Saudi Arabia has unveiled plans to inject $100 billion into its mining sector by 2035, as part of its strategic push to become a global leader in mining and manufacturing.

Addressing industry leaders, Al-Mudaifer emphasized the pivotal role of mining in the Kingdom’s Vision 2030, a sweeping economic reform plan. He stressed that mining is now a core pillar of the nation’s industrial strategy, supported by modernized regulations and robust government initiatives like the National Minerals Program.

The Kingdom’s mineral wealth has surged, now estimated at $2.5 trillion, up from $1.3 trillion, reflecting both rising commodity values and successful exploration efforts.

A dramatic increase in exploration activity highlights this growth, with the number of exploration companies operating in Saudi Arabia jumping from six in 2020 to 133 in 2023. This 22-fold expansion, coupled with almost $355 million invested in exploration, demonstrates the Kingdom’s aggressive pursuit of untapped mineral resources.