Saudi Arabia has taken bold steps to redefine its economic future by shifting focus from oil to mining. At the heart of this transformation stands Ma’aden, the state-owned mining company, which is spearheading an aggressive strategy to expand gold production and establish mining as a central pillar of Saudi Arabia’s Vision 2030.

Ambitious Targets for Gold Production

Ma’aden’s strategic roadmap positions gold at the forefront of Saudi Arabia’s mining ambitions. The company has set clear targets: exceeding 500,000 ounces of gold production by 2025, reaching 700,000 ounces by 2028, and doubling output by 2030. The longer-term objective is to achieve a fourfold increase in gold production by 2040, signifying a dramatic shift in the Kingdom’s mineral output.

Recent exploration results have reinforced Ma’aden’s optimism. The flagship Mansourah Massarah mine continues to yield promising high-grade gold discoveries, particularly below current pit designs—suggesting a substantial underground mining potential. Drilling programs have revealed mineralisation at depths previously unexplored, expanding the resource base and paving the way for sustained growth.

Unprecedented Investment in Mining

The Saudi government and Ma’aden are backing this expansion with monumental financial commitments. A staggering $56 billion in capital expenditure is planned until 2040, rising to $69 billion when sustainability and ESG initiatives are factored in. In tandem, $100 billion is being invested across strategic mineral projects vital for key industries such as electric vehicles and renewable energy. Ma’aden, supported by the government, has already allocated $182 million for exploration incentives, resulting in a record number of new mining licenses granted in recent years.

These investments are not just about extraction—they’re about creating enduring infrastructure for mineral processing and establishing Saudi Arabia as a global hub for mining. Major projects like Wa’ad Al-Shamal and initiatives connected to mega-developments including NEOM and Qiddiya signal the breadth of the Kingdom’s commitment.

Economic Impact and Revenue Growth

Ma’aden’s financial results underscore the effectiveness of its strategy: in 2024, the company delivered SR32 billion (approximately $8.5 billion) in revenue, with gold production reaching 450,000 ounces. Phosphate, aluminum, and base metals further diversify Ma’aden’s portfolio, making it a cornerstone of the Kingdom’s growing mining sector. As mining’s contribution to the Saudi GDP is projected to expand from $17 billion in 2024 to $75 billion by 2035, the sector is on a trajectory to become a foundational element of the nation’s economy.

Saudi Arabia’s strategic location amplifies these economic benefits, streamlining exports to Europe, Asia, and Africa. Enhanced transportation and logistical networks further increase the appeal of Saudi minerals on the global stage, positioning the Kingdom as a gateway for mining markets across three continents.

Vision 2030: Creating a New Industrial Era

The mining surge is firmly aligned with Vision 2030, an initiative designed to diversify the Saudi economy and reduce dependency on oil. By prioritizing minerals and metals—crucial for modern industries—the Kingdom aims to ensure supply chain stability and fuel domestic demand for infrastructure, construction, and advanced manufacturing.

Ma’aden’s plans stretch beyond production. The company is investing in downstream processing to add value within Saudi Arabia, positioning itself as a regional leader in mineral refining and product manufacturing. This downstream strategy is expected to attract significant further investment, as the Kingdom seeks to secure minerals at competitive prices for its own industrial development.

Long-term Outlook and Challenges

Saudi Arabia’s mining sector appears poised for multi-decade expansion. The aggressive targets, abundant untapped resources, and robust government backing collectively foster an environment ripe for growth. Yet, challenges remain. Scaling exploration, adapting to global market fluctuations, and adhering to international sustainability standards will require persistent innovation and disciplined execution.

If successful, Saudi Arabia’s journey from oil exporter to mineral powerhouse could redefine its global identity and influence markets far beyond its borders. For investors and stakeholders, the mining sector holds promise not only for lucrative returns but for participation in a historic socioeconomic transformation.

By 2030, if Ma’aden and Saudi Arabia maintain their current momentum, the Kingdom could emerge as a preeminent force in gold production, setting new standards for mining investment, innovation, and economic diversification in the region and beyond.