Saudi Arabia Puts $2.5 Trillion Mineral Wealth at Centre of Economic Diversification Push
Kingdom says vast deposits including rare earths and battery metals could transform its economy under Vision 2030
Saudi Arabia has publicly announced that its identified mineral deposits are worth an estimated $2.5 trillion, underscoring a major strategic shift to diversify the economy beyond oil and gas.
The valuation, highlighted by officials and industry observers at the Future Minerals Forum and in government economic planning documents, includes a wide range of resources such as gold, copper, zinc, lithium and rare earth elements that are critical for the clean energy and technology sectors.
These deposits have been identified through expanded geological surveying and exploration initiatives aimed at unlocking the Kingdom’s vast resource potential.
The country’s mining sector is now a key pillar of Saudi Vision 2030, the long-term economic reform programme designed to reduce reliance on oil revenues.
Under this plan, mining is expected to play a central role in creating jobs, attracting foreign investment and building new industrial supply chains.
Exploration spending has surged sharply in recent years, and competitive bidding rounds for mineral rights are being prepared for 2026 and 2027 to further open opportunities for local and international firms.
Much of the $2.5 trillion valuation stems from newly reported discoveries of rare earth elements, base metals and battery minerals that are in high global demand.
Rare earths such as neodymium and dysprosium are essential in electric vehicles, wind turbines and advanced electronics, while lithium and copper are fundamental to battery production and electrification technologies.
Saudi authorities see these resources as strategic assets that can help diversify industrial output and drive technology-linked growth.
The expansion of the mining sector involves reforms to the regulatory framework, incentives to attract investment and partnerships with leading international companies.
Saudi Arabia’s publicly listed mining firm Ma’aden and joint ventures with global partners are key components of this effort to modernise extraction and processing capacity.
The government forecasts that the mining industry’s contribution to gross domestic product could grow significantly over the coming decade as resource development accelerates.
Industry analysts caution that realising the full economic value of the $2.5 trillion in mineral wealth will require sustained investment, infrastructure development and technology transfer, as well as time to establish processing and downstream capabilities.
However, the announcement reinforces Riyadh’s determination to position itself as a major player in global commodity markets beyond hydrocarbons, reflecting broader geopolitical and industrial ambitions.
The valuation, highlighted by officials and industry observers at the Future Minerals Forum and in government economic planning documents, includes a wide range of resources such as gold, copper, zinc, lithium and rare earth elements that are critical for the clean energy and technology sectors.
These deposits have been identified through expanded geological surveying and exploration initiatives aimed at unlocking the Kingdom’s vast resource potential.
The country’s mining sector is now a key pillar of Saudi Vision 2030, the long-term economic reform programme designed to reduce reliance on oil revenues.
Under this plan, mining is expected to play a central role in creating jobs, attracting foreign investment and building new industrial supply chains.
Exploration spending has surged sharply in recent years, and competitive bidding rounds for mineral rights are being prepared for 2026 and 2027 to further open opportunities for local and international firms.
Much of the $2.5 trillion valuation stems from newly reported discoveries of rare earth elements, base metals and battery minerals that are in high global demand.
Rare earths such as neodymium and dysprosium are essential in electric vehicles, wind turbines and advanced electronics, while lithium and copper are fundamental to battery production and electrification technologies.
Saudi authorities see these resources as strategic assets that can help diversify industrial output and drive technology-linked growth.
The expansion of the mining sector involves reforms to the regulatory framework, incentives to attract investment and partnerships with leading international companies.
Saudi Arabia’s publicly listed mining firm Ma’aden and joint ventures with global partners are key components of this effort to modernise extraction and processing capacity.
The government forecasts that the mining industry’s contribution to gross domestic product could grow significantly over the coming decade as resource development accelerates.
Industry analysts caution that realising the full economic value of the $2.5 trillion in mineral wealth will require sustained investment, infrastructure development and technology transfer, as well as time to establish processing and downstream capabilities.
However, the announcement reinforces Riyadh’s determination to position itself as a major player in global commodity markets beyond hydrocarbons, reflecting broader geopolitical and industrial ambitions.
