Saudi Arabia has performed extensive studies to determine the size of its mineral deposits, with preliminary findings indicating quantities worth $1.3 trillion. These resources include phosphate, gold, copper, zinc, nickel, and other rare-earth minerals.
Saudi Arabia has around SAR 170-180 billion in mining investments, explained Khaled Al-Mudaifer, Vice Minister for Mining Affairs at the Ministry of Industry and Mineral Resources, who predicted that these investments will expand by 150% by 2030, creating up to 220,000 jobs.
Saudi Arabia has SAR 170-180 billion in mining investments
Upon the implementation of the new mining law, the ministry received over 1,500 licensing requests. Furthermore, 274 mining licenses have been issued this year, with eight of them having an average investment of SAR 250 to SAR 500 million.
“This is just a start under the new mining investment law,” Al-Mudaifer said.