Saudi Arabia is sharpening its interest in African critical minerals as global supply chains become a strategic priority. Africa is central to that logic because the continent is home to an estimated 30% of the world’s proven critical mineral reserves. It also possesses around 55% of the world’s cobalt, almost half of the total supply of manganese, and more than 20% of natural graphite. Saudi engagement has so far been described as relatively limited compared with the United Arab Emirates (UAE), which has grown to become, by some measures, the single largest investor on the African continent. But the direction of travel is changing fast through targeted deals and wider diplomacy.
One clear signal is Manara Minerals, a joint venture between the Public Investment Fund and national mining company Ma’aden. Manara is targeting up to $15 billion in African critical mineral investments. It has also been in talks to acquire 15–20% of First Quantum Minerals’ Zambian copper and Kansanshi and Sentinel nickel assets, valued at $1.5–2 billion. In parallel, reporting also says Manara is in advanced talks for a minority stake in First Quantum’s Zambian copper and nickel assets. The same deal flow suggests a preference for minority positions that still provide negotiation leverage on supply, technology transfer, and political access.
Drivers: Supply Chains, Strategy, and Positioning
The drivers are both economic and geopolitical. Gulf capitals want reliable access to materials to embed themselves in global supply chains, and the shift is described as moving from gold toward critical minerals. Saudi Arabia and the UAE are also set to receive copper supplies from the Democratic Republic of Congo (DRC). Through a joint venture between state miner Gécamines and commodity trader Mercuria, 50,000 tons of copper cathode will be supplied, diversifying Congolese exports beyond China while reinforcing the Gulf’s role in industrial supply chains. At the same time, Saudi Arabia has been pursuing “strategic autonomy”, balancing strong security cooperation with the United States while growing economic and technology ties with China.
This positioning is reinforced by diplomacy and forums. Saudi Arabia joined the BRICS group of emerging economies in August 2023, combining strong relations with the US and Europe with deeper “Global South” engagement. The Future Minerals Forum is presented as a government-led platform that has brought together over 89 governments, prominent industry executives, and 50 multilateral organisations. Analysts also note that critical minerals are rising up Saudi Arabia’s priority list, with an ambition to be more present in broader supply chains. Yet one reason cited for limited African engagement to date is that Saudi Arabia itself is home to rich critical minerals reserves.
The risks are material and country-specific. A serious investment move into Congo could thrust Saudi Arabia into difficult politics tied to resource nationalism, artisanal mining, and human rights scrutiny. That would test the capabilities of Saudi officials and diplomats. There are also execution risks implied by the strategy of buying “adjacency” rather than control. Minority stakes can improve access, but they also depend on stable counterparties and sustained alignment. In short, Saudi Arabia Africa critical minerals deals can be strategic, but they also import African political and governance complexity into Riyadh’s portfolio choices.
What is driving Saudi Arabia Africa critical minerals interest?
How large is Manara Minerals’ stated Africa investment target?
What share of First Quantum’s Zambia assets has Manara discussed buying?
What DRC copper supply figure is linked to Gulf states?
What is a key risk for Saudi investment in the DRC mining sector?
