Saudi Arabia increased its exploration spending by 500% over the last five years – more than doubling in the last year alone – making the kingdom one of the fastest-growing mining jurisdictions in the world, the Ministry of Industry and Mineral Resources (MIM) announced this week.
The country’s exploration spending rose to SAR 1.05 billion ($280.5 million) in 2024, up from SAR 501 million ($133.5 million) in 2023 and up from SAR 205 million ($55 million) in 2020, according to the MIM’s latest Mineral Exploration Report released on Oct. 20.
“Saudi Arabia’s mining sector is entering a new phase of accelerated growth and maturity,” said Khalid Al-Mudaifer, Vice-Minister of Industry and Mineral Resources for Mining Affairs.
The Ministry attributed the growth to “increased private-sector investment, expanding geological survey programs, and sweeping regulatory reforms.” The achievement supports the goals of Saudi Vision 2030, which identifies mining as the third pillar of the national economy and a key driver of industrial growth and regional sustainable development.
“Progressive legislation focused national programs, and transparent, sustainable international partnerships are part of the enablers of this unprecedented growth,” Al-Mudaifer said. “The Kingdom is fast-becoming one of the most attractive destinations for mining investment, not only because of the scale of our resources but because of our ability to manage them with efficiency and reliability.”
Investor interest in the country’s mining sector is growing alongside government spending. In 2024 alone, private sector spending on exploration licenses grew by 164%, to SAR 770 million ($205 million) compared to SAR 155 million ($41.3 million) in 2020, even as government spending through geological programs grew from SAR 11 million ($2.9 million) in 2020 to SAR 180 million ($48 million) in 2024 – a growth rate of 1,600%. The number of active exploration companies also rose from 6 in 2020 to 226 in 2024, a 38-fold increase.
Over 70% of total exploration spending went to grassroots projects in new and underexplored areas, marking the highest proportion among 21 countries included in a recent global study. Meanwhile, advanced-stage projects – those closest to potential mine development – accounted for the largest share of 2024 spending, at SAR 349 million ($93 million), followed by early-stage exploration at SAR 263 million ($70.1 million).
The sector has also attracted strong interest from leading players in global mining, with foreign investors accounting for 66% of total mining investment compared to 34% from local investors.
Saudi Arabia will host the fifth edition of the Future Minerals Forum (FMF) in Riyadh from Jan. 13-15, 2026. FMF brings together senior government officials, industry leaders, multilateral organizations, NGOs, academia, trade associations, and other stakeholders across the entire mineral value chain to help shape the future of minerals.