Since the launch of Saudi Arabia's new mining investment system in January 2021, there has been a sharp upswing in issued mining licenses.
The Ministry of Industry and Mineral Resources reported that licenses rose from eight before the system’s launch to 19 in 2023, marking a growth of 138%.
This surge reflects Saudi Arabia’s efforts to make mining a key part of its economy and attract global investors. The goal is to tap into the Kingdom’s vast mineral wealth, estimated at $2.5 trillion, and diversify its economy.
The streamlined process for obtaining mining licenses has made the sector more attractive to both local and international investors.
As a result, the number of licenses for quarrying construction materials jumped to 538 in 2023, compared to 158 before the new system, a growth of 241%.
Additionally, exploration licenses also increased significantly, reaching 259 in 2023 compared to 58 previously, marking a growth of 347%.
Strategic initiatives like accelerated exploration programs have sped up the approval process for mining licenses, reducing wait times from months to a more efficient process.
Overall, Saudi Arabia’s new mining investment system aims to stimulate investment in the sector and boost mineral production, signaling the Kingdom’s commitment to building a strong and competitive mining industry.