The Australian Trade and Investment Commission (Austrade) says Saudi Arabia’s Vision 2030 will generate many business opportunities for Australian companies in the mining, equipment, technology and services (METS) sector.
The Middle Eastern country has a vast endowment of mineral resources, estimated to be worth more than US$1.3 trillion.
Austrade notes growth in the Kingdom’s mining industry has already created opportunities for Australian METS companies, particularly in sectors covering exploration and drilling; land and air surveying; mine infrastructure; mineral processing; mining consultancy; and education and training.
Government officials and delegates from around the world on the sidelines of this week’s Future Minerals Forum (FMF) tell Mining.com.au that education and training to be a major pillar of the upcoming opportunities for METS firms.
Austrade advisors in Saudi Arabia estimate further opportunities will emerge in the sectors that focus on digital technologies to improve mine productivity; quality and safety solutions; environmental services aimed at reducing environmental impact; and mine safety equipment and services.
FMF is organised by Saudi Arabia’s Ministry of Industry and Mineral Resources and is taking place from 13-15 January 2026. Mining.com.au has a team on the floor at the King Abdulaziz International Conference Centre and is also an official media partner.
In January 2023, Australian businesses first participated at FMF in Riyadh. The event focused on creating a responsible and resilient supply chain. The Australian Incitec Pivot (now called Dyno Nobel (ASX:DNL)) signed a joint venture (JV) agreement with Saudi entity Modern Chemicals Company (MCC) to develop a Technical Ammonium Nitrate (TAN) Plant in the Middle East.
Speakers at the 2023 Future Minerals Forum included representatives from BHP (ASX:BHP), Austmine, Lucid Motors, EV Metals, BHP Xplor, 3METechnology, and Indigenous Women in Mining and Resources Australia.
Australian METS companies have already been awarded contracts associated with Saudi’s 2030 Vision. These include projects in a range of areas, including the development of the NEOM smart city in Tabuk Province; battery metals for electric vehicles; and technologies that improve production efficiency and reduce emissions.
Saudi Arabia’s Vision 2030 identifies mining as a key component of the Kingdom’s industry strategy. Austrade says this will open major opportunities
Austrade, which helps grow Australia’s prosperity by delivering quality trade and investment services to businesses, notes prospects for commercial operations in Saudi Arabia are improving.
Saudi Arabia’s new Mining Investment Law that came into effect on 1 January 2021 provides a legal framework that supports a clear, transparent process for mining license applications and approvals.
The Saudi Government has begun issuing and renewing mining licenses through the Ministry mining electronic platform. The law aims to boost the mining sector’s contribution to GDP by more than $95 billion, reduce imports, and. create 200,000 jobs by 2030.
Key goals include a focus on good governance, transparency and clear-cut regulations; creation of a well-defined licensing system; boosting investor confidence; improving sustainability and environmental protection; and compliance with health and safety regulations.
The law also facilitates the establishment of a mining fund, which will provide sustainable finance for the sector, and support geological surveys and exploration programs.
During the next decade, Saudi Arabia is aiming to become a major new player in the global mining sector. The Kingdom has already launched one of the world’s largest geophysical and geochemical surveys to collect critical and valuable data, covering 600,000km2.
Major new mining industry
Mineral resources in the Kingdom are among the prominent economic sectors and the third pillar of its national economy. The geological diversity provides an abundance of natural resources, ranking it third among the top 10 countries globally in natural resource reserves, valued at more than US$34 trillion.
Saudi Arabia also has a diverse mix of mineral resources with almost 50 types of minerals, including 15 that have been identified as having economical potential to be exploited.
The region also hosts new discoveries of rare earth elements and transitional metals, and reports significant increases in phosphate and other minerals such as copper, gold, and zinc.
Saudipedia reports these results, announced at the International Mining Conference in 2024, are attributed to exploration and geological mining survey operations, through the issuance of exploration licenses for minerals.
The number of licenses quadrupled between 2021 and 2023, compared to the number of licenses issued during the six years prior to the introduction of the new Mining Investment Law, which almost tripled exploration spending to SAR180 per km².
While now being recognised for its abundant mineral resources, Saudi Arabia is one of the largest consumers of raw materials globally. The demand for construction-related materials such as iron, copper, and aluminum places it among the top 15 consumers of these raw materials globally.
The levels of infrastructure and construction positions the Kingdom as the eighth-largest consumer of concrete, sixth-largest of ceramics, the 10th largest consumer of glass, and fifth-largest of barite, bentonite, and calcium carbonate.
History of mining
Mining for natural resources in the Kingdom began in the early 1930s when the founding King Abdulaziz Bin Abdulrahman Al Saud directed American geologist Karl S Twitchell to explore oil and minerals.
In 1933, the Bureau of Mines and Public Works was established under the Ministry of Finance to oversee mining operations. And in 1935, an agreement was signed between the government and British-American companies, forming the Saudi Arabian Mining Syndicate, to operate the old mines in Mahd adh-Dhahab.
Almost a century later, Saudi Vision 2030 outlines ambitious plans to raise the value of mining operations. When launched in 2016, the direct and indirect contribution of the mining sector to the Kingdom’s GDP was estimated at $31.7 billion, which equates to some 265,000 jobs.
Under the strategy, the mining and minerals contribution to the Saudi economy is expected to triple and its contribution to GDP is projected to reach $103.2 billion by 2030.
Saudi Arabia’s mining strategy includes a list of 38 initiatives that aim to create a resilient mining industry built on a foundation of integrated value chains.
Write to Adam Orlando at Mining.com.au
Images: FMF26, Unsplash & Mining.com.au
