Saudi 2019 budget allocates SAR 33 bln for energy, mining: Al-Falih

Saudi Arabia’s 2019 budget has allocated SAR 33 billion for the energy, industry, mining and logistics sectors, Energy Minister Khalid Al-Falih said in a tweet on Wednesday.

The amount allocated is three times more than the previous budget, he added.

Al-Falih also indicated that the Kingdom is working on a new system that will shorten the mining licensing time to maximum 60 days.

“The new licenses are currently subject to the approval of more than 12 state entities, and they may take four years to be finalized,” Al-Falih noted.

On Tuesday, the Kingdom released its largest budget in history, projecting a record spending of SAR 1.106 trillion, an increase of 7.3 percent year-on-year.