Saudi Arabia is planning large mining bidding rounds in 2026 and 2027 to develop its vast mineral resources, valued at around $2.5 trillion. The move is aimed at making the Kingdom a major global supplier of critical minerals used in clean energy and advanced technologies.
The announcement was made by Industry and Mineral Resources Minister Bandar Al-Khorayef during the International Mining Conference in Riyadh, which attracted participants from across the world.
Saudi Arabia has already awarded exploration licenses covering over 33,000 square kilometres. In the latest bidding round, 172 mining sites were allocated to 24 local and international companies. The Arabian Shield region has been fully surveyed to support future mining projects.
Investment in mineral exploration has increased sharply, rising from SAR 1 million in 2020 to SAR 1.052 billion ($280 million) in 2024.
The minister said the mining sector will support job creation, economic diversification, and sustainable growth. The plans are aligned with Saudi Vision 2030, which aims to reduce the Kingdom’s dependence on oil and strengthen its economy.