Saudi Arabia’s mining sector has reached a significant global milestone, soaring from 104th place in 2013 to 23rd in 2024 on the Investment Attractiveness Index as noted in the Fraser Institute’s 2024 Annual Survey of Mining Companies. This remarkable climb has allowed the Kingdom to outpace well-known mining regions in both Asia and Latin America, affirming its status as one of the world’s fastest-growing players in the mining industry.
The report indicates that the Kingdom has made notable strides in the Policy Perception Index, rising from 82nd globally in 2013 to 20th in 2024. This increase reflects a growing international trust in its stable regulatory framework. Furthermore, the Best Practices Mineral Potential Index saw a remarkable surge, moving from 58th in 2013 to 24th in 2024, highlighting the vast, untapped mineral resources within the Kingdom, bolstered by ongoing geological surveys, discoveries, and well-attended mining licensing rounds.
“This outstanding performance reflects the structural transformation and holistic efforts being driven across the mining and mineral sector under Vision 2030,” remarked Eng. Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs.
In recent years, Saudi Arabia has established a globally competitive investment landscape, supported by clear regulations, accessible geological data—including one of the most comprehensive geological surveys of the Arabian Shield—competitive incentives, and world-class infrastructure.
“Our focus remains on maximizing the economic value of our mineral resources, creating jobs for citizens, and localizing supply chains. Mining is no longer a traditional sector; rather, it has become a key driver of industrial and economic growth, and we are committed to building on this momentum to ensure sustainable success,” Al-Mudaifer added.
Regulatory transformations fuel growth
The Fraser Institute highlighted that the Kingdom’s achievements were fueled by extensive regulatory transformations in areas such as security of tenure, taxation, environmental legislation, infrastructure, and community engagement. These initiatives enabled Saudi Arabia to break into the top quartile of the index for the first time. The report also noted that investors showed no concerns regarding political stability—one of the Kingdom’s significant strengths—and commended the Mining Exploration Enablement Program as a vital tool for mitigating investment risks and boosting confidence in early-stage projects.
According to the report’s findings, the Kingdom made remarkable advancements in key indicators between 2013 and 2024, including a 305.8 percent enhancement in the clarity and effectiveness of mining administration, increasing from 17 percent in 2013 to 69 percent in 2024, earning an 11th place ranking globally; an 82.2 percent improvement in the clarity of land use for mining activities, climbing from 45 percent in 2013 to 82 percent in 2024, ranking 7th globally; a 102.2 percent rise in labor regulations, from 45 percent in 2013 to 91 percent in 2024; and an 81.8 percent enhancement in the quality of geological databases, from 33 percent in 2013 to 60 percent in 2024.
The report praised the Kingdom’s stable regulatory environment and ambitious reforms, which have bolstered international investor confidence and reinforced Saudi Arabia’s status as a premier mining investment destination—fully aligned with Vision 2030’s objective of diversifying the economy and fostering strategic sectors.
The Fraser Institute’s Annual Survey of Mining Companies is regarded as one of the world’s most reliable benchmarks for assessing mining investment environments and enjoys widespread use by investors, governments, and financial institutions globally.
Global recognition of mining progress
In addition to the Fraser Institute’s findings, other international entities such as the World Bank and the United Nations Conference on Trade and Development (UNCTAD) have acknowledged Saudi Arabia’s strides in mining by reporting a surge in foreign direct investment inflows into the kingdom’s mineral sector over the last decade. According to the World Bank’s 2023 Global Economic Prospects report, Saudi Arabia attracted over $4 billion in mining-related investments in 2022 alone, reflecting a compound annual growth rate exceeding 15 percent since 2015.
The Saudi Geological Survey (SGS), the government body responsible for conducting extensive geological mapping and mineral exploration, has expanded its data-sharing initiatives to promote transparency and collaboration with global mining firms, further enhancing investor confidence. Furthermore, the Kingdom’s commitment to sustainability within mining operations aligns with recommendations from the International Council on Mining and Metals (ICMM), emphasizing environmental stewardship, local community development, and ethical sourcing.
The Saudi Ministry of Industry and Mineral Resources recently launched the National Mining Strategy 2025, a framework designed to increase mining’s contribution to GDP from less than 1 percent to over 10 percent by the end of the decade, prioritizing the development of minerals critical to emerging technologies, including lithium and rare earth elements. These efforts have positioned Saudi Arabia not only as a regional leader but also as a key player in the global mining value chain, attracting partnerships from major international mining corporations and leading financial institutions dedicated to sustainable resource development.
