Saudi mining sector fastest growing investment hub globally: Ministry

Logo of the Ministry of Industry and Mineral Resources 

Saudi Arabia's mining sector has experienced the fastest global growth rate in the development of a regulatory and fundamental environment to attract investments over the last five years (2018-2023), according to the Ministry of Industry and Mineral Resources.

The ministry stated that Saudi Arabia has made significant global progress in the assessment of investment risks in the mining sector, which was issued by Minehutte and Mining Journal.

The Kingdom's mining exploration licenses index rating improved, and it now ranks as the world's second-highest country in terms of issuing licenses, the ministry said.

It added that the Kingdom’s rating in the fiscal risk mitigation worldwide index witnessed a significant development, making Saudi Arabia among the top 10 countries in this indicator.

Moreover, Saudi Arabia is ranked as a top-tier mining jurisdiction for investment.

The ministry further stated that the competitive advantages in the Saudi mining sector include security of tenure, streamlined permitting, competitive incentives, and digital access to geological data.

This has placed the mining sector as one of the basic pillars for achieving economic development and reflects the size of the great efforts in developing the legislative environment and facilitating doing business, which contributed to Saudi mining being the fastest growing.