Saudi Arabia has unveiled an ambitious plan to increase private sector investment in the mining industry 171 billion Saudi riyals ($45.6 billion) by 2030. This is part of the country's broader efforts to revitalize and expand its mining sector. Saudi Arabia is committed to raising the mining industry's contribution to the country's GDP from the current $17 billion to an impressive $64 billion by the end of the decade. This significant increase is expected to be achieved through various initiatives aimed at attracting private investments and fostering growth within the sector.
The Saudi government is also gearing up to allocate more than 120 billion Saudi riyals by 2030 for the development of several industries. This substantial investment will encompass crucial areas such as iron and aluminum production, as well as the production of chemicals required for electric vehicle batteries.
The Ministry of Energy and Mineral Resources has estimated mineral resources to be valued at over $1.3 trillion. These abundant resources include phosphates and bauxite in the northeast of the country, in addition to valuable deposits of gold, copper, and various rare earth elements in the western region. Saudi Arabia's commitment to tapping into these resources represents a significant step towards diversifying its economy and reducing dependency on oil revenues.