RIYADH: Mining firms operating in Saudi Arabia should implement disciplined financial planning, transparency, and cost ownership in their operating model to reap long-term benefits, according to an analysis.
In its latest report, professional services firm Alvarez and Marsal said the Kingdom’s mining and minerals industry is poised for sustainable long-term growth with committed investments worth SR246 billion ($65.55 billion) supporting the sector.
The study was released just days after the Kingdom’s ranking on the Mining Investment Attractiveness Index jumped from 104th in 2013 to 23rd in 2024, cementing the nation’s status as the world’s fastest-rising power in the exploration industry, according to Canadian public policy think tank Fraser Institute.
As a part of its economic diversification efforts, Saudi Arabia is accelerating the development of its mining sector, with the Kingdom’s mineral wealth now estimated at SR9.4 trillion ($2.5 trillion).
Commenting on the latest report, Alexander Shvets, managing director, infrastructure and capital projects – metals and mining at Alvarez and Marsal Middle East, said: “Saudi Arabia’s mining sector is now central to the Kingdom’s economic transformation.”
