The ongoing mining reforms in Saudi Arabia have gone on to help the kingdom to attract $32 billion in investments for projects across phosphate, iron, aluminum, and copper, as per a senior official.
The vice minister of industry and mineral resources, Khalid Al-Mudaifer, told one of the financial news outlets that this figure goes on to represent almost one-third of the $100 billion that the kingdom looks forward to attracting in the sector by the end of this decade. Apparently, investments in Saudi Arabia mining sector have seen a phenomenal surge. This comes as the mining sector in the kingdom is anticipated to raise its contribution when it comes to gross domestic product from $17 billion in 2024 to $75 billion by 2030. The industry went on to generate $400 million in revenue in 2023 and is now supported by another $100 billion in investment roadmap, which targets critical minerals by 2035.
The minister further added that $32 billion in investments in Saudi Arabia mining sector has already taken place especially in iron, aluminum, phosphate, and copper projects which happen to be already under construction. This represents almost a third of the $100 billion that is targeted for investment by 2030. The vice minister also said that mineral exploration spending in Saudi Arabia has quadrupled since 2018 and has reached $100 per sq. km., having an annual growth rate of 32%, which is well above the worldwide average of somewhere between 6% and 8%.
Al-Mudaifair added that the number of exploration firms in Saudi Arabia has also grown from just 6 in 2019 to 132 as of 2025, with 60% of them being small as well as medium sized enterprises.
It is well to be noted that foreign companies at present represent almost 70% of all firms that are operating in the Saudi Arabian mining sector, said Al-Mudaifer.
Apparently, Saudi Arabia is anticipated to hold SR9.37 trillion, or $2.5 trillion, in mineral reserves. The kingdom looks forward to establishing mining as the third pillar of its economy after oil as well as petrochemicals.
In January 2025, at the Future Minerals Forum, which was held in Riyadh, Bandar Alkhorayef, the minister of industry and mineral resources, announced the upcoming exploration opportunities throughout 5000 km² of mineralized belts in 2025, as the kingdom continues with its push so as to expand the sector.
It was in March 2025 that Saudi Arabia launched a new incentive package so as to attract foreign direct investments in the mining industry. As part of this initiative, the Ministry of Investment is partnering with the Ministry of Industry and Resources by way of an Exploration Enablement Program, which is designed to simplify the investment procedures within the sector.
This program happens to be a part of a broader effort so as to enhance mineral exploration and also nurture an attractive environment for both local and international mining companies.