Saudi Arabia is actively strengthening its position on the world stage, demonstrating considerable potential in the mining industry. The Kingdom boasts an impressive resource base of 67 million ounces of gold and is rapidly progressing in creating an attractive investment environment. According to a recent report, Saudi Arabia tops the list of the fastest-improving countries in terms of investment climate, ranks second globally in the mining licensing conditions index, and is among the top 10 countries for mining industry financial policy. This progress, along with the improvement of the legislative framework, confirms growing international confidence and positions the Kingdom as a significant player in the global mining sector.
The dynamic development of the industry is supported by a record increase in investments. The Saudi Ministry of Industry and Mineral Resources reported that exploration expenditures in the country have increased more than fivefold between 2020 and 2024, reaching approximately 1.05 billion riyals. At the same time, private sector investments increased by 397% to 770 million riyals in 2024, while government spending increased 16-fold. This transformation reflects the emergence of the private sector as the main driver of exploration activities, facilitated by a stimulating regulatory environment and government initiatives supporting sustainable investments in the mining industry.
Against the backdrop of such impressive indicators, Saudi Arabia's mining sector opens up significant opportunities for international cooperation, including with Russian companies. Russia, with its deep expertise and advanced technologies in geological exploration, mining, and processing of minerals, can become a strategic partner of the Kingdom in the implementation of its ambitious plans for economic diversification. These prospects will be actively discussed at key platforms such as the upcoming International Industrial Exhibition "INNOPROM. Saudi Arabia.
The dynamic development of the industry is supported by a record increase in investments. The Saudi Ministry of Industry and Mineral Resources reported that exploration expenditures in the country have increased more than fivefold between 2020 and 2024, reaching approximately 1.05 billion riyals. At the same time, private sector investments increased by 397% to 770 million riyals in 2024, while government spending increased 16-fold. This transformation reflects the emergence of the private sector as the main driver of exploration activities, facilitated by a stimulating regulatory environment and government initiatives supporting sustainable investments in the mining industry.
Against the backdrop of such impressive indicators, Saudi Arabia's mining sector opens up significant opportunities for international cooperation, including with Russian companies. Russia, with its deep expertise and advanced technologies in geological exploration, mining, and processing of minerals, can become a strategic partner of the Kingdom in the implementation of its ambitious plans for economic diversification. These prospects will be actively discussed at key platforms such as the upcoming International Industrial Exhibition "INNOPROM. Saudi Arabia.