Al-Falih: 92 billion riyals is the target for mining investments in Saudi Arabia by 2030
Minister of Investment Khalid Al-Falih revealed the outlines of Saudi Arabia's ambitious plan for the mining sector, emphasizing that the national investment strategy aims to achieve a significant increase in the volume of capital invested in this vital sector. Al-Falih explained that the target is to raise capital from approximately 45 billion riyals recorded in 2024 to nearly 92 billion riyals during the period from 2025 to 2030.
These remarks were made during the Minister's participation in a panel discussion titled "A Moment for Bold Decisions: Encouraging International Investors in the Mining Sector," held as part of the International Mining Conference 2026 in Riyadh. Al-Falih emphasized that the Kingdom aims not only to increase domestic capital but also to double foreign direct investment by creating an attractive investment environment that achieves average internal rates of return ranging between 20% and 30%, which are highly competitive globally.
The third pillar of Saudi industry
These moves come within the framework of the Kingdom's Vision 2030, which has established the mining sector as the third pillar of national industry, alongside oil, gas, and petrochemicals. The Kingdom is working to exploit the vast mineral wealth lurking in the Arabian Shield, estimated to be worth trillions of riyals, to diversify national income sources and boost non-oil exports. This approach reflects a deep understanding of the importance of minerals in future industries, particularly with the global shift towards clean energy and advanced technology industries.
A structural shift in global demand
Speaking about the global landscape, Al-Falih emphasized that the current phase requires bold and coordinated action involving governments, the private sector, and international financial institutions. He pointed to the need to overcome financing challenges to accelerate the development of mining projects across all stages of the value chain. The minister highlighted a crucial point regarding the nature of the market, explaining that the increasing global demand for strategic minerals (such as lithium, copper, and rare earth metals) represents a "long-term structural shift," not merely a temporary economic cycle, thus reinforcing the viability of long-term investment in this sector.
Integrated infrastructure and government support
The Minister of Investment reviewed the comprehensive approach adopted by the Kingdom to address operational and logistical challenges, noting a fivefold increase in government spending on exploration between 2020 and 2024. The Kingdom has also succeeded in significantly reducing project timelines, moving from agreement to production in just 8 to 10 years. These efforts are supported by a sophisticated infrastructure that includes road networks, railways (the North Train), industrial ports, and logistics services, creating globally competitive value chains, particularly in the aluminum and phosphate industries.
It is worth noting that the session witnessed a high-level international presence, with the participation of global leaders in the sector, including Michael Barton, Executive Vice President of Orion Resources Partners Group, Jeff Currie, Chief Strategy Officer at Energy Pathways, Dr. Jose Luis Manzano, Founder and Chairman of Integra Capital, Dominic Raab, Head of Global Affairs at Appian Advisory, and Taylor Melvin, CEO of Infanho Electric.
