Mining Incubator Nuthree Launched in Saudi Arabia
In a groundbreaking move, Nuthree, an exploration incubator initiative for entrepreneurship in geology and mining, has been unveiled at the Saudi Geological Survey’s headquarters in Jeddah.
The project aims to revolutionize the way resources are developed in the Kingdom, with a focus on positioning mining as a key source of income alongside petroleum and petrochemicals.
CEO Abdullah Al-Shamrani of the Saudi Geological Survey emphasized the importance of this initiative in light of Saudi Vision 2030 and the National Industrial Development and Logistics Program, which are driving growth and prosperity under King Salman and Crown Prince Mohammed bin Salman.
Al-Shamrani highlighted the collaboration with the Ministry of Industry and Mineral Resources and the Small and Medium Enterprises General Authority to empower investors in the mining sector and establish a sustainable exploration environment utilizing the Kingdom’s vast resources.
Nuthree is set to enhance geological knowledge and serve as a hub for small-scale investors and explorers, supporting the localization of exploration activities for both local and foreign companies operating in Saudi Arabia.
The Saudi Geological Survey is rapidly gathering information to attract more investors, conducting comprehensive surveys of the Kingdom’s sedimentary cover and the Arabian Shield.
The primary goal of the Nuthree incubator is to support and localize exploration activities, providing investors with professional guidance and practical assistance across various geological fields.
Abdulrahman Al-Balushi, undersecretary of the Ministry of Industry and Mineral Resources, emphasized the importance of exploration as the starting point for the mining process, highlighting the Kingdom’s focus on supporting small and medium-sized enterprises through partnerships with the public and private sectors.
The Ministry has already granted licenses to 500 private sector companies to explore ores in base metals and precious metals, with a focus on materials crucial for the Kingdom’s economy such as nickel, lithium, zinc, and copper.
The Nuthree incubator aims to provide expertise in geology and mining to support small and medium-sized enterprises in the Kingdom, offering technical courses, site visits, and knowledge sharing opportunities with industry experts.