Saudi Arabia's bold mining reforms are yielding impressive results, attracting a substantial $32 billion in investments. These significant funds are flowing into key projects focusing on iron, phosphate, aluminum, and copper, demonstrating growing confidence in the Kingdom's mineral wealth.

Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources, revealed these figures to Asharq Business. This $32 billion represents almost one-third of the ambitious $100 billion investment target the Kingdom aims to secure within its mining sector by 2030.

The mining sector is poised for remarkable growth, with its contribution to Saudi Arabia's gross domestic product projected to surge from $17 billion in 2024 to an impressive $75 billion by 2030. This expansion is a cornerstone of the nation's economic diversification strategy.

In 2023, the industry generated $400 million in revenue, underscoring its existing value. This upward trajectory is further bolstered by a comprehensive $100 billion investment roadmap, specifically targeting critical minerals, set to extend through 2035.

Al-Mudaifer highlighted a significant boost in mineral exploration spending. Since 2018, exploration investment in the Kingdom has quadrupled, reaching $100 per square kilometer. This robust activity is a testament to the nation's commitment to unlocking its vast mineral potential.

The annual growth rate of exploration spending stands at an impressive 32 percent, far exceeding the global average of 6 to 8 percent. This accelerated exploration pace positions Saudi Arabia as a rapidly emerging powerhouse in the global mining landscape.

Source: https://www.arabnews.com/node/2608258/business-economy