Saudi Arabia Mining Sector Undergoes Transformation, FMF 2026 Highlights

Saudi Arabia’s mining sector is gaining stronger global attention, as officials outline rapid progress at the Future Minerals Forum 2026. Vice Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Al‑Mudaifer said the Kingdom is drawing major mining capital and is now viewed as a leading destination for investors seeking stable and growing mineral opportunities.

Speaking during a panel discussion titled "The great catch up: Global mineral supply resilience and new market creation," Al‑Mudaifer said Saudi Arabia has moved mining from a marginal activity to a central economic pillar. The session gathered senior figures from international mining and finance, underscoring how the Kingdom’s plans are linked with global supply concerns and new market dynamics.

Al‑Mudaifer explained that mining is now established as the third pillar of national industry, aligned with Vision 2030. He said the sector’s rise is supported by a mining strategy launched in 2018, which goes beyond extraction and aims to build a complete ecosystem that spans skills, institutions, infrastructure, markets, and technological development across the value chain.

The vice minister stressed that strategy implementation includes developing young Saudi talent and improving institutional capacity to manage projects and regulation. Work is also progressing to set up a commodities exchange that will support trading in emerging minerals. This platform is intended to increase transparency, improve price discovery, and integrate the Saudi Arabia mining sector more tightly with global markets.

Al‑Mudaifer highlighted that Saudi Arabia’s exploration expenditure has multiplied over the last five years. Spending rose from less than $28 (SAR105) per square kilometre in 2020 to about $144 (SAR539) per square kilometre in 2024. These levels already exceed targets that had originally been set for 2025, signalling faster‑than‑planned growth in geological activity.

Referring to investor sentiment, Al‑Mudaifer cited the Fraser Institute’s 2024 Annual Survey of Mining Companies. Saudi Arabia ranked 104th globally in 2013 as a mining destination with limited investment appeal, but now stands 23rd worldwide. He said this shift shows how "profound and unprecedented transformation" has repositioned the Kingdom as a leading mining investment destination.

Saudi Arabia mining sector, critical minerals and global supply resilience

Addressing changing demand patterns, Al‑Mudaifer said long‑term economic growth now relies on more than traditional metals like aluminium, copper, and iron. Modern economies depend increasingly on specialised and critical minerals such as rare earth elements, tin, tungsten, tantalum, and gallium, which are essential for electric motors, drones, computers, and a broad range of digital technologies.

Al‑Mudaifer noted that these critical minerals usually represent a smaller share of overall market revenue than bulk commodities, yet remain vital for advanced manufacturing. He warned that high price volatility and relatively small market size make investments in such minerals risky. This situation, Al‑Mudaifer argued, strengthens the case for government action, including policies that encourage exploration and lower financing barriers.

The vice minister said intervention should extend beyond basic infrastructure provision, such as energy and water networks. He highlighted the National Minerals Program adopted by the Kingdom, which is designed to reduce investor risk, support financing, and secure continuity of supply. These tools are intended to help the Saudi Arabia mining sector meet both domestic industrial needs and international demand.

Saudi Arabia mining sector partnerships and global role

Looking at international cooperation, Al‑Mudaifer called for deeper partnerships with global players. He said that, just as Saudi Arabia built its oil and petrochemicals sectors through collaboration with international partners, the Kingdom is now applying the same partnership‑driven model to mining, using shared expertise, capital, and technology to support long‑term sector growth.

Al‑Mudaifer added that Saudi Arabia is positioning itself as a global hub for mining innovation, advanced technologies, and venture capital. The Kingdom aims to contribute to shaping the future of the global minerals industry, while anchoring supply chains for critical minerals. These efforts are intended to secure economic diversification goals and reinforce the strategic role of the Saudi Arabia mining sector.

With inputs from SPA