Saudi Arabia’s mining sector is shifting from a long-term ambition to a near-term investment hot-spot, underpinned by mineral potential estimated at US$2.5 trillion ($3.75 trillion), as reported by the Future Minerals Forum (FMF).
Central to the transformation was the 2020 revamp of the nation’s mining investment law, as previously reported, which introduced clear licencing frameworks, tenure security, faster permitting timelines, and globally competitive incentives.
According to FMF, the number of licenced mining companies operating in Saudi Arabia has grown from six in 2019 to more than 150, while exploration expenditure reached SAR$1.33 billion between 2019 and 2023.
International recognition has also followed, as the Fraser Institute’s 2024 Annual Survey of Mining Companies reports that Saudi Arabia is ranked first globally for political stability and fifth for socio-economic agreements.
Saudi Arabia is also ranked seventh for environmental regulation and 23rd on the Investment Attractiveness Index, up from 104th in 2013.
Beyond reforms
Saudi Arabia is also going beyond regulatory reforms by directly co-investing in early-stage exploration programs via the Exploration Enablement Program (EEP).
The program is designed to reduce greenfield exploration risk and expedite discovery timelines.
EEP, run by the Ministry of Industry and Mineral Resources in partnership with the Ministry of Investment, allocated SAR$70.6 million in its first batch of funding to support lithium, copper, gold, and base metal projects.
The funding enabled 440,000m of drilling, 57,000 geochemical samples being collected, and the creation of more than 50 technical roles.
The Future Minerals Forum is a government-led mineral platform which brings together industry leaders, experts, governments, academia, and stakeholders to drive mineral resilience and prompt responsible supply.
FMF’s 2026 theme ‘Dawn of a Global’ suggests a shift in how the minerals sector positions itself globally. The theme represents two meanings for FMF – a commitment by countries to collaborate and a development-driven agenda.
Countries are collaborating on mineral development and recognise cross-border cooperation can meet global demand, whereas the other meaning represents minerals are positions as engines for jobs, industrialisation, and long-term economic transformation in supplier countries.
As global miners are looking to diversify geographically and secure future supply, Saudi Arabia is positioning itself as a credible third pillar of its economy, alongside energy and petrochemicals.
Write to Aaliyah Rogan at Mining.com.au
Images: Future Minerals Forum
