Page 32 - Bullion World Volume 3 Issue 11 November 2023

Bullion World | Volume 3 | Issue 11 | November 2023

Libya's Gold Exports and Mining responsible extraction and equitable landscape, Sudan's burgeoning
Sites benefit-sharing. Key laws include Law gold industry, Libya's impressive
Despite its substantial gold reserves, 443 of 2006, which mandates that gold reserves, and the United Arab
Libya exports over $230 million worth foreign companies must have a local Emirates' role as a global gold hub,
of gold. The main destinations for partner holding at least 35% of their these nations have enriched the
these exports are the United Arab joint venture. Law 2 of 1971 regulates Middle East in their own distinct ways.
Emirates and Turkey, reflecting the mining and quarrying activities, while The region's remarkable diversity is a
country's commitment to participation Decree No. 151 created the Libyan testament to the multifaceted nature
in the global gold market. Mining Company in 1996. Law 5, the of the Middle East, showcasing its
Encouragement of Foreign Capital immense potential for growth and
Libya's gold can be found in various Investment Law of 1426 (1997), development. This comprehensive
mining sites. The Tibesti Mountains enables the mining and oil sector. profiling serves as a valuable
on the border with Chad are known Additionally, Law 25 of the Petroleum resource, illuminating each country's
for their gold mines. The Kouri Law of 1955 facilitates the mining paths and the intricate threads that
Bougoudi district, the largest goldfield and oil sector, emphasizing Libya's weave the Middle East's intricate
in northern Chad, straddles the dedication to responsible mining fabric, contributing to the collective
Libyan border and is home to several practices. narrative of this vibrant and complex
mining sites. In 2021, Libya's Ministry region.
of Economy and Trade granted gold In exploring seven diverse countries
mining rights to the Blue Castle within the Middle East, we unveiled
Mining Company, further promoting the region's tapestry, shedding light
gold mining in the country. on their unique characteristics,
resources, and global contributions.
Regulatory Framework for Gold From the rich mineral wealth of Saudi
Mining Arabia, to Turkey's cultural affinity
Libya has established laws to regulate for gold, the historical legacy of
gold mining in the country, ensuring Egypt, Iraq's complex geopolitical

The article "Gold in the MENA Region: A Profile of Gold Markets in Saudi Arabia, Turkey, Egypt, Iraq, Sudan,
Libya, and the UAE" provides a detailed overview of seven countries in the Middle East and North Africa (MENA)
region. It highlights their unique contributions to the region's dynamics, covering diverse aspects such as gold
mining, resources, production, exports, local demand, taxation, and mining regulations. These countries' roles
in shaping the MENA region are explored comprehensively, shedding light on their characteristics and shared
influences. It is a valuable resource for gaining a deeper understanding of the Middle East's complexities and
potential.

This comprehensive country profile is an indispensable guide for policymakers, investors, scholars, and anyone
interested in the MENA region. Delving into each country's distinct features and challenges offers valuable
insights into the region's socio-economic landscape. The article also underscores the importance of responsible
mining practices and regulatory reforms in these nations, which play a pivotal role in diversifying their economies
and promoting sustainable growth. Whether you are intrigued by Saudi Arabia's golden prospects, Turkey's
cultural affinity for gold, Egypt's rich historical legacy, Iraq's evolving geopolitical landscape, Sudan's growing
gold industry, Libya's impressive gold reserves, or the United Arab Emirates' role as a global gold hub, this
article offers a holistic view of the Middle East's diverse dynamics and their collective impact on the region's
future.

Disclaimer: The article is a pure compilation of data and information from publicly available information on the internet.
Information shared on the country-wise mining laws and rules might have been superseded with updated / new ones.
Readers to do their due diligence.

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