Saudi Arabia’s Vision 2030 has identified mining as the third pillar of its economy, alongside energy and industry.
With an estimated $2.5 trillion in untapped mineral resources and more than 45 identified minerals, the Kingdom is accelerating exploration, refreshing investment frameworks, and building integrated value chains to drive downstream processing and industrial diversification. Mining is central to Saudi Arabia’s economic transformation, designed to attract foreign investment, create jobs, and strengthen its role in global supply chains.
Against this backdrop, the Future Minerals Forum (FMF) has emerged as the flagship platform for convening the global minerals sector. Since its launch in 2022, FMF has grown into one of the world’s leading industry gatherings, held annually in Riyadh under the patronage of King Salman.
Speaking to Mining.com.au, Managing Partner at Oryx Global Partners, Paul Schaffer says that the event has continued to build momentum since its inception as a convening point for the global minerals sector, truly bringing the industry to Saudi Arabia.
“What stood out [this year] was the breadth of participation – from family offices and sovereign wealth funds to mining executives, financiers, service providers, and policymakers,” Schaffer says.
“It reflects the growing recognition that critical minerals sit at the intersection of geopolitics, industrial policy, and capital markets. The GCC’s (Gulf Cooperation Council’s) role as a neutral, well-capitalised hub for these conversations is becoming increasingly clear.”
Emerging investment themes: Energy transition and downstream growth
Schaffer explains that many of the discussions he took part in reinforced that “this is a pivotal moment for the sector, driven by energy expansion, transition requirements, and shifting geopolitical realities”.
It’s an interesting time for the industry – we’re coming up upon supply/demand imbalances as demand for critical minerals continues to grow, driven by the energy transition thematic, energy security, technological innovation, securing supply chains, and defense applications.
Another key theme that arose from FMF was a focus on building a thriving mining industry across the broader GCC, with a particular focus on building out the downstream, providing value-add for local industry.
“There remains a strong interest in developing the local mining industry in KSA and the broader GCC, but an equal or potentially larger focus on building downstream capability. Processing and recycling are increasingly seen as central to the strategy of regional policymakers,” Schaffer says.
We’ve been seeing a similar thematic arising across Africa, as countries across the continent want to see more benefits from their mineral endowments, creating a shift toward the downstream processing and manufacturing sectors in these regions.
Regional investment momentum: Capital relocates to the Middle East
There’s been a multitude of international investors relocating or opening new headquarters in the Middle East, aligning with the region’s push for industry growth. In addition to Oryx, we’ve seen Orion Resource Partners and Appian Capital Advisory setting up offices in Abu Dhabi and Dubai.
Regional investors like Oryx are approaching the sector with a long-term, strategic lens. Schaffer explains that “the focus is on building platforms across the full minerals value chain, often backed by policy support and significant industrial ambition. As global supply chains continue to rebalance away from historic concentration, particularly in China, the GCC is positioning itself as a key enabler – providing capital, infrastructure, and a supportive and aligned investment environment, at a critical moment for the industry.”
As global supply chains shift and demand for critical minerals rises, the GCC, and its growing network of resources investors, is positioning itself as a central hub for investment and industry development.
Write to Amy Rotman at Mining.com.au
Images: Mining.com.au
