The Ministry of Industry and Mineral Resources in the Kingdom of Saudi Arabia is the ministry responsible for developing and growing the industry and mining sectors and turning the Kingdom into a global industrial and logistics hub and an attractive destination for quality investment, in line with the targets of Saudi Vision 2030.
The ministry was established by Royal Order No. A/472 on 30 August 2019 after being separated from the Ministry of Energy, and is led by His Excellency Minister Bandar bin Ibrahim Alkhorayef.
Key Milestones and Strategic Activity
- Future Minerals Forum: the ministry leads the organization of this global forum, now ranked as the largest international gathering in the mining sector, attracting sector leaders, ministers and investors from around the world.
- Regulatory environment and investment attraction: overseeing the updated Mining Investment Law (issued in 2020) to simplify procedures and attract capital, and lifting the number of licensed mining companies in the Kingdom from just 6 in 2019 to more than 150.
- Exploration Enablement Program (EEP): launching enabling programs and allocating support budgets (such as SAR 70.6 million) to stimulate exploration for critical and strategic minerals such as lithium, copper and gold.
- National Industrial and Mining Strategy: direct oversight of economic diversification, factory automation and raising the industrial and mining sectors' contribution to non-oil GDP.
