Saudi’s mineral wealth expected to top $2.5 trn

QNA

Riyadh

The mining sector in Saudi Arabia is undergoing a significant transformation, poised to become a key pillar for the nation’s economic diversification efforts outlined inVision 2030.

The Kingdom’s abundant mineral wealth, estimated at SAR9.4 trillion ($2.5 trillion), presents a crucial opportunity to expand non-oil revenue streams alongside the oil and petrochemical industries.

To accelerate exploration and development, the Kingdom has increased its estimated mineral wealth and invested SAR682.5 million ($182 million) in exploration incentives by the end of 2023.