Foreign investors now account for 66% of license bidders as active exploration companies surge from six to 226, unlocking SR9.4 trillion in estimated mineral wealth.
JEDDAH – Saudi Arabia’s mining sector is witnessing explosive growth, with the issuance of new exploitation licenses skyrocketing by 220 percent in 2025, the Ministry of Industry and Mineral Resources announced, signaling robust investor confidence in the Kingdom’s untapped geological wealth.
The ministry issued 61 new mining and small-mine exploitation licenses over the past year, a dramatic leap from just 19 permits in 2024. These new projects represent a combined investment exceeding SR44 billion ($11.7 billion) and are focused on extracting high-value ores, including gold and phosphate.
The surge underscores the success of the Kingdom’s strategy to position mining as the “third pillar” of the national industrial economy, alongside oil and petrochemicals, in line with Saudi Vision 2030.
By the Numbers: A Sector Transformed
The ministry’s data paints a picture of a sector undergoing rapid transformation. The mining industry’s contribution to gross domestic product has doubled, reaching SR136 billion ($36.3 billion) in 2024.
Total investments attracted to the sector have now surpassed SR170 billion. Exploration spending has increased fivefold since 2020, exceeding SR1.05 billion in 2024 alone, as companies race to tap into the Kingdom’s vast mineral resources, estimated to be worth more than SR9.4 trillion ($2.5 trillion).
Investor participation has seen a paradigm shift. The number of active exploration companies has surged from just six in 2020 to 226 in 2024—a staggering 38-fold increase. Crucially, foreign investors now account for 66 percent of total license bidders, reflecting strong international confidence in Saudi Arabia’s mining potential.
Enabling Growth and Diversification
Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, confirmed the figures, stating that the total number of valid mining exploitation licenses in the Kingdom reached 275 by the end of 2025, covering an area of 2,160 square kilometers.
“This reflects the effectiveness of reforms implemented to strengthen the investment environment and regulate the mining sector,” Al-Jarrah said. He affirmed that the ministry will continue enabling mining investments and facilitating local and international participation to maximize sector returns.
The momentum shows no signs of slowing. Last month, Saudi Arabia opened 11 new mining sites at the Eastern Province’s Al-Summan Crushers Complex for competitive bidding. The sites, designated for the extraction of aggregates and crusher materials, cover a combined area of nine square kilometers, offering further opportunities for growth in the burgeoning sector.
