Saudi Arabia is accelerating the development of its mining sector as a central pillar of economic diversification, with the Kingdom’s mineral wealth now estimated at SR9.4 trillion ($2.5 trillion).

The surge in value is driven by discoveries of rare earth elements, base metals, gold, phosphate, and titanium — a strong, lightweight metal with high-value applications in aviation and turbine manufacturing.

A major catalyst for this growth is the Northern Borders region, home to SR4.6 trillion in resources and a key hub for phosphate production. Developments in Waad Al-Shamal have helped position the Kingdom among the world’s top phosphate exporters.

In alignment with Vision 2030 and the National Industrial Development and Logistics Program, the mining sector is projected to boost its contribution to gross domestic product from $17 billion in 2024 to $75 billion by 2030. It generated $400 million in revenue in 2023 and is now backed by a $100 billion investment plan targeting critical minerals by 2035.

Speaking to Arab News, Saurabh Priyadarshi, a geologist and adviser for mining and metals at Geoxplorers Consulting Services, highlighted that Saudi Arabia’s substantial reserves of gold, copper, phosphate, rare earth elements, and lithium position it as a potential global leader in the industry.

Source: Arabnews