The Kingdom of Saudi Arabia’s mining sector has experienced a significant transformation, with the past half-decade witnessing substantial reforms. These changes have catapulted the nation to the forefront as the fastest-evolving regulatory and investment hub in the global mining landscape.
With the Kingdom’s mineral wealth estimated at a staggering US$2.4 trillion, authorities are working towards making mining a pivotal industry within the country’s economy.
The advancements in the Kingdom’s legislative and regulatory environment have earned it a place among the premier mining jurisdictions around the globe.
Since 2018, following the implementation of a comprehensive mining strategy, the Saudi government has rolled out numerous initiatives aimed at propelling the mining sector forward.
Bandar Alkhorayef, the Minister of Industry and Mineral Resources in Saudi Arabia, earlier announced that the nation had revised its valuation of untapped mineral resources, including phosphates, gold, and rare earth metals. The updated estimate has surged from US$1.3 trillion in 2016 to an impressive US$2.5 trillion.
