Title: Saudi Arabia’s Mining Sector: A Catalyst for Economic Transformation at the Istanbul Natural Resources Summit
At the recent Istanbul Natural Resources Summit, held under the auspices of a high-level ministerial session titled "Mining in the Energy Transition," Saudi Arabia’s Deputy Minister of Industry and Mineral Resources for Mining, Engineer Khalid bin Saleh Al-Mudifer, played a pivotal role. This session was led by Turkey’s Minister of Energy and Natural Resources, Alparslan Bayraktar, and included the participation of various ministers and deputy ministers from countries such as Libya, Somalia, Niger, and Hungary.
Al-Mudifer emphasized that Saudi Arabia’s Vision 2030 serves as a comprehensive roadmap for economic transformation, wherein the mining sector has emerged as a fundamental pillar of the national economy. This strategic initiative has significantly bolstered the Kingdom’s position as a global hub for mining investments, attracting large international companies to engage in this vital sector.
In his address, the deputy minister detailed the substantial progress the Kingdom has made in revitalizing the mining sector and mineral exploration under Vision 2030. The estimated value of the nation’s mineral wealth has surged from 5 trillion riyals to an impressive 9.4 trillion riyals. The sector has seen unprecedented growth in exploration activities, with the number of exploration companies skyrocketing from just six in 2020 to 133 by 2023. Overall expenditure on exploration has reached 1.33 billion Saudi riyals, reflecting the Kingdom’s commitment to enhancing investments in mineral resource exploration.
Al-Mudifer also outlined significant achievements within the Saudi mining sector, including the modernization of legislative frameworks and the launch of pioneering national programs, such as the National Minerals Project. These initiatives aim to expand exploratory activities, improve regulatory standards, and encourage greater private sector participation, all of which are crucial for attracting high-quality investments. This collaborative approach highlights the Kingdom’s dedication to partnering with international stakeholders to develop this strategic industry further.
In the context of the summit, Al-Mudifer engaged in a productive meeting with Turkey’s Minister of Energy and Natural Resources, Alparslan Bayraktar. Discussions focused on enhancing bilateral cooperation between Saudi Arabia and Turkey in mining, particularly in areas such as increasing investments and sharing technical knowledge. This partnership aims to serve the interests of both nations and facilitate integration within the mining value chains.
Additionally, Al-Mudifer met with Mohammed Yilmaz, President of the Turkish Mining Association. Their discussions addressed ways to boost the participation of Turkish companies in the upcoming International Mining Conference, which Saudi Arabia will host. They explored potential investment opportunities available to Turkish enterprises within the Saudi mining sector, especially considering the various programs and incentives offered by the Kingdom to both local and international investors.
It is notable that Saudi Arabia is set to host the fifth edition of the International Mining Conference in Riyadh in January 2026. This event is recognized as one of the premier global platforms in mining and minerals, aimed at fostering international collaboration. It will showcase promising investment opportunities, facilitate the exchange of knowledge, and intensify efforts to develop supply chains while enhancing sustainability practices. The conference has evolved into a global nexus for concerned ministers, industry leaders, and decision-makers from around the world.
In summary, Saudi Arabia’s mining sector is not merely a contributor to economic growth but a cornerstone of the Kingdom’s transformative plans under Vision 2030. With its increased investment appeal and strategic international partnerships, the sector is poised for substantial advancement, reaffirming Saudi Arabia’s status as a formidable player on the global mining stage.
