The Deputy Minister of Industry and Mineral Resources for Mining Affairs, Engineer Khalid Al-Mudaifer, affirmed that the Kingdom of Saudi Arabia has achieved a qualitative leap in the mining sector, placing it approximately five years ahead of other countries in this vital field. This statement reflects the fruits of the proactive planning adopted by the Kingdom in recent years.
Vision 2030 and the transformation of the mining sector
Al-Mudaifer explained that this Saudi excellence did not come about by chance, but is a direct result of the Kingdom's Vision 2030, which established the mining sector as a fundamental pillar for diversifying the national economy, making it the third pillar of Saudi industry alongside oil and petrochemicals. He pointed out that the Kingdom adopted its first comprehensive strategy for the mining sector in 2018, at a time when many countries around the world were not giving this sector the attention it receives today, thus giving the Kingdom a clear competitive advantage.
Exploration and Investment Boom
In terms of figures that reflect the scale of the achievement, Al-Mudaifer revealed the sector's outstanding performance, with exploration activities increasing nearly fivefold compared to before the launch of Vision 2030. The sector also witnessed a remarkable surge in the number of companies operating in exploration, rising from just six to over 240 currently. These companies are not only engaged in exploration but are also investing in manufacturing and producing minerals within the Kingdom, thus strengthening local value chains.
Mineral resources and the Arabian Shield
These developments come within the context of exploiting the vast resources of the Arabian Shield, where official estimates indicate that the value of the Kingdom's mineral wealth exceeds $1.3 trillion (approximately 5 trillion riyals). The Deputy Minister noted that several major projects have already commenced, targeting strategic minerals such as gold, copper, and phosphates, which play a pivotal role in the global energy transition and modern technology industries.
International Finance and Partnerships Portal
Regarding the sector's financial infrastructure, Al-Mudaifer explained to Al-Arabiya that the Kingdom has initiated strategic cooperation with international investment banks to establish a "financing gateway." This gateway aims to provide a platform for companies operating in the sector to showcase their strategies and projects, and to facilitate their meetings with global financial investors, thereby ensuring the flow of investments necessary for extracting and processing these resources.
Global strategic importance
This Saudi initiative is gaining increasing international importance, particularly given the growing global demand for critical minerals needed for the electric vehicle industry and renewable energy technologies. By being five years ahead of the world in creating a favorable legislative and investment environment, the Kingdom is positioning itself as a key and pivotal player in global mineral supply chains, as evidenced by its annual hosting of the International Mining Conference, which brings together industry leaders from around the world in Riyadh.
