Saudi Arabia has announced plans to invest SR375 billion in its mining sector by 2035, with SR75 billion already committed to ongoing projects. The initiative is part of the Kingdom’s efforts to position itself as a global leader in mining and manufacturing.
Deputy Minister of Industry and Mineral Resources for Mining Affairs, Eng. Khalid Al-Mudaifer, made the announcement during the BMO Global Metals, Mining, and Critical Minerals Conference in Miami. He emphasized that the investment aligns with Saudi Arabia’s Vision 2030, which aims to diversify the economy and reduce dependence on oil.
Mining has been identified as a key pillar of industrial growth under Vision 2030, prompting regulatory reforms, national programs, and private-sector incentives. The value of the Kingdom’s mineral wealth has surged from SR5 trillion to SR9.3 trillion, reflecting its vast untapped resources.
Saudi Arabia has also ramped up exploration efforts, with the number of exploration companies increasing from six in 2020 to 133 in 2023. The government has spent SR1.33 billion on exploration, with annual spending growing by 32%—well above the global average of 6-8%.
With global demand for critical minerals rising, Saudi Arabia aims to become a key supplier, fostering international partnerships and attracting major investors. The sector is set to play a crucial role in the country’s economic transformation, driving job creation and industrial expansion.
