Saudi Arabia’s mining sector has achieved a major leap in global rankings, moving from 104th to 23rd place on the Investment Attractiveness Index, according to the Fraser Institute’s 2024 Annual Survey of Mining Companies. This progress positions the Kingdom ahead of many established mining regions and highlights its rapid development in the industry.
The Fraser Institute report also notes significant gains in the Policy Perception Index, with Saudi Arabia rising from 82nd to 20th place since 2013. The Best Practices Mineral Potential Index similarly improved, moving from 58th to 24th, reflecting the country’s untapped mineral wealth and successful exploration efforts.
According to His Excellency Eng. Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs, these achievements are the result of structural reforms under Vision 2030. Clear regulations, comprehensive geological data, attractive incentives, and strong infrastructure have created a competitive investment environment.
The report highlights regulatory reforms in security of tenure, taxation, environmental policy, and community relations as key drivers of growth. Notably, the clarity and effectiveness of mining administration improved by over 300 percent, and the quality of geological databases rose by more than 80 percent between 2013 and 2024, according to the Fraser Institute.
Saudi Arabia’s stable regulatory environment and ambitious reforms have boosted international investor confidence, aligning with Vision 2030’s goal to diversify the economy and strengthen strategic sectors.
International organizations, including the World Bank and the United Nations Conference on Trade and Development, have recognized the Kingdom’s progress. The World Bank’s 2023 Global Economic Prospects report states that Saudi Arabia attracted over $4 billion in mining investments in 2022, with annual growth in the sector exceeding 15 percent since 2015.
The Saudi Geological Survey has expanded its data-sharing initiatives to increase transparency and collaboration with global mining companies. The country’s approach to sustainability follows recommendations from the International Council on Mining and Metals, focusing on environmental responsibility and local community development.
The Ministry of Industry and Mineral Resources has launched the National Mining Strategy 2025, aiming to boost mining’s share of GDP from under 1 percent to more than 10 percent by the decade’s end. The strategy prioritizes critical minerals for emerging technologies, positioning Saudi Arabia as a leading player in the global mining value chain and attracting international partnerships focused on sustainable development.
