Saudi Arabia has unveiled a SR375 billion mining investment strategy through 2035 to establish itself as a global mining leader. Eng. Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources, confirmed SR75 billion already funds active projects under this strategy. The plan supports Vision 2030’s goals, prioritizing mining to diversify the economy and drive industrial growth nationwide.
Vision 2030 Sparks Mining Sector Transformation
At the BMO Global Metals, Mining, and Critical Minerals Conference in Miami, Al-Mudaifer discussed Vision 2030’s impact. The initiative modernized Saudi Arabia’s mining laws and attracted domestic and international investors through programs like the National Minerals Program. Government partnerships with private firms have attracted major global companies. These companies seek access to Saudi Arabia’s mineral reserves. These reserves now value SR9.3 trillion, rising from SR5 trillion in recent years.
HE Vice Minister for Mining Affairs, Eng. Khalid AlMudaifer, highlighted the promising investment opportunities in Saudi Arabia’s mining and mineral sector as part of #Vision2030, emphasizing the Kingdom’s role in enhancing the sustainability of global supply chains and… pic.twitter.com/9pLZajbyTw
— وزارة الصناعة والثروة المعدنية (@mimgov) February 26, 2025
A dramatic 22-fold increase in exploration companies operating in the Kingdom, from six in 2020 to 133 in 2023, reflects soaring global demand for critical minerals. Annual exploration spending has surged by 32%, far exceeding the global average of 6-8%, with total investments reaching SR1.33 billion. These efforts have not only unlocked new reserves but also created jobs, directly supporting Vision 2030’s economic diversification goals.
Saudi Arabia Eyes Long-Term Global Competitiveness
Moreover, Al-Mudaifer emphasized that the mining sector is now central to the Kingdom’s economic strategy. By fostering public-private partnerships and leveraging its mineral wealth, Saudi Arabia aims to solidify its position as a key supplier of critical minerals. The Kingdom, through sustained investment and strategic alliances, will dominate the global mining landscape for decades.
Saudi Arabia’s SR375 billion mining investment plan exemplifies its unwavering commitment to Vision 2030. As exploration expands and international partnerships strengthen, the Kingdom is well on its way to transforming its mining sector into a driver of sustainable economic growth and global leadership.
