Saudi Arabia’s mining sector has vaulted from 104th to 23rd place worldwide in the Fraser Institute’s 2024 Investment Attractiveness Index, marking its biggest leap in the past decade and overtaking leading mining destinations in Asia and Latin America.
The milestone cements the kingdom’s position as one of the world’s fastest-rising mining powers.
The Canada-based institute’s annual survey of mining companies showed Saudi Arabia also climbed sharply in its Policy Perception Index — a measure of the stability and transparency of a country’s regulatory environment — moving from 82nd in 2013 to 20th in 2024.
The rise reflects growing global confidence in the kingdom’s stable legislative and regulatory framework.
Saudi Arabia’s geological potential index recorded a similar leap, jumping from 58th in 2013 to 24th in 2024, underlining the scale of its largely untapped mineral wealth.
The surge has been driven by ongoing geological surveys, recent discoveries and competitive licensing rounds that have drawn interest from major international firms.
Deputy Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer said the performance reflected “a structural transformation” of the sector under the Vision 2030 economic diversification plan.
“In recent years, we have built a globally competitive investment environment for mining, backed by clear regulations, accessible geological data — including one of the most comprehensive geological mapping programs of the Arabian Shield — as well as competitive incentives and world-class infrastructure,” he told Asharq Al-Awsat.
Al-Mudaifer said the government’s focus remained on maximizing the economic value of mineral resources, creating high-quality jobs and localizing industrial supply chains. “Mining has become a key driver of industrial and economic growth, and we will build on this momentum to ensure the sector’s sustainable success,” he added.
He said the Fraser Institute’s 2024 findings underscored the impact of sweeping reforms, from security of tenure to tax rules, environmental legislation, infrastructure and community engagement, which helped place Saudi Arabia in the top quartile of the index for the first time.
Investors surveyed by the institute expressed no concerns about political stability — a factor it cited as one of the kingdom’s strengths — and praised its Mining Exploration Enablement Program as an effective tool for reducing investment risks and boosting early-stage confidence.
Between 2013 and 2024, Saudi Arabia saw dramatic improvements in several key measures, including a 305.8% rise in the clarity and effectiveness of its mining regime — from 17% to 69% — placing it 11th globally.
The clarity of land access for mining improved by 82.2% ranking seventh worldwide, while the rating of labor regulations jumped 102.2% to 91%. The quality of its geological database rose 81.8% to 60%.
The report credited Saudi Arabia’s stable regulations and ambitious reforms with reinforcing its position as a world-class mining investment destination, saying these policies reduced risk, boosted transparency, improved efficiency and expanded access to data — in line with Vision 2030 goals to diversify the economy and develop strategic sectors.
The Fraser Institute’s survey is considered one of the most authoritative global assessments of mining investment climates, used by investors, governments and financial institutions worldwide.
