Saudi Arabia aims to become global mineral production hub: Almudaifer

Khalid Almudaifer, Vice Minister for Mining Affairs, said local demand for minerals in Saudi Arabia is witnessing a significant increase due to various factors, including mega-projects under Vision 2030.

This is in addition to the initiatives outlined in the National Industrial Strategy, which aim to transform Saudi Arabia into a leading industrial powerhouse contributing to global industrial supply chains, Almudaifer noted.

He highlighted the Kingdom's longstanding history as a global energy supplier, emphasizing that under Vision 2030, the leadership recognizes the importance of exploring and managing mineral resources and supporting their supply chains to ensure sustainability.

In a statement from the ministry, Almudaifer explained that the ministry’s strategy focused on securing the essential minerals needed for the Kingdom's industrial transformation through strengthening the local mining sector. This sector witnessed numerous regulatory and legislative initiatives and achievements in recent years.

Further, the official shed light on the financial incentives provided to support exploration programs. He confirmed that the Kingdom succeeded in attracting investments through its mining competition program, which saw significant expansion this year.

An area 10 times larger than that of 2023 was offered for exploration, with plans to offer 50,000 square kilometers by 2025, Almudaifer said.

He indicated that Saudi Arabia enhanced the efficiency of its mining regulations to align with global environmental and social sustainability standards.

The Kingdom also simplified licensing procedures and facilitated access to exploration sites, helping it rank second globally in the permit index, according to the Global Risks Report 2023.