argaam earlier reported.

Alkhorayef met with his counterparts in Sydney to learn more about the mining index, similar to Australia’s ASX 300 Metals & Mining sub-index that lists metals and mining firms including producers of gold, steel and precious metals.