In a significant achievement reflecting the success of the Kingdom's economic plans, His Excellency the Deputy Minister of Industry and Mineral Resources for Mining Affairs, Engineer Khalid bin Saleh Al-Mudaifer, affirmed that Saudi Arabia has successfully secured its place at the forefront of the global mining landscape. This radical transformation is evident in the Kingdom's remarkable leap in the Fraser Institute's 2024 "Mining Investment Attractiveness Index," where it jumped from 104th place in 2013, a position considered a destination with limited appeal, to 23rd place globally today, ranking among the most attractive countries for investment in this vital sector.
Mining: The third pillar of national industry
This achievement is the culmination of concerted efforts 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 leverage its mineral wealth, estimated at SAR 9.4 trillion (USD 2.5 trillion), not only to boost GDP but also to diversify income sources and create sustainable employment opportunities. This transformation includes modernizing regulations and legislation, such as the new Mining Investment Law, which has provided a transparent and competitive environment that has attracted major international players.
The race against time for critical metals
During his participation in a panel discussion titled "A Race Against Time: Ensuring Mineral Availability and Creating New Markets" at the fifth edition of the International Mining Conference, Al-Mudaifer highlighted the shifts in global demand. He explained that the world today is no longer content with simply searching for base metals such as aluminum, iron, and copper, but has entered a fierce race to secure "critical" and rare metals such as lithium, gallium, and rare earth elements.
His Excellency pointed out that these metals, despite their relatively small market size compared to traditional commodities, are the backbone of modern industries. The future of clean energy, electric vehicles, semiconductors, and even advanced military industries is unimaginable without them. Given their price volatility and the risks associated with investing in them, Al-Mudaifer stressed the need for strategic government intervention, citing the Kingdom's National Minerals Program as a leading model for mitigating risks and ensuring the continuity of supply chains.
Record numbers in exploration and investment
The Deputy Minister presented figures that underscore the Kingdom's commitment to this issue, revealing that spending on mineral exploration has increased fivefold over the past five years. Expenditure rose from less than $28 (105 riyals) per square kilometer in 2020 to approximately $144 (539 riyals) per square kilometer in 2024, exceeding the targets set for 2025. This reflects the accelerated pace of exploration operations aimed at uncovering the vast reserves in the Arabian Shield.
A global hub for innovation and partnerships
Al-Mudaifer concluded by emphasizing that the mining strategy launched in 2018 goes beyond mere extraction; it aims to build an integrated system that includes developing Saudi human resources and localizing advanced technologies. He called on the world to partner with the Kingdom, noting that Saudi Arabia seeks to replicate its success story in the oil and petrochemical sectors, becoming a global hub for innovation, mining technologies, and venture capital. This will be achieved by leveraging its strategic location connecting three continents, positioning it as a major logistics and industrial platform serving the mining sector in the region stretching from Africa to Central and West Asia.
