Saudi Arabia is placing mining at the heart of its Vision 2030 plans. The Saudi Mining and Minerals Strategy aims to grow the sector’s GDP contribution to $75 billion by 2030. This is a more than 300% increase from $17 billion in 2024, highlighting the sector’s rising importance in diversifying the national economy.
The Kingdom holds an estimated $2.5 trillion worth of untapped mineral reserves. These include gold, phosphate, and rare earth elements that are vital for renewable energy and electric vehicles. This vast resource base sets the stage for the country to become a global hub for strategic minerals.
Driving Growth Through Resources and Innovation
Saudi Arabia’s mining momentum is evident in several key areas. Since 2021, mining licenses have increased by 138%, showing investor confidence and strong government support. The Arabian Shield region alone, covering 600,000 square kilometers, is rich in metals and industrial minerals, strengthening the country’s global supply positioning.
The discovery of 5.9 million tonnes of rare earth elements in 2023 has placed Saudi Arabia among the largest holders worldwide. These resources are essential for industries such as clean energy and advanced manufacturing. On top of that, high-profile projects like the $880 million Mansourah-Massarah gold mine show advances in technology and environmental practices.
The state-owned mining giant Ma’aden reported revenues of $8.5 billion in 2024, reflecting the industry’s diversification across gold, phosphate, aluminum, and base metals. With improved infrastructure and modern processing technology, mining operations are becoming more efficient and sustainable.
Beyond local development, Saudi Arabia is expanding international partnerships. In 2024, the Kingdom signed agreements with Egypt, Morocco, and Russia to foster mining collaborations. These align with Vision 2030’s wider economic diversification and position Saudi Arabia as a serious global player.
Economically, the sector already contributed $58 billion to the GDP in late 2024, with further growth expected. By 2030, the mining industry is projected to create more than 200,000 jobs and attract over $32 billion in foreign investment.
Together, these developments confirm that the Saudi Mining and Minerals Strategy is more than a domestic plan—it is a roadmap to secure a leading role in the global minerals market.
Read also: Saudi Mining Sector Fast-Tracks $75B Expansion Plan
