Saudi Arabia’s Ministry of Industry and Mineral Resources (MIM) has announced that exploration spending increased fivefold in four years, reaching SAR1.05 billion ($280.5 million) in 2024, up from SAR501 million in 2023 and SAR205 million in 2020.
This was contained in the Mineral Exploration Report issued by the MIM, which attributed the growth to increased private-sector investment, expanding geological survey programs and sweeping regulatory reforms.
Over the past four years, Saudi Arabia has witnessed unprecedented progress in mineral exploration, making it one of the fastest-growing jurisdictions, the MIM says. This record achievement bolsters Saudi Vision 2030 goals, which identify mining as the third pillar of the national economy and a key driver of industrial growth and regional sustainable development.
The Kingdom’s mining and mineral sector is witnessing growing investor confidence. In 2024 alone, private sector spend on exploration licences grew by 164%, to SAR770 million as against SAR155 million in 2020, while government spending through geological programs grew from SAR11 million in 2020 to SAR180 million in 2024, reflecting a 16 times growth.
The number of active exploration companies increase from six in 2020 to 226 in 2024, an encouraging 38 times increase that indicates growing investor confidence and an increasing pool of local and international top-tier companies.
“Saudi Arabia’s mining sector is entering a new phase of accelerated growth and maturity,” H.E. Eng. Khalid Al-Mudaifer, Vice-Minister of Industry and Mineral Resources for Mining Affairs (pictured), said. “Progressive legislation focused national programs, and transparent, sustainable international partnerships are part of the enablers of this unprecedented growth. 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.”
Exploration spending grew from SAR105/sq.km in 2020 to SAR539/sq.km in 2024, moving the Kingdom’s global ranking from 20th to 12th place. This represents a compound annual growth rate of 50%, arguably one of the highest globally.
Over 70% of the Kingdom’s total exploration spending was expended on grassroots projects in new and underexplored areas, marking the highest proportion among 21 countries included in the global comparison.
The report also indicated that advanced-stage projects, those closest to potential mine development, accounted for the largest share of 2024 spending, at SAR349 million, followed by early-stage exploration at SAR263 million. This balance indicates a healthy pipeline of projects moving from discovery to development, supported by strong geological data and a transparent licensing regime, the MIM says.
Meanwhile, committed exploration spending across the Kingdom’s eight tender rounds has reached SAR1.2 billion, with two-thirds of participants representing foreign or consortium bidders from countries such as Australia, Canada, China, India, Indonesia and the United Kingdom. The number of auctioned sited increased from one site during the first auction round (2022) to 29 sites during the last auction (2025).
The sector has also attracted strong interest from leading global mining companies and consortia, with foreign investors accounting for 66% of total mining investment compared with 34% from local investors.
Among the standout trends for 2024, contained in the report were:
- Total exploration spending on licences increased from SAR292 million to SAR770 million, reflecting intensified field activity;
- Drilling activity remained the largest contributor, which increased from SAR152 million in 2023 to SAR230 million in 2024;
- From a geological perspective, the Kingdom possesses a rich mineral resource base that includes 933 exploration location at various stages of development — comprising 691 location for gold and associated minerals and 242 location for base metals such as zinc and copper; and
- Preliminary estimates of mineral potential amount to approximately 67 Moz of gold, 3.87 Mt of copper and 5.24 Mt of zinc, with mineral reserves making up at around 12 Moz of gold, 60,000 t of copper and 33,000 t of zinc.
These growth statistics reflect the strong integration between government entities and the private sector, led by the Saudi Geological Survey (SGS), which is developing a comprehensive national geological database through the Regional Geological Survey Program (RGP) and the Accelerated Exploration Program (AEP) to identify mineral potential and accelerate data collection and analysis, the MIM says.
Saudi Arabia’s mining sector has witnessed a leap in investment attractiveness, according to the 2024 Fraser Institute report. The Kingdom advanced from 104th to 23rd place globally over the past decade.
The report also highlighted that Saudi Arabia ranked first globally in the pace of improvement of its overall investment environment (2018–2023), second worldwide in the mineral licensing policy perception index, and entered the top 10 countries in mining fiscal policy. Additionally, the Kingdom made significant progress in the regulatory and legislative framework index, positioning itself among the world’s best jurisdictions.
The MIM said: “These achievements reflect the growing international confidence in Saudi Arabia’s investment environment and reaffirm its emergence as a rising global power in the mining sector.”
