Saudi Mining Industry
Saudi Arabia is making strides in developing its mining sector as part of Vision 2030, allocating an exploratory budget of SAR 500 million this year, a significant increase from just SAR 25 million in 2018. The sector is expected to grow by 50% in 2024 compared to 2022, according to Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources.
A Surge in Mining Licenses
During a press conference for the fourth edition of the International Mining Conference, Al-Mudaifer highlighted a fourfold increase in mining and exploration licenses since 2018. This growth is attributed to strategies focusing on empowering Saudi geologists and transferring knowledge to the local workforce.
University Partnerships to Build Talent
The ministry is collaborating with universities to develop educational programs, including the “Nuthree” initiative, which nurtures young talents and facilitates knowledge exchange between local and international geologists. In 2024, the ministry established 70 local and international exploration partnerships and introduced incentives worth SAR 780 million to attract investors.
Major Projects Supporting Local Content
Additionally, the ministry supports infrastructure projects like Riyadh Metro, which drives demand for locally produced building materials, further bolstering the mining sector’s impact on the national economy.