What's Happening?
Saudi Arabia has concluded its ninth exploration licensing round, awarding 172 mining sites across three mineralized belts in Riyadh, Madinah, and Qassim. The round involved 24 companies and consortia,
including leading international firms, and is expected to unlock the kingdom's mineral wealth of SAR9.4 trillion ($2.5 trillion). The awarded sites will see committed exploration spending exceeding SAR671 million in the first two years, supporting the development of underexplored greenfield areas.
Why It's Important?
The successful licensing round marks a significant step in Saudi Arabia's efforts to develop its mining sector as part of Vision 2030. The awarded sites are poised to enhance mineral supply chains and attract foreign investment, contributing to the national economy. The involvement of prominent international companies highlights Saudi Arabia's growing appeal as a mining investment destination, potentially driving further economic diversification and growth.
What's Next?
Saudi Arabia plans to continue its licensing efforts with a tenth round, covering 13,000 square kilometers across multiple regions. The upcoming Future Minerals Forum will announce additional exploration and investment opportunities, further positioning the kingdom as a key player in the global mining industry. The ongoing development of the mining sector is expected to contribute significantly to Saudi Arabia's economic goals under Vision 2030.
