Saudi Arabia Targets $100 Billion in Mining Investments by 2035

Saudi Arabia has announced plans to attract approximately 375 billion riyals ($100 billion) in mining sector investments by 2035 as part of its Vision 2030 strategy to reduce dependence on oil revenues. The initiative was outlined by Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, during the BMO Global Metals, Mining, and Critical Minerals Conference in Miami from February 23 to 26, 2025.

Since implementing a new legal framework to encourage investment, the Kingdom has secured 75 billion riyals ($20 billion) in mining projects, leading to a rapid sector expansion. The number of mining companies operating in Saudi Arabia has grown from six in 2020 to 133 by the end of 2023.

Saudi Arabia’s mineral wealth is now valued at 9.3 trillion riyals ($2.48 trillion), significantly higher than earlier estimates of 5 trillion riyals ($1.33 trillion), driven by increased exploration and rising global demand for critical minerals. Exploration spending has increased by 32%, surpassing the global average.

To strengthen its mining industry, Saudi Arabia has pursued international partnerships. At the World Investment Conference in Riyadh, the Kingdom signed nine agreements worth over $9.32 billion with companies including India’s Vedanta and China’s Zijin Group, reinforcing its economic diversification agenda.

Saudi Aramco, the world’s largest oil producer, is also expanding into lithium production as part of the Kingdom’s strategy to establish itself as a mining hub. Partnering with the state-owned firm Ma’aden, Aramco plans to commence commercial lithium production by 2027, capitalizing on rising electric vehicle demand and positioning Saudi Arabia as a key player in lithium refining and exports.