By: Mining.com

Saudi Arabia's mining sector is transitioning from long-term potential to an immediate investment hotspot, supported by an estimated mineral wealth of US$2.5 trillion and a comprehensive regulatory overhaul. The 2020 revision of the kingdom's mining investment law introduced transparent licensing, secure tenure, streamlined permitting, and competitive incentives, catalyzing a surge in industry activity.

Since 2019, the number of licensed mining companies has grown from just six to more than 150, with exploration expenditure reaching SAR 1.33 billion over the 2019–2023 period. Saudi Arabia has also risen in global mining rankings, now placing first worldwide for political stability and fifth for socio-economic agreements in the Fraser Institute’s 2024 survey. Its position on the Investment Attractiveness Index has climbed dramatically from 104th in 2013 to 23rd in 2024.

Beyond regulatory reforms, the government is actively de-risking exploration through its Exploration Enablement Program (EEP), which co-invests in early-stage projects. The first round of EEP funding allocated SAR 70.6 million to lithium, copper, gold, and base metal ventures, enabling extensive drilling, sampling, and job creation.

The Future Minerals Forum (FMF), a government-led platform, is steering this transformation with a focus on responsible supply chains and international collaboration. Its 2026 theme, "Dawn of a Global," reflects a dual commitment: fostering cross-border cooperation to meet global mineral demand and positioning mining as a driver of industrialization, job creation, and economic diversification in resource-rich nations.

As global miners seek geographic diversification and secure supply sources, Saudi Arabia is strategically establishing mining as a credible "third pillar" of its economy—complementing its established energy and petrochemical sectors—and positioning itself as a key player in the future of critical minerals.