Vision 2030

Country / jurisdiction: Saudi Arabia · Year: 2016 · Status: In force · Level: National · Type: Voluntary

Saudi Arabia is placing significant emphasis on maximising its mining sector's potential as part of Vision 2030. Key initiatives and updates include:

Exploration and Licensing : Intensifying exploration activities to discover new mineral resources.

Streamlining licencing procedures to attract more investments in the mining sector.

Infrastructure Development : Investing in infrastructure projects to support mining activities, including transportation and logistics networks.

International Partnerships : Forming strategic partnerships with international companies to enhance competitiveness and productivity in the mining sector.

Economic Contribution : Aiming to contribute SAR 97 billion to GDP by 2020 through mining activities.

Creating approximately 90 000 job opportunities in the mining sector.

Since 2016, the 2024 annual report of Vision 2030 provided that:

Public Investment Fund (PIF) has grown significantly, from SAR 720 billion in 2016 to SAR 3.53 trillion in 2024, with a portion of these funds directed towards mining projects.

Non-oil revenues have increased by 171% since 2016, partly due to investments in the mining sector.

These efforts are part of Saudi Arabia's broader strategy to diversify its economy and reduce dependence on oil, leveraging its rich natural resources to drive sustainable growth.

Official source: https://www.vision2030.gov.sa/media/quudi5wq/vision-2030-overview.pdf