Saudi Arabia’s mining sector has shown sustained growth, with the number of mining licenses increasing from 1,985 in 2016 to 2,401 by the end of 2024, thus representing cumulative growth of 21%, stated the 2024 mineral wealth statistics from the General Authority for Statistics (GASTAT).
The data also highlighted a steady upward trend in recent years, with licenses rising to 2,100 in 2021, marking a 6% increase from 2020. The upward trajectory further continued with 2,272 licenses in 2022, followed by 2,365 in 2023 and 2,401 in 2024, reflecting expanding exploration and strong investment activity across Saudi Arabia’s mining sector. Building material quarries accounted for the largest share of mining permits, climbing from 1,267 licenses in 2021 to 1,481 by 2024.
Exploration licenses have also recorded consistent growth, supporting the Kingdom’s broader push to develop its mineral resources, under the economic diversification agenda named “Vision 2030.”
Other categories of mining activity saw significant expansion, including 2,554 exploration licenses, 744 exploitation licenses, 151 reconnaissance licenses, and 83 surplus mineral ore licenses issued during the same period.
Saudi Arabia’s mining sector has recently been a top non-oil performer. The Kingdom’s Ministry of Industry and Mineral Resources (MIM), in October 2025, announced the fivefold increase of exploration-related spending in the last four years, reaching SAR1.05 billion (USD 280.5 million) mark in 2024, up from SAR501 million in 2023 and SAR205 million in 2020.
The Kingdom has increased private-sector investments, apart from expanding geological survey programmes and introducing sweeping regulatory reforms. The sector is witnessing another positive trend: growing investor confidence. In 2024, private sector spending on exploration licenses increased by 164%, rising to SAR 770 million from SAR 155 million in 2020. Meanwhile, government investment in geological programmes surged from SAR 11 million in 2020 to SAR 180 million in 2024, marking a 16 times growth.
The number of active exploration companies increased from six in 2020 to 226 in 2024, an encouraging 38 times hike that indicates growing investor confidence, while the pool of local and international top-tier companies has kept on increasing.