Page 23 - Bullion World Volume 3 Issue 11 November 2023

Bullion World | Volume 3 | Issue 11 | November 2023

Gold in the MENA Region:

A Profile of Gold Markets in Saudi Arabia,

Turkey, Egypt, Iraq, Sudan, Libya, and the UAE"

The MENA region has unparalleled heritage of Egypt and the rich mineral mineral resources to Egypt's rich
historical and geopolitical significance wealth of Sudan and Libya, this cultural legacy, Iraq's geopolitical
and encompasses a mosaic of profiling will navigate through the complexities, and the intriguing gold
countries with unique cultural, diverse landscapes, industries, and reserves of Libya. Together, these
economic, and political dynamics. geopolitical contexts of Saudi Arabia, profiles will paint a vivid picture of the
This comprehensive country Turkey, Egypt, Iraq, Sudan, Libya, Middle East's multifaceted nature,
profiling delves into seven nations, and the United Arab Emirates (UAE), providing a valuable resource for
providing an in-depth exploration of offering a holistic view of their roles in understanding the nuances and
their distinctive characteristics and shaping the Middle East. potential of this dynamic region.
contributions to the region's tapestry.
Each of these nations holds a vital
From the economic powerhouse place in the broader context of the
of Saudi Arabia to the ancient gold region, from Saudi Arabia's extensive

Saudi Arabia

Topic Key Points

Saudi Gold Mining - 18% of Saudi's minerals are gold, mainly from copper mining.
Resources - Abundant minerals include gold, silver, copper, zinc, and more.
Gold Production - Growing gold production, 26th globally, with 60 million ounces reserves.
Exports - Exports to UAE, Switzerland, India, Australia, and Malaysia.
Local Consumption - Rising local gold and jewellery market, set to reach $7.06 billion by 2027.

Taxation Rules - Tax exemptions for high-purity gold, 5% VAT for others, 15% for some jewellery.
Mining Law - New 2020 mining law aims to diversify the economy and promote the sector.

Oversight - Ministry of Industry and Mineral Resources oversees the Mining Investment Law.

Shining Bright: Saudi Arabia's mining landscape. SAMC operates limited to gold; it's home to the largest
Golden Prospects in Mining under the flagship of the Saudi mineral deposits in the Middle East.
In the heart of the Arabian Peninsula, Arabian Mining Company (Ma'aden), The western expanse, the Arabian
Saudi Arabia's gold mining industry is with three strategic business units Shield, is a veritable goldmine
making waves, accounting for 18% dedicated to phosphate, aluminium, housing gold and silver, copper, zinc,
of the nation's total mineral wealth. and gold mining. Ma'aden's Gold chromium, manganese, tungsten,
While gold is the glittering prize, it's and Base Metals Company (MGBM) lead, tin, aluminium, and iron. Several
unearthed mainly as a by-product produces and sells gold, copper, gold mines dot the landscape,
of copper mining, managed by the silver, and zinc. including Sukhaybarat Mine, Al
Saudi Arabian Mining Company A Wealth of Resources Masane Mine, As-Suq Mine, and the
(SAMC), a giant in the Middle East's Saudi Arabia's treasure trove isn't ambitious Jabal Sayid Project.

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