Saudi Arabian Mining Co. has signed a memorandum of understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD) to support small and medium enterprises (SMEs).

 

The MoU is also aimed at contributing to the economic empowerment program and adopting infrastructure that supplement the mining sector, the Saudi Press Agency (SPA) reported on Thursday, citing Khalid Al Mudaifer, Maaden's president and chief executive.

 

A study will be conducted on launching a fund to finance SMEs operating in the mining sectors and the related industries.

 

The new agreement comes as part of Maaden’s efforts to enhance the mining sector and boost its contribution to the Kingdom’s gross domestic product (GDP), Al Mudaifer added. 

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