It's not just about oil anymore. They're setting an example of how to develop mining.

• Saudi Arabia's mining sector has risen from 104th place in 2013 to 23rd in 2024 in the Fraser Institute's Mining Investment Attractiveness Index, according to the Institute's annual 2024 survey of mining companies.
• The report praised the Kingdom's stable regulatory environment and ambitious reforms.
• Saudi Arabia has thus strengthened its position as one of the fastest growing mining sectors in the world.

“This excellent result reflects the structural transformation and comprehensive actions undertaken in the mining and minerals sector as part of Vision 2030,” said Khalid Al-Mudaifer, Deputy Minister of Mining.

Saudi Arabia has built a globally competitive investment environment

Over the past few years, Saudi Arabia has built a globally competitive investment environment.

"Our goal remains to maximize the economic value of our mineral resources, create jobs for citizens, and localize supply chains. Mining is no longer a traditional sector. In fact, it has become a key driver of industrial and economic growth, and we are determined to leverage this momentum to ensure lasting success," added Al-Mudaifer.

The Fraser Institute pointed out that Saudi Arabia's success was driven by wide- ranging regulatory changes covering property security, taxation, environmental regulations, infrastructure and community engagement.

The report also highlighted that investors did not express concerns about political stability – one of the Kingdom's strengths.

As noted by Mining.com, the report praised the Kingdom's stable regulatory environment and ambitious reforms, which have boosted international investor confidence and cemented Saudi Arabia's position as a world-class mining investment destination.

The Fraser Institute's annual mining survey is followed by governments and financial institutions around the world.

In addition to oil extraction, mining is expected to be an important part of Saudi Arabia's economy.

Saudi Arabia has long been associated primarily with oil. The Saudi plans outlined in Vision 2030, however, assume a large-scale program to exploit the metallic resources necessary for the energy transition.

The Saudi Geological Survey has identified over 5,500 sites with varying concentrations of valuable elements. Phosphate deposits, for example, are valued at over $320 billion and constitute 60 percent of the portfolio of the largest Saudi-owned mining company, Ma'aden. Therefore, alongside oil production, mining is expected to be a significant part of the Kingdom's economy.