Saudi Arabia secures $32 billion in mining investments
Mining expected to boost GDP contribution from $17 billion in 2024 to $75 billion by 2030 under Vision 2030 strategy
RIYADH, Saudi Arabia (MNTV) — Saudi Arabia has attracted over $32 billion in mining investments as part of its wide-ranging reforms to transform the sector into a cornerstone of the national economy, according to a senior government official.
Vice Minister of Industry and Mineral Resources for Mining Affairs, Khalid Al-Mudaifer, revealed the figure during an interview with Asharq Business, noting that the investments cover ongoing projects in iron, phosphate, aluminum, and copper.
The total represents nearly one-third of the Kingdom’s $100 billion investment target for the mining industry by the end of the decade, reported Arab News.
“The Kingdom has already secured $32 billion in mining investments, with active projects underway in strategic minerals,” said Al-Mudaifer.
Saudi Arabia aims to increase the mining sector’s contribution to the national gross domestic product from $17 billion in 2024 to $75 billion by 2030.
In 2023, the industry generated $400 million in revenue, bolstered by a long-term roadmap that targets $100 billion in total investments by 2035 to unlock critical mineral resources.
Al-Mudaifer noted a sharp rise in exploration activity, with spending increasing fourfold since 2018 to reach $100 per square kilometer—an annual growth rate of 32%, far exceeding the global average of 6–8%.
The number of exploration companies operating in the Kingdom has surged from just six in 2019 to 132 today, with around 60% categorized as small and medium-sized enterprises.
Foreign firms currently account for approximately 70% of mining companies operating in Saudi Arabia, he added.
The Kingdom is estimated to hold mineral reserves worth over 9.37 trillion Saudi riyals ($2.5 trillion).
The government aims to make mining the third major pillar of the national economy, alongside oil and petrochemicals, as part of its Vision 2030 diversification strategy.
Speaking at the Egypt Mining Forum 2025 in Cairo, Al-Mudaifer also highlighted the Kingdom’s rapid transformation in mining and outlined key investment opportunities to regional and international stakeholders.
In January, Minister of Industry and Mineral Resources Bandar Alkhorayef announced upcoming exploration tenders covering 5,000 square kilometers of mineral-rich land during the Future Minerals Forum in Riyadh.
To support foreign direct investment, Saudi Arabia introduced a new incentive package in March.
Under this initiative, the Ministry of Investment and the Ministry of Industry and Mineral Resources launched an exploration enablement program aimed at streamlining procedures and creating a more investor-friendly environment.
The reforms are part of a broader push to position Saudi Arabia as a leading global destination for mining investment and exploration.
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