Saudi Mining Sector Targets $75B Growth Amid Policy Shift
Saudi Arabia’s mining industry is shifting gears, moving from policy ambition to full-scale execution, rapidly emerging as a critical pillar in the Kingdom’s economic diversification efforts. Fueled by bold government investments and favorable regulatory policies, the Saudi mining sector aims to contribute $75 billion to GDP by 2030—marking an over 300% increase from 2024’s $17 billion.
$2.5 Trillion Mineral Reserves Unlock Fresh Opportunities in Mining
Saudi Arabia boasts an estimated SR9.37 trillion ($2.5 trillion) in untapped mineral reserves, a 90% jump from earlier projections due to fresh discoveries of rare earth elements, base metals, and expanded phosphate and gold deposits. The discovery of rare earth elements and expanded phosphate and gold reserves has triggered a flood of new permits—138% more exploitation licenses since 2021 and exploration permits rising from 58 to 259.
State-Backed Mining Giant Reports $32 Billion in Revenue
Industry frontrunner Ma’aden, Saudi Arabia’s flagship mining enterprise, posted SR32 billion in revenues in 2024, supported by diversified operations across gold, phosphate, aluminum, and base metals. Gold output surged to 450,000 ounces, while phosphate production exceeded 6.5 million tonnes, cementing the Kingdom’s status as a global resource powerhouse.
Mining Exploration Firms Multiply from 6 to 133 in Three Years
Investor appetite is driving up exploration activity at an unprecedented pace. In just three years, the number of exploration firms ballooned from six in 2020 to 133 by 2023, a clear indicator of confidence in Saudi Arabia’s mining potential. As budgets grow, analysts expect new discoveries and expanded operations to fuel long-term Saudi mining sector stability.
$100 Billion Investment Plan Targets Critical Minerals
As part of Vision 2030, Saudi Arabia has allocated $100 billion to developing its critical minerals sector, shifting away from oil dependence and toward sustainable industrial growth. The move aligns with broader efforts to support the Kingdom’s burgeoning construction, tourism, and manufacturing industries.
Infrastructure and Labor Limitations Pose Sector Challenges
Remote mining sites remain a logistical puzzle, with transport and water infrastructure lagging behind sector demand. Meanwhile, workforce shortages and foreign labor costs add complexity. To stay competitive, Saudi Arabia is ramping up training initiatives and leveraging low sector debt and disciplined fiscal planning to navigate operational bottlenecks.
Geographic Advantage Strengthens Saudi Arabia’s Market Position
Saudi Arabia’s strategic location offers logistical benefits, with direct access to European, Asian, and African markets. Upcoming mega projects like NEOM and Qiddiya are expected to fuel domestic demand for construction materials and high-value metals, lowering reliance on imports and boosting local production efficiency.
Saudi mining sector is proving to be one of the fastest-growing industries under Vision 2030. Strong governance, aggressive investment, and a data-backed approach to exploration set the stage for sustained momentum, As Saudi Arabia races toward a resource-driven economy.
Also Read: Saudi Mining Initiatives: The $2.5 Trillion Resource Play
