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Saudi Arabia Expands Exploration of Mineral Resources

Mahd Ad Dahab gold mine, one of the oldest mines in Saudi Arabia (Asharq Al-Awsat)
Mahd Ad Dahab gold mine, one of the oldest mines in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Expands Exploration of Mineral Resources

Mahd Ad Dahab gold mine, one of the oldest mines in Saudi Arabia (Asharq Al-Awsat)
Mahd Ad Dahab gold mine, one of the oldest mines in Saudi Arabia (Asharq Al-Awsat)

The Saudi Ministry of Industry and Mineral Resources called on emerging individual explorers, small and medium-sized local companies, and investors to register in the "Nuthree" Mining Exploration Incubator initiative.

Nuthree aims to empower emerging individuals and local companies in the mineral exploration sector to create a sustainable local exploration environment to develop the Kingdom's resources and become an entry point for promising industries in cooperation with the General Authority for Small and Medium Enterprises (Monshaat).

The Ministry recently announced that until the end of March, the total number of valid mining licenses in the sector had reached 2,314.

The Ministry's official spokesman, Mohammed al-Jarrah, said that the incubator aims to develop the skills of emerging explorers and employ their capabilities and support them with enablers that ensure sustainability in the mining exploration sector.

It helps by promoting investment, transferring and exchanging knowledge and experience between leading mining companies, and building sustainable strategic partnerships.

Jarrah stressed the importance of enabling entrepreneurship in mineral exploration locally from a regulatory perspective and financing and supporting it with the appropriate infrastructure to enhance its business and drive economic growth in the sector.

He noted that the initiative is in line with the goals of Vision 2030 and the National Industrial Development and Logistics Program (NIDLP) to make the mining sector the third pillar of national industries.

Jarrah indicated that the initiative targets students and academics, small and medium-sized companies applying for an exploration license, emerging exploration companies, and investors interested in the mining sector.

The incubator will also provide services to support startups, including analyzing geological data, assisting them in obtaining exploration licenses, and offering intensive courses and training workshops in earth sciences.

It will conduct events and sessions with experts and specialists in mineral exploration, laboratory services, samples analytics, geophysical survey for metal detection, preserving diamond drilling samples, offering guidance throughout the initiative program, and providing office space.

The spokesman pointed out that the advanced companies will be evaluated according to essential criteria by examining the experiences of the work team and the previous work, assessing the financial efficiency, and their readiness to enter the incubator programs.

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Saudi Trade Surplus Hits 10-Month High as Imports Decline

King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)
King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)
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Saudi Trade Surplus Hits 10-Month High as Imports Decline

King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)
King Abdulaziz Port in Dammam, Eastern Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia posted its highest trade surplus in 10 months in February, buoyed by a sharp drop in merchandise imports, a trend that supports state revenues, bolsters currency stability, and reflects strong global demand for locally produced goods.

The Kingdom recorded a trade surplus of 31 billion riyals ($8.26 billion) in February, up 44.6% from 21 billion riyals in January and higher than the 29 billion riyals recorded in the same month last year, data from the General Authority for Statistics showed.

The surge came despite a slight dip in exports, as merchandise imports fell by 5.6% month-on-month to 63 billion riyals ($16.7 billion) — the lowest level since late 2023. Meanwhile, merchandise exports stood at 94 billion riyals ($18.3 billion), down from 97 billion riyals in January.

Saudi Arabia’s non-oil exports, including re-exports, rose 14.3% year-on-year in February to 26 billion riyals ($6.9 billion), up from 23 billion riyals in the same month last year, driven by ongoing efforts to boost domestic industry and global market access.

The growth comes as the Kingdom steps up its “Made in Saudi” initiative, aimed at helping local companies expand operations, tap new customer bases, and market their products to a wider audience. The program is part of Riyadh’s broader push to diversify the economy and reduce reliance on oil.

Trade experts say the rise in exports relative to imports is supported by a mix of financial incentives, export facilitation, and expanded logistics infrastructure across air, land and sea.

China remained Saudi Arabia’s largest export destination in February, accounting for 16.2% of total exports. South Korea followed with 10.1%, and the United Arab Emirates came third with 9%.

Dr. Fawaz Alamy, an international trade expert, told Asharq Al-Awsat that the trade surplus reflects the Kingdom’s successful policies to stimulate the private sector and boost the competitiveness of national products abroad. He said recent regulatory reforms have eliminated key obstacles for exporters and helped create entities that support global expansion.

He added that government agencies are working closely with the private sector by providing consulting services, financing, and market targeting strategies to facilitate international trade.

“Saudi Arabia’s non-oil activities are now growing steadily and contributing more than 50% to GDP,” Alamy said, noting this aligns with Vision 2030 goals to build a diversified and thriving economy.

Economic analyst Ahmed Al-Shehri echoed the sentiment, saying February’s trade surplus highlights the success of government collaboration in enhancing the export environment, overcoming exporter challenges, and improving export-related knowledge and talent.

He added that authorities continue to support the private sector and create an attractive environment for local and foreign investment. “In recent years, the government has worked to understand and remove the challenges facing domestic companies to ensure they can drive economic growth,” Al-Shehri said.

He noted that the non-oil sector’s contribution to GDP is now around 50%, adding: “Government agencies are actively helping manufacturers and exporters identify global market opportunities and deliver tailored support.”