Khalid Almudaifer, Vice Minister for Mining Affairs in Saudi Arabia, recently highlighted the significant rise in local demand for minerals in the Kingdom. This increase is primarily driven by the ambitious mega-projects under Vision 2030, alongside initiatives in the National Industrial Strategy aimed at transforming Saudi Arabia into a leading industrial powerhouse, contributing to global supply chains.
Almudaifer emphasized the Kingdom’s longstanding position as a global energy supplier, noting that Vision 2030 underscores the importance of exploring and managing mineral resources to ensure sustainable supply chains. The leadership’s recognition of this need is central to the Kingdom’s broader industrial transformation.
According to Almudaifer, the Ministry’s strategy focuses on securing the critical minerals necessary for this transformation by strengthening the local mining sector. This sector has already seen significant regulatory and legislative advancements in recent years, which have improved its efficiency and competitiveness.
Additionally, Almudaifer pointed out that financial incentives have been introduced to support exploration programs. The Kingdom has successfully attracted investments through its mining competition program, which expanded significantly this year. In 2023, the area available for exploration was 10 times larger than the previous year, and Saudi Arabia plans to offer an additional 50,000 square kilometers by 2025.
To further facilitate growth, Saudi Arabia has modernized its mining regulations to align with global environmental and social sustainability standards. The country has also simplified licensing procedures, making exploration sites more accessible. These efforts helped the Kingdom achieve a ranking of second globally in the 2023 Global Risks Report permit index, positioning Saudi Arabia as a top player in the mining sector.
