The Saudi mining sector jumped from 104th to 23rd globally in the Mining Investment Attractiveness Index according to the 2024 annual survey report by the Canadian Fraser Institute. This unprecedented achievement over the last decade places Saudi Arabia ahead of prominent mining sectors in Asia and Latin America, solidifying its position as a leading emerging power in mining worldwide.

The Kingdom also showed remarkable progress in the Policy Perception Index, rising from 82nd in 2013 to 20th in 2024, reflecting growing global confidence in Saudi Arabia’s stable legislative and regulatory environment. The Geological Potential Index saw an unprecedented leap from 58th in 2013 to 24th in 2024, highlighting the vast untapped mineral wealth supported by ongoing geological surveys, recent discoveries, and widely sought mining licensing rounds by major international companies.

Commenting on these results, Engineer Khalid bin Saleh Al-Mudaifer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, stated: “This remarkable performance reflects the structural transformation and integrated efforts witnessed in the mining and minerals sector within the targets of Saudi Vision 2030.” He explained that the Kingdom has built a globally competitive mining investment environment supported by clear legislation, accessible geological data—including one of the most comprehensive geological mapping programs for the Arabian Shield—competitive incentives, and world-class infrastructure.

He added: “Our focus remains on maximizing the economic value of our mineral resources, providing quality job opportunities, and localizing industrial supply chains, especially as the mining sector has become a key driver of industrial and economic growth. We will continue to build on this momentum to ensure sustainable success for this strategic sector.”

Al-Mudaifer affirmed that the 2024 Fraser report reflects the role of comprehensive reforms and efforts made by the Kingdom to develop the mining sector. Its results demonstrate the effectiveness of enabling policies adopted to enhance the attractiveness of the mining investment environment and the rapid response of investors to these improvements. At the same time, it highlights the importance of addressing sector challenges to increase competitiveness.

He continued: “We are currently focusing on building national competencies, expanding international partnerships, and improving the quality and accessibility of geological data, aiming to establish the Kingdom as a trusted global hub for securing critical minerals essential for the future of global industry and energy.”

The Fraser report also noted that Saudi Arabia’s success in mining was achieved due to wide regulatory transformations covering tenure security, tax system, environmental legislation, infrastructure development, and community engagement. This contributed to the Kingdom entering the top quartile of the index for the first time. Investors expressed no concerns about political stability, a key strength of the investment environment, and praised the “Mining Exploration Enablement” program as an effective tool to reduce investment risks and increase confidence in early-stage investments.

According to the report data, the Kingdom achieved exceptional improvements in several key indicators between 2013 and 2024, including a 305.8% improvement in mining system clarity and effectiveness from 17% in 2013 to 69% in 2024, ranking 11th globally; an 82.2% improvement in clarity of land tenure protection for mining activities from 45% to 82%, ranking 7th globally; a 102.2% rise in labor regulation ratings from 45% to 91%; and an 81.8% improvement in geological database quality from 33% to 60%.

The report praised the stable regulatory frameworks and ambitious reforms that boosted international investor confidence, confirming Saudi Arabia’s position as a world-class mining investment destination. This reflects the impact of systematic policies that reduced risks, increased transparency, improved system efficiency, and facilitated investor access to data and information, aligning with Saudi Vision 2030 goals to diversify the economy and develop strategic sectors.

It is noteworthy that the Fraser Institute report is considered one of the most reliable global reports evaluating mining investment environments and is widely referenced by investors, governments, and financial institutions worldwide.