Unprecedented boom in the Saudi mining sector
The Ministry of Industry and Mineral Resources announced that the mining sector in Saudi Arabia achieved record growth in the number of new mining licenses, registering a 220% last year compared to the previous year. This remarkable surge reflects the attractiveness of the Kingdom's investment environment and the government's ongoing efforts to develop this vital sector.
Mining as a cornerstone of Saudi Vision 2030
This development comes within the context of the comprehensive economic transformation led by Saudi Vision 2030 , which aims to diversify national income sources and reduce dependence on oil. The mining sector has been identified as the third pillar of national industry, alongside the oil and petrochemical sectors. The value of the Kingdom's untapped mineral resources is estimated at more than SAR 9.4 trillion (USD 2.5 trillion), opening up vast opportunities for investment and growth.
Growth details in numbers
The ministry spokesperson explained that 61 last year, compared to only 19 the previous year. He added that the expected investment in these new projects exceeds 44 billion riyals and aims to exploit high-quality mineral resources, including gold, phosphate, copper, zinc, and other strategic minerals.
With these new releases, the total number of valid mining exploitation licenses in the Kingdom has risen to 275, covering a total area of more than 2,160 square kilometers, indicating an acceleration in the pace of exploration and production activity across the country.
Expected economic and developmental impact
The impact of this growth extends beyond financial figures to encompass multiple developmental aspects. Domestically, these projects are expected to create thousands of direct and indirect jobs, develop remote areas, and localize advanced technologies in the mining sector. Regionally and internationally, this boom reinforces Saudi Arabia's position as a leading regional hub in the mining industry and a key player in global mineral supply chains, particularly those essential for renewable energy and advanced technologies. This progress is reflected in the Kingdom's improved ranking in the Fraser Institute's Mining Investment Attractiveness Index, where it jumped from 114th place in 2013 to 23rd globally.
A promising future thanks to legislative reforms
The Ministry affirmed its commitment to facilitating mining investments and streamlining the process for both local and international investors. This is being achieved through the development of regulations and legislation, the provision of integrated infrastructure, and the availability of accurate geological data. These efforts aim to maximize the utilization of the Kingdom's mineral resources, thereby serving the goals of sustainable development and supporting the ambitious economic transformation outlined in Vision 2030.
