Saudi Arabia to nearly double mining investment to $24.5bn by 2030

Saudi Arabia plans to almost double capital investment in its mining sector to nearly SR92bn ($24.5bn) between 2025 and 2030, as it accelerates efforts to meet surging global demand for critical minerals.

The move forms part of the Kingdom’s National Investment Strategy and is designed to attract higher levels of foreign direct investment while delivering globally competitive returns.

Speaking at the Future Minerals Forum 2026 in Riyadh, the Minister of Investment said the strategy reflects a long-term structural shift in global mineral demand rather than a short-term market cycle.

Saudi mining investment

Khalid Al-Falih said the National Investment Strategy aims to raise capital in the mining sector from approximately SR45bn ($12bn) in 2024 to nearly SR92bn ($24.5bn) between 2025 and 2030.

The plan includes doubling foreign direct investment in the sector and creating an investment environment capable of delivering average internal rates of return of between 20 per cent and 30 per cent.

Al-Falih made the remarks during a dialogue session titled “Time for Bold Action: Creating a Global Mineral Fund to Supercharge Investment”, held on the sidelines of the Future Minerals Forum 2026.

The session examined challenges facing international investment in mining and explored ways to keep pace with rapidly rising global demand for strategic minerals.

The dialogue brought together senior figures from across the global mining and investment landscape, including Michael Barton, Managing Partner and Deputy Group Chief Executive at Orion Resource Partners; Jeff Currie, Chief Strategy Officer of Energy Pathways at The Carlyle Group; Dr. José Luis Manzano, Founder and Chairman of Integra Capital; Dominic Raab, Head of Global Affairs at Appian Advisory; and Taylor Melvin, President and Chief Executive Officer of Ivanhoe Electric.

Al-Falih said the current phase of global mineral development requires bold, coordinated action by governments, the private sector and international financial institutions to overcome financing constraints and accelerate project delivery across the mining value chain.

Mineral wealth

He stressed that rising demand for strategic and critical minerals reflects a long-term transformation driven by energy transition, industrial growth and technological change, rather than a temporary upswing.

According to the Minister, Saudi Arabia has adopted a comprehensive approach to addressing sector challenges, including increasing exploration spending fivefold between 2020 and 2024.

The Kingdom has also shortened project development timelines, aiming to bring mining projects into production within eight to ten years.

This strategy is supported by integrated national infrastructure, including roads, railways, ports and logistics networks, as well as globally competitive value chains in aluminium and phosphate, positioning Saudi Arabia to scale mining investment efficiently and sustainably.