Economic experts said the Saudi Cabinet’s approval of the draft rules and procedures governing the National Minerals Program marks a decisive step that will accelerate the development of the Kingdom’s vast mineral resources, estimated at around 9 trillion riyals, or $2.4 trillion.
They said the move firmly positions mining as the third pillar of national industry and a key engine of non-oil growth.
Khalid Al-Mudayfer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, said the approval builds on sustained government support for the mining and minerals industries. He said the program will act as a primary enabler to ensure sufficient current and future mineral supplies and to address gaps across value chains.
The regulatory push comes as economic circles look ahead to the fifth edition of the International Mining Conference, set to take place in Riyadh from Jan. 13 to 15, 2026, under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz.
The event is expected to generate exceptional momentum, with around 150 memorandums of understanding and strategic agreements anticipated, alongside participation from more than 200 exhibitors and sponsors.
From regulation to strategic planning
Mohammed Al-Duleim, chairman of the National Mining Committee at the Federation of Saudi Chambers, told Asharq Al-Awsat that the Cabinet’s approval reflects the government’s determination to build a strong, well-regulated and sustainable mining sector capable of matching the ambitions of the Saudi economy at this stage.
He said the decision represents a qualitative shift in a sector that has become part of strategic economic activities linked to industry and several other sectors, making a positive contribution to non-oil growth.
Al-Duleim said the timing of the program is critical, as global competition for minerals intensifies, echoing earlier competition for oil. He said the Kingdom has moved early from a focus on regulation and governance toward forward planning and long term sustainability.
He added that the program guarantees the timely availability of mineral supplies at stable prices, offering investors a high degree of clarity and helping to manage risks. He said Saudi Arabia has now emerged as a global minerals hub, driven by the outcomes of the International Mining Conference and a successful partnership between the public and private sectors.
Strong domestic demand underpins the new program, which centers on securing mineral needs on time and at stable prices, Al-Duleim said.
The Cabinet decision, he added, enhances transparency and confidence for investors and reinforces the state’s comprehensive approach to managing the sector, from planning to value maximization, in line with Vision 2030 targets.
He said the Kingdom’s status as a global minerals center has been reinforced by mega projects and by the government’s success in building public private partnerships, positioning Saudi Arabia as a major international destination through the annual International Mining Conference in Riyadh.
Unifying procedures
Economist Ahmed Al-Shahri told Asharq Al-Awsat that the new program represents a regulatory step aimed at strengthening governance of the sector and improving management mechanisms.
He said it supports exploration and development of mineral resources valued at more than 9 trillion riyals, or $2.4 trillion.
He said the National Minerals Program provides a government framework that organizes the sector and defines coordination mechanisms among relevant authorities, adding that Cabinet approval will lead to unified procedures and faster licensing.
Al-Shahri stated that the program aims to transform mining into a key economic pillar, aligning with government objectives, while also attracting both domestic and foreign investment. He said it also focuses on maximizing local value added from mineral resources.
He said the decision reflects a structured, long term approach to developing the minerals sector, strengthening exploration, environmental governance and sustainability.
In conclusion, the National Minerals Program stands as a key mechanism to enhance the efficiency of developing Saudi Arabia’s mineral wealth, combining strict governance with flexible planning.
Analysts said this approach will help channel the necessary investment to deliver significant gains in the sector’s contribution to the country's gross domestic product in the coming years.
