The Kingdom of Saudi Arabia’s mining sector has garnered international recognition for its investment-friendly climate, as indicated in a recent assessment of mining investment risks by MineHutte and Mining Journal Intelligence. The comprehensive database by MineHutte, which evaluates over 100 mining codes, positions the country as a top performer in de-risking mining investments.
The World Risk Report 2023 underscores the Kingdom’s rank as a leading mining jurisdiction, both regionally and worldwide, due to significant advancements in scores over a five-year span. These achievements stem from a series of sector reforms initiated with the introduction of Saudi Arabia’s mining and mineral strategy back in 2018, which sought to captivate mining and mineral investments.
The report, which examines legal, governance, social, fiscal, and infrastructure factors across 121 jurisdictions, serves as a strategic resource for companies and investors. Vice Minister for Mining Affairs at the Ministry of Industry and Mineral Resources, Khalid Al-Mudaifer, remarked that Saudi Arabia’s exceptional ranking in the report offers another compelling incentive for investors to explore opportunities within the Kingdom.
He further emphasized the alignment of these efforts with Vision 2030, which aims to position mining as a central pillar of the country’s industrial economy. Al-Mudaifer highlighted the vast opportunities available for investors willing to forge long-term partnerships that contribute to local value and sustainable development.
Emma Beatty, Chief Operating Officer and Research Director at MineHutte, lauded the Kingdom for its remarkable legislative reforms, noting that its proactive approach places Saudi Arabia at the forefront of the global mining industry.
Beatty remarked that the nation’s legislative changes are not only designed to draw foreign investment but also support Saudi Arabia’s broader economic objectives in the mining realm.
According to the report, Saudi Arabia’s significant improvement, particularly in the legal domain, has made it a preferred mining investment destination. The country is now considered a top-tier jurisdiction for investment, with its permitting process ranked as the second most efficient globally. Moreover, Saudi Arabia is listed among the world’s top 10 for fiscal risk mitigation.
The Kingdom’s strategic reforms and steadfast dedication to mining sector growth have inspired neighboring countries to refine their regulatory frameworks and mining industries. With ongoing improvements and an unwavering commitment, Saudi Arabia is poised to continue enhancing its attractiveness for mining industry investments.