Saudi Arabia Targets SAR 92 Billion In Mining Investments By 2030 To Accelerate Growth

Saudi Arabia plans major new investment in mining as part of its wider economic agenda, with Minister of Investment Khalid Al-Falih calling for coordinated action by governments, private investors and global financial institutions to overcome funding barriers and speed up project development across the entire minerals value chain.

Al-Falih said that rising worldwide demand for strategic and critical minerals represents a long-term structural change, not a short-lived price cycle. This trend, Al-Falih explained, requires faster project execution, deeper capital pools and investment frameworks that can support higher-risk, capital-intensive mining ventures.

The Minister stated that the National Investment Strategy aims to increase capital directed to the mining sector from about SAR45 billion in 2024 to almost SAR92 billion during the period between 2025 and 2030. The plan includes doubling foreign direct investment and offering internal rates of return between 20% and 30%.

Al-Falih noted that Saudi Arabia has already started reshaping the mining environment through a comprehensive approach. Exploration expenditure has been raised fivefold between 2020 and 2024, while regulatory and project processes have been adjusted to cut development timelines so that new mines can move from discovery to production within eight to ten years.

The strategy is backed by large-scale infrastructure, including road networks, rail links, seaports and logistics corridors designed to handle bulk minerals efficiently. According to Al-Falih, the Kingdom is also building globally competitive value chains in aluminium and phosphate, strengthening the country’s position as an integrated mining and metals hub.

Al-Falih outlined these plans during a dialogue session titled "Time for Bold Action: Creating a Global Mineral Fund to Supercharge Investment," held on the sidelines of the Future Minerals Forum 2026 in Riyadh. The session examined obstacles to international mining investment and options to meet fast-growing global demand for critical minerals.

The panel included Managing Partner and Deputy Group Chief Executive at Orion Resource Partners Michael Barton, Chief Strategy Officer of Energy Pathways at The Carlyle Group Jeff Currie, Founder and Chairman of Integra Capital Dr. José Luis Manzano, Head of Global Affairs at Appian Advisory Dominic Raab, and President and Chief Executive Officer of Ivanhoe Electric Taylor Melvin, highlighting broad international interest in Saudi mining investment.

With inputs from SPA