RIYADH: Saudi Arabia’s mineral exploration spending has jumped to SR487 ($130) per sq. km, more than double its Vision 2030 target of SR200, signaling the Kingdom’s push to become a global mining hub, a senior official said.
In an interview with Saudi newspaper Al-Eqtisadiah, Abdullah Al-Shamrani, CEO of the Saudi Geological Survey, said the Kingdom’s mineral exploration expenditure index has risen 600 percent over the past seven years.
He attributed the jump to an accelerated geological survey and exploration program in the Arabian Shield, supported by government funding and matched by private sector investment.
“In 2018, the exploration spending index in Saudi Arabia was about SR80 per sq. km, while the Vision’s target was to raise the index to SR200 per sq. km,” Al-Shamrani told Al-Eqtisadiah.
Spending reached SR226 per sq. km in 2023, already surpassing the Vision 2030 goal, before climbing to the current SR487.
