RIYADH — Saudi Arabia's mining sector has achieved a major global milestone, jumping its ranking from 104th in 2013 to 23rd in 2024 on the Investment Attractiveness Index. Saudi Arabia surpassed major mining destinations in Asia and Latin America in the index, prepared by Fraser Institute in its 2024 Annual Survey of Mining Companies. This achievement solidifies Saudi Arabia's position as one of the world's fastest-rising powers in the mining sector. According to the report, Saudi Arabia made remarkable progress in the Policy Perception Index, rising from 82nd globally in 2013 to 20th in 2024, reflecting growing international confidence in its stable regulatory environment. The Best Practices Mineral Potential Index saw an unprecedented leap, moving from 58th in 2013 to 24th in 2024, underscoring the scale of the Kingdom's vast and untapped mineral wealth, supported by ongoing geological surveys, discoveries, and widely attended mining licensing rounds. Commending the remarkable achievement, Deputy Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Al-Mudaifer said: "This outstanding performance reflects the structural transformation and holistic efforts being driven across the mining and mineral sector under Vision 2030." Over the past few years, Saudi Arabia has built a globally competitive investment environment, underpinned by clear regulations, accessible geological data, including one of the most extensive geological surveys of the Arabian Shield, competitive incentives, and world-class infrastructure. "Our focus remains on maximizing the economic value of our mineral resources, creating jobs for citizens, and localizing supply chains. Mining is no longer a traditional sector; rather, it has become a key driver of industrial and economic growth, and we are committed to building on this momentum to ensure sustainable success," he said. The Fraser Institute noted that Saudi Arabia's success was driven by broad regulatory transformations covering security of tenure, taxation, environmental legislation, infrastructure, and community engagement. These efforts enabled Saudi Arabia to enter the top quartile of the index for the first time. The report also highlighted that investors expressed no concerns regarding political stability—one of the Kingdom's key strengths—and praised the Mining Exploration Enablement Program as an effective tool for reducing investment risks and increasing confidence in early-stage projects. According to the report's data, the Kingdom has achieved exceptional improvements in key indicators between 2013 and 2024, including 305.8 percent improvement in the clarity and effectiveness of mining administration, from 17 percent in 2013 to 69 percent in 2024, ranking 11th globally; 82.2 percent improvement in clarity of land use for mining activities, from 45 percent in 2013 to 82 percent in 2024, ranking 7th globally; 102.2 percent improvement in labor regulations, from 45 percent in 2013 to 91 percent in 2024; and 81.8 percent improvement in the quality of geological databases, from 33 percent in 2013 to 60 percent in 2024. The report praised the Kingdom's stable regulatory environment and ambitious reforms, which have strengthened international investor confidence and solidified Saudi Arabia's status as a world-class mining investment destination—fully aligned with Vision 2030's goal of diversifying the economy and developing strategic sectors. The Fraser Institute's Annual Survey of Mining Companies is one of the world's most trusted benchmarks for evaluating mining investment environments and is widely used by investors, governments, and financial institutions worldwide.
