New Saudi Arabia announced the discovery of a new site for gold and copper ore deposits in the holy city of Medina.

In a Twitter post, Saudi geological survey informed that the discovery of gold ore was within the boundaries of Aba al-Raha, in the Medina region. Copper ore was also found in four locations in the Al-Madiq area in the Wadi Al-Faraa region in Medina, officials said.

With our discovery, we open more prospects for promising investment opportunities for the world,” wrote a royal geological survey on social media.

According to a report by Al Arabiya, new discoveries are now expected to attract local and international investors and in turn, contribute to national economic development. Officials believe that the newly found site has an expected investment of $ 533 million, and is also expected to produce around 4,000 jobs.

The new discovery will be a qualitative leap for mining in the kingdom, and opens more prospects for promising investment opportunities, analysts said, according to outlets.

Saudi Arabia is home to more than 5,300 mineral locations, Professor Abdulaziz Bin Labon, Chair of the Saudi Geology Cooperative Association in January, added that this includes diverse metal and non-logs, building materials, decorative rocks and gemstones.

Mining is one of the sectors that has been identified for expansion as part of the vision of 2030 Goad which was founded by the crown prince Mohammed bin Salman. According to Al Arabiya, in June, the crown prince announced national priorities for the research and development sector. In May, the Ministry of Industrial Resources and Minerals Royal outlines plans to attract $ 32 billion in investment to the mining sector.