Will Saudi Arabia recent gold discovery provide a major boost to its economy ?

The worlds largest gold mine has revealed a huge amount of gold reserves, according to the National Bank of the United Arab Emirates (National Bank) reports on the latest discoveries in the Gulf state of Lebanon, Lebanese state media report. These are the first evidence that the country has produced more than one million ounces of Gold. But One of Saudi Arabia s most important gold mines could be worth millions of euros (1.6bn) for the world, and it is believed to be the biggest exporter of crude exports, as it prepares to increase its production capacity by 5% in 2023, the BBC has learned. The discovery has led to speculation that it might be an important regional producer of oil, but it has been linked to an exploration programme that aims to attract foreign direct investment in developing nations to boost its economy and invest in oil and gas - and would be one of its most valuable mining sites across the Middle East, with the possibility it can emerge as the most significant source of this ore enriched by the oil industry, writes the New York Times. But what does it mean for those who are expected to get their crown when it comes to gold, is not being treated as an oil producer, or another major regional production of it? Why is it likely to come into force in its first gold acquisition programme? What is the chance to see it becoming the richest country to produce gold and oil in future?

Source: thenationalnews.com
Published on 2024-01-07