Saudi Arabia’s Vision 2030: Environmental Sustainability and Economic Diversification Through Mining
Countries are moving away from oil dependency due to its uncertain future and environmental risks. In response, oil-producing nations like Saudi Arabia are diversifying their economies to mitigate potential revenue losses and associated risks.
Saudi Arabia’s Vision 2030 aims to diversify its economy, with mining as a crucial component. The kingdom is tapping into its mineral wealth, valued at $1.3 trillion, to reduce reliance on hydrocarbons. The mining sector is projected to triple its GDP contribution by 2030, creating 200,000 jobs.
Central to this initiative is Ma’aden, a leading mining and metals company founded in 1997 and predominantly owned by the Public Investment Fund. Ma’aden has propelled the growth of Saudi Arabia’s mining industry and is recognized among the world’s top 10 mining companies by market capitalization.
Ma’aden’s Strategy 2025 focuses on three core pillars:
- Operational, capital, and commercial excellence: Enhancing competitiveness and profitability using digital technology and lean manufacturing.
- National mining champion: Developing sustainable mining capacities for various minerals and leading the sector’s growth.
- Global presence: Leveraging Saudi Arabia’s mineral deposits to become a global industry leader and expand opportunities in select commodities.
Ma’aden emphasizes a best-in-class safety culture and aims for a zero-harm environment. The company is dedicated to strengthening capabilities and preparing leaders to drive industry growth and stewardship.
“We are committed to unlocking the full potential of Saudi Arabia’s mineral resources and contributing to the kingdom’s economic diversification efforts,” said Robert W. Dy, President and CEO of Ma’aden. “Our Strategy 2025 ensures we remain competitive and sustainable, creating value for our stakeholders and the nation.”
Saudi Arabia’s Vision 2030 is a bold initiative to reduce hydrocarbon dependence and diversify the economy through mining. Ma’aden’s Strategy 2025 aims to transform the mining sector, create stakeholder value, and support national economic growth. Prioritizing safety and sustainability, Ma’aden is well-positioned to drive Saudi Arabia’s economic transformation.