His Excellency the Vice Minister of Industry and Mineral Resources for Mining Affairs, Engineer Khalid bin Saleh Al-Mudaifer, emphasized that the Kingdom’s mining sector is witnessing an unprecedented qualitative transformation and has become, thanks to Saudi Vision 2030, a key pillar of the national economy and industry.
Speaking during his participation in Industry and Mining Entrepreneurs Week, organized by the Small and Medium Enterprises General Authority “Monsha’at”, His Excellency said: “The Kingdom is moving with confident steps toward building a modern and sustainable mining sector that aims to strengthen its global position as a leading hub for minerals and mining industries, while committing to providing an attractive investment environment that balances economic growth with the requirements of sustainability.”
He noted that this transformation rested on a set of pivotal regulatory reforms and policies, foremost among them the launch of the Comprehensive Strategy for Mining and Mineral Industries in 2017 as the first national strategy for the sector, and the issuance of the Mining Investment Law in 2021, which is among the most competitive regulations globally, allowing full foreign ownership and guaranteeing security of tenure. The National Geological Database and the General Geological Survey Program were also launched to provide accurate and reliable information to investors, alongside the establishment of the Mining Fund as a financing arm for future projects and operational needs, and the launch of the Ta’adeen digital platform as a unified window that provides comprehensive data on mining sites and facilitates investment procedures.
Reviewing the achievements, Al-Mudaifer explained that the Kingdom has made a qualitative leap in exploration licenses, which rose from around 50 licenses a year before the launch of the Vision to more than 400 licenses today. Spending on exploration work has also doubled, reaching SAR 2.2 billion over the period from 2019 to 2024, with the private sector injecting more than SAR 700 million against SAR 180 million from government entities, confirming the partnership and integration in supporting the sector. He noted that the number of exploration companies operating in the Kingdom rose from only six companies in 2020 to nearly 150 companies today, including international companies and alliances with local partners.
He drew attention to the fact that the Kingdom’s international reputation and standing, following the series of ambitious reforms and programs, jumped to 23rd place globally in the Investment Attractiveness Index according to the report of the independent Fraser Institute, one of the most prominent references for investors worldwide, after ranking 104th in 2013, reflecting growing confidence in the Saudi mining environment.
His Excellency Engineer Khalid Al-Mudaifer added that the enablement system established by Vision 2030 is moving in practical steps toward the objective of joining the list of the top ten mining countries, through pioneering initiatives led by the Mining Innovation Studio and Future Minerals Pioneers under the umbrella of the Future Minerals Forum, alongside the Thousand Miles Program organized by the National Industrial Development and Logistics Program (NIDLP). These provide an attractive environment for innovators and enable national and global talent to develop practical, sustainable solutions that strengthen the sector’s competitiveness, raise the contribution of SMEs to 35% of GDP by 2030, and open wider horizons for investment, growth, and technology localization.
His Excellency the Vice Minister of Industry and Mineral Resources for Mining Affairs concluded his remarks by emphasizing that the investor is the main driver of the economic cycle in the mining sector, and that all policies and regulations have been designed to balance economic returns with environmental and social responsibilities, to ensure a modern and sustainable mining sector that strengthens the Kingdom’s competitiveness and serves its development goals.
For his part, the General Supervisor of Industrial Transformation at the Ministry, Engineer Sultan bin Mohammed Al-Musallam, reviewed, as part of the activities of Industry and Mining Entrepreneurs Week, the entrepreneurship directions in the industrial sector, which aim to build an enabling and stimulating ecosystem to reach global leadership.
Al-Musallam emphasized that these directions rest on the integration of efforts between the government, private, and academic sectors to strengthen innovation and raise the contribution of industrial startups to the economy, noting the continued work on developing legislative, financing, and infrastructure enablers to support the growth of industrial entrepreneurial projects in the Kingdom.
Monsha’at is organizing Industry and Mining Entrepreneurs Week, in partnership with the Ministry of Industry and Mineral Resources, from September 28 to October 2, at the SMEs Support Centers in Riyadh, Jeddah, Al-Khobar, and Al-Madinah Al-Munawwarah, with broad participation from Their Excellencies and the sector’s leaders.