RIYADH: Saudi Arabia’s mining sector has leapt 81 places over the past decade to rank 23rd globally in the Fraser Institute’s Investment Attractiveness Index, underscoring the Kingdom’s rapid emergence as a global mining contender.
The rise from 104th place in 2013 marks one of the steepest climbs recorded by the Canadian think tank and puts Saudi Arabia ahead of several established mining destinations in Asia and Latin America.
The Fraser Institute credited the surge to sweeping regulatory reforms, strategic investment, and accelerated exploration activity.
These improvements reflect investor confidence in a stable regulatory environment and the vast untapped mineral wealth supported by large-scale geological surveys, new discoveries, and competitive mining licensing rounds. The rise aligns with the rapid growth of Saudi Arabia’s mining industry, a key pillar of the Kingdom’s Vision 2030 diversification strategy.
Commenting on the Fraser Institute’s 2024 report, Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer said: “It reflects the structural transformation of the Saudi mining sector in line with the targets of Vision 2030.”
He added: “Our focus remains on maximizing the economic value of our mineral resources, creating jobs for citizens, and localizing supply chains.”
The vice minister said mining is no longer a traditional sector; rather, “it has become a key driver of industrial and economic growth, and we are committed to building on this momentum to ensure sustainable success.”
The Kingdom also ranked 20th globally in the Policy Perception Index, up from 82nd a decade ago, and 24th in the Best Practices Mineral Potential Index, rising from 58th.
This comes as Saudi Arabia issued a record number of new mining exploration licenses in the first half of 2025, registering a 144 percent increase year on year, official data showed.
The Ministry of Industry and Mineral Resources reported that 22 licenses were granted during the period, up from nine in the same period a year earlier, underscoring rising investor interest and the government’s drive to build a more competitive and attractive mining sector.
Commenting on Saudi Arabia’s significant jump in the rankings, Minister of Industry and Mineral Resources Bandar Alkhorayef described the progress as “unprecedented positive results that align with the Kingdom’s rise as a global mining power, reflecting the impact of reforms to enhance competitiveness in the mining investment environment, which have increased global investor confidence.”
“We are proud of this progress and will continue to develop the mining sector to maximize its role in diversifying our economy in line with Vision 2030 targets,” he added.
The Fraser Institute highlighted the Kingdom’s broad regulatory transformation, covering areas such as security of tenure, taxation, environmental legislation, infrastructure, and community engagement, which enabled Saudi Arabia to rank in the top quartile of the index for the first time.
The report also noted investors had no concerns regarding political stability — one of the Kingdom’s key strengths — and commended the Mining Exploration Enablement Program for reducing investment risks and boosting early-stage project confidence.
Data from the report showed marked improvements between 2013 and 2024, including a 305.8 percent increase in the clarity and effectiveness of mining administration, from 17 percent to 69 percent, ranking 11th globally.
The clarity of land use for mining activities rose by 82.2 percent, from 45 percent to 82 percent, placing the Kingdom 7th globally.
The effectiveness of labor regulations improved by 102.2 percent, from 45 percent to 91 percent, while the quality of geological databases saw an 81.8 percent increase, from 33 percent to 60 percent.
The Fraser Institute’s Annual Survey of Mining Companies is considered one of the most trusted global benchmarks for evaluating mining investment environments and is widely used by investors, governments, and financial institutions to assess opportunities in the sector.
