Saudi Arabia’s mineral resources are becoming a key driver of industrial diversification under Vision 2030, as policymakers aim to shift the sector from raw extraction toward downstream manufacturing, technology transfer, and strategic supply chain development.
With an estimated $2.5 trillion in untapped mineral resources, the kingdom is advancing what officials have described as a third pillar of the economy, complementing oil and petrochemicals.
The shift reflects both domestic diversification priorities and global demand for critical minerals essential to clean energy, advanced manufacturing, and defence industries.
In 2025, Saudi Arabia’s mining sector recorded a sharp increase in new mining exploitation licences, with 61 permits issued compared with 19 the previous year. Total investment in newly licensed projects exceeded SR44 billion, covering strategic ores such as gold and phosphate.
Foreign companies accounted for about two-thirds of all participants, highlighting strong international confidence, with the sector’s contribution to GDP doubling to SR136bn ($36.7bn) in 2024, demonstrating the practical impact of regulatory reforms and Vision 2030 initiatives.
Speaking to Arab News, Saurabh Priyadarshi, a geologist and adviser for mining and metals at Geoxplorers Consulting Services, said Saudi Arabia is moving “from a resource-rich nation to a global minerals sovereign, supported by the latest 2023–2026 data.”
He noted that the mining sector’s contribution to gross domestic product reached SR64bn in 2023, with a target of SR97bn by 2030, adding that annual gold output now exceeds 500,000 ounces, while aluminum production has surpassed 900,000 metric tonnes.
“Saudi Arabia is transforming its $2.5trn mineral endowment into a cornerstone of industrial sovereignty,” he said.
Beyond precious and base metals, he added, Saudi Arabia has leveraged large phosphate reserves at Ras Al Khair to become a major fertiliser exporter, reinforcing its role in global food security supply chains.
Yaseen Ghulam, an associate professor of economics and director of research at Al Yamamah University in Riyadh, said the estimated $2.5trn in undeveloped mineral resources “is being used as a strategic tool to increase the kingdom’s geopolitical clout and further integrate into international supply chains and industry.”
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