https://arab.news/y2dsr
At last month’s International Mining and Resources Conference and Expo in Sydney, Khalid Al-Mudaifer, Saudi Arabia’s vice minister of industry and mineral resources for mining affairs, delivered a compelling address that highlighted the Kingdom’s transformative journey in mining under Vision 2030. He emphasized how Saudi Arabia’s mining sector has evolved from a domestic industry into a globally integrated powerhouse of sustainable growth and investment. Saudi Arabia’s expanding presence on the global mining stage reflects its commitment to harnessing natural resources as a cornerstone of its industrial future, positioning mining as a pillar of its next phase of economic development.
The mining sector in Saudi Arabia is growing rapidly, driven by $2.5 trillion in mineral wealth. With an ambitious goal of attracting $98 million in foreign investment for mineral exploration, Riyadh has committed about $182 million in incentives through 2030, while exploration spending exceeded $280 million in 2024. The number of active exploration companies increased from six in 2020 to 226 in 2024, marking a 38-fold growth fueled by robust investor interest. These notable developments have caught the attention of global mining giants, with foreign investors now making up 66 percent of total license bidders, compared to 34 percent from local players, across eight tender rounds.
