Gulf to open up mining sector

GCC oil producers are searching options to establish their mining sector to citizens of any member country as a long-term investment in line with their 27-year-old agreement to merge their economies.

The sources informed that minerals officials from the six Gulf Co-operation Council (GCC) countries have met in the southern Omani resort of Salalah to discuss a draft law enabling their nationals to pump in the mining sector in any member state.

The GCC states - the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman - control nearly 45% of the World's proven oil deposits and more than a fifth of the worldwide gas reserves.

Industry officials informed that the new mining law would mainly benefit Saudi Arabia and Oman. Both countries have some deposits of iron ore, lead, copper, chrome and zinc.

As per reports in media, GCC nations inked a landmark agreement in order to merge their economies a year after they created their political, defence and economic alliance in May 1981.