Saudi Arabia’s Geological Survey Authority is positioning itself for an expanded role in the kingdom’s mining sector over the next quarter century, according to Industry Minister Bandar Alkhorayef, as the country seeks to reduce its dependence on oil revenues.
Speaking at the authority’s 25th anniversary ceremony in Makkah, Alkhorayef outlined plans to strengthen geological surveying operations, which provide data to potential investors interested in extracting metals such as gold, zinc, and copper.
The ceremony, attended by regional officials including Prince Saud bin Mishaal bin Abdulaziz, highlighted the authority’s efforts to transform mining into what officials hope will become the third major pillar of Saudi Arabia’s economy.
In an interview with Asharq Al-Awsat, Alkhorayef reported an increase in mining investment applications, though specific numbers were not provided. The ministry is working with other government entities to allocate sites for these potential investors, he said.
The country has conducted geological surveys covering approximately 85% of its territory, using geophysical and geochemical techniques. According to government estimates, the value of Saudi Arabia’s unmined mineral resources has increased from 4.9 trillion riyals in 2016 to 9.4 trillion riyals (approximately $2.5 trillion) in early 2024, though independent verification of these figures was not available.
The authority reports completing more than 500 projects in various earth science fields, including geological mapping, mineral exploration, and marine surveys. It has also conducted studies on geological hazards and mining feasibility.
During the ceremony, officials unveiled a new logo for the authority and recognized founding members. The event underscored Saudi Arabia’s broader economic diversification efforts, which have gained urgency in recent years as global economies begin shifting away from fossil fuels.
The expansion of mining activities represents a significant element of Saudi Arabia’s Vision 2030 economic transformation plan, though analysts note that developing a robust mining sector will require substantial infrastructure investment and technical expertise.
