Saudi Arabia 5 years ahead of global mining sector: Vice Industry Minister

Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs

Saudi Arabia is about five years ahead of other countries in the mining sector, said Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources for Mining Affairs.

In a statement to Al Arabiya Business, Al-Mudaifer noted that through Vision 2030, Saudi Arabia has identified mining as a key sector to strengthen the national economy, well before it gained significant global attention.

He added that the first strategy for Vision 2030’s mining programs was adopted in 2018.

The Vice Minister highlighted the sector’s exceptional performance, noting that exploration activities have increased fivefold compared to the period before Vision 2030.

The number of companies engaged in exploration has also risen from six to more than 240.

These companies are actively investing, exploring, manufacturing, and producing minerals in Saudi Arabia, with many projects currently underway in gold, copper, and phosphate.

Al-Mudaifer further explained that Saudi Arabia has begun collaborating with international investment banks to establish a financing gateway, enabling mining companies to present their strategies and meet with financial investors.