Ministry issues 61 new permits as foreign investors dominate bidding; total investments in new projects exceed SR44 billion for gold and phosphate extraction.
JEDDAH – Saudi Arabia’s mining sector is experiencing an unprecedented boom, with new exploitation licenses surging by 220 percent year-on-year in 2025, according to data released by the Ministry of Industry and Mineral Resources.
The ministry issued 61 new mining and small-mine exploitation licenses over the past year, a dramatic leap from just 19 licenses in the previous year. These new projects represent total investments exceeding SR44 billion ($11.7 billion) and are focused on extracting high-quality mineral ores, including gold and phosphate.
The figures underscore the growing attractiveness of the Kingdom’s mining investment environment as Riyadh pushes forward with its strategy to establish the sector as the “third pillar” of the industrial economy, alongside oil and petrochemicals.
A Sector Transformed
The ministry’s statement highlighted that the sector’s contribution to gross domestic product has doubled, reaching SR136 billion ($36.3 billion) in 2024. This growth is fueled by a surge in investor confidence, with the number of active exploration companies skyrocketing from just six in 2020 to 226 in 2024—a 38-fold increase.
Foreign investors are leading the charge, now accounting for 66 percent of total license bidders, signaling strong international confidence in the Kingdom’s vast mineral wealth, which is estimated to be worth more than SR9.4 trillion ($2.5 trillion).
Exploration spending has also seen a dramatic rise, increasing fivefold since 2020 and exceeding SR1.05 billion in 2024 alone. Total investments attracted to the industry have now surpassed SR170 billion.
Enabling Vision 2030
Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, confirmed that the number of valid mining exploitation licenses in the Kingdom reached 275 by the end of 2025, covering a total area of 2,160 square kilometers.
He affirmed that the ministry will continue enabling mining investments and facilitating local and international investor participation to maximize sector returns. “This reflects the effectiveness of reforms implemented to strengthen the investment environment and regulate the mining sector,” Al-Jarrah said in the statement.
The mining push is a cornerstone of Saudi Vision 2030, which aims to diversify the economy away from hydrocarbon dependency. Just last month, the Kingdom opened 11 mining sites at the Eastern Province’s Al-Summan Crushers Complex for competitive bidding, further expanding opportunities in the sector.
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