Saudi Arabia is rapidly expanding its mining sector, which is valued at $36 billion annually and ranks as the world’s seventh largest. The recent opening of a new facility by Bureau Veritas in Jeddah marks a significant step in tapping into the country’s estimated $2.5 trillion in untapped mineral wealth.
Bureau Veritas, a global laboratory testing company, sees Saudi Arabia as a crucial market. CEO Hinda Gharbi emphasized the country’s potential growth, noting its ambition to scale up mining activities beyond gold and copper. The company’s new facility will enhance the efficiency of mineral testing and bolster local expertise.
In line with these developments, Saudi Arabia is inviting bids for seven mining sites and has seen a sharp rise in demand for mining licenses. The government has also introduced a $182 million incentives package to stimulate mineral exploration, resulting in a significant increase in exploration permits and quarry licenses.
The London Metal Exchange has recently added Jeddah as a storage location for copper and zinc, highlighting the city’s growing importance in the global mining sector. This move supports Saudi Arabia’s ambition to become the Middle East’s logistics hub and a global mining leader, spearheaded by the country’s largest mining firm, Maaden.
Marc Ostwald, chief economist at ADM Investor Services International, commented on the strategic importance of these initiatives, noting their role in strengthening Saudi Arabia’s domestic supply chains and reducing reliance on imports for major projects like Neom.
