Saudi Arabia Unveils SR375bn Mining Investment Drive

Saudi Arabia has announced plans to invest SR375 billion in its mining sector by 2035, with SR75 billion already committed to ongoing projects. The initiative is part of the Kingdom’s efforts to position itself as a global leader in mining and manufacturing.

    Sign up for the Nigerian Mining Weekly Newsletter
    Get the latest news from the Nigerian solid minerals and mining industry delivered to your inbox.

    Deputy Minister of Industry and Mineral Resources for Mining Affairs, Eng. Khalid Al-Mudaifer, made the announcement during the BMO Global Metals, Mining, and Critical Minerals Conference in Miami. He emphasized that the investment aligns with Saudi Arabia’s Vision 2030, which aims to diversify the economy and reduce dependence on oil.

    Saudi Arabia Unveils SR375bn Mining Investment Drive

    Mining has been identified as a key pillar of industrial growth under Vision 2030, prompting regulatory reforms, national programs, and private-sector incentives. The value of the Kingdom’s mineral wealth has surged from SR5 trillion to SR9.3 trillion, reflecting its vast untapped resources.

    Saudi Arabia has also ramped up exploration efforts, with the number of exploration companies increasing from six in 2020 to 133 in 2023. The government has spent SR1.33 billion on exploration, with annual spending growing by 32%—well above the global average of 6-8%.

    With global demand for critical minerals rising, Saudi Arabia aims to become a key supplier, fostering international partnerships and attracting major investors. The mining sector is set to play a crucial role in the country’s economic transformation, driving job creation and industrial expansion.

      Sign up for the Nigerian Mining Weekly Newsletter
      Get the latest news from the Nigerian solid minerals and mining industry delivered to your inbox.

      Leave a Reply

      Your email address will not be published. Required fields are marked *

      You May Also Like

      Patrice Motsepe’s Phosphate Mine Faces Lawsuit Over Environmental Exemption

      Billionaire Patrice Motsepe’s Elandsfontein phosphate mine, a $160 million project owned by…

      Australia to Train Nigerian Solid Minerals Experts

      Nigeria’s solid minerals sector is set to benefit from a significant collaboration…

      Alake: Solid Minerals Corporation Will Secure Nigeria’s Mining Future

      Nigeria’s Minister of Solid Minerals Development, Dr Dele Alake, has assured the…

      Dr. Alake Commissions Ultramodern Minerals Analysis Lab in Niger State

      The Minister of Solid Minerals Development, Dr. Dele Alake has described African…