The Kingdom jumps from 104th to 23rd globally in the Mining Investment Attractiveness Index

The Saudi mining sector jumped from 104th to 23rd globally in the Mining Investment Attractiveness Index, according to the 2024 Annual Mining Companies Survey issued by the Fraser Institute of Canada. This ranking outperformed the mining sectors in prominent destinations in Asia and Latin America, cementing the Kingdom’s position as one of the world’s most prominent emerging mining powers.

The Kingdom also made significant progress on the report’s Policy Perception Index, rising from 82nd globally in 2013 to 20th in 2024, reflecting growing global confidence in the stable legislative and regulatory environment. The Geological Potential Index also witnessed an unprecedented leap for the Saudi mining sector, moving from 58th globally in 2013 to 24th in 2024. This highlights the Kingdom’s vast and untapped mineral wealth, supported by ongoing geological surveys, recent discoveries, and mining licensing rounds that are witnessing widespread interest from major international companies.

The Fraser Report indicated that the Kingdom’s success in the mining sector was achieved thanks to extensive regulatory transformations that included security of tenure, the tax system, environmental legislation, infrastructure development, and community engagement, contributing to the Kingdom’s entry into the top quartile of the index for the first time. It confirmed that investors expressed no concerns about political stability, a key component of the Kingdom’s strong investment environment, and praised the “Empowering Mining Exploration” program as an effective tool for reducing investment risks and increasing confidence in early investments. According to the report, the Kingdom achieved exceptional improvements in several key indicators between 2013 and 2024, most notably: a 305.8% improvement in the clarity and effectiveness of the mining system, from 17% in 2013 to 69% in 2024, ranking 11th globally; an 82.2% improvement in the clarity assessment of mining land conservation, from 45% in 2013 to 82% in 2024, ranking 7th globally; a 102.2% increase in the work regulations assessment, from 45% in 2013 to 91% in 2024; and an 81.8% improvement in the quality of the geological database, from 33% in 2013 to 60% in 2024.

The report praised the stable regulatory systems and ambitious reforms that It has boosted international investor confidence, affirming the Kingdom’s position as a world-class mining investment destination. This reflects the impact of systematic policies that have reduced risks, raised levels of transparency, improved regulatory efficiency, and facilitated investor access to data and information, in line with the goals of Saudi Vision 2030 to diversify the economy and develop strategic sectors. The Fraser Institute’s report is considered one of the world’s most authoritative reports for assessing mining investment environments and is relied upon by investors, governments, and financial institutions worldwide.