Mining in Saudi Arabia: Where the Real Entry Points Are for Foreign Companies

Guide to mining entry points in Saudi Arabia, covering licenses, JV models, clusters, and exploration programs.

Saudi Arabia issued 80 new mining licenses in March 2026 alone, more than double the 38 issued the month before.

This strong level of activity builds on momentum in 2025, when exploitation licenses surged by 220%. In addition, the Kingdom climbed 13 positions on the Investment Attractiveness Index published by the Fraser Institute, becoming the only Asian jurisdiction in the global top ten.

These figures reflect a broader shift already visible in deal flow across the sector: mining in the Kingdom is opening up rapidly, moving at pace, and actively positioning itself for international partnership.

The Four Main Entry Points for Foreign Companies

Foreign companies aren't limited to one model. Depending on your capabilities and appetite, there are four realistic routes:

1. Exploration licensing

The majority of new licenses issued are exploration permits. In March 2026, 49 of the 80 new licenses granted were exploration licenses. The opportunity is being reinforced by rapid growth across the wider mining sector.

In 2025, Saudi Arabia issued 61 mining exploitation licenses, up from 19 the previous year, with total investment in newly licensed projects exceeding SR44 billion.

These projects span strategic minerals, including gold and phosphate, while foreign companies accounted for approximately two-thirds of all participants, underscoring strong international confidence in the market.

For companies with geological expertise, advanced surveying capabilities, or proprietary exploration technology, this remains the most direct entry point into the Saudi market.

2. Joint venture with a Saudi mining entity

For many foreign mining firms, the most effective route into Saudi Arabia is through a joint venture with an established local partner. This approach combines international technical expertise with local market knowledge, regulatory familiarity, and on-the-ground execution capabilities.

A recent example is the partnership between Power Metallic Mines and Amaar United Mining Company, which established a framework to jointly pursue future Saudi mining license auctions.

Under the agreement, the companies intend to operate through a 50/50 joint venture structure, with Power Metallic leading geological assessment, exploration planning, and technical operations, while Amaar Mining manages local coordination, stakeholder engagement, administrative support, and regulatory interfaces.

Notably, the arrangement allows the foreign partner to retain equal ownership while leveraging the Saudi partner's established local platform

It also highlights the increasingly competitive nature of Saudi mining license auctions, where technical capability alone is often insufficient.

Notably, successful bids typically require a combination of strong geological expertise, credible exploration programs, local relationships, and regulatory preparedness.

3. Industrial cluster participation

Not every mining opportunity in Saudi Arabia begins at the exploration stage. For companies involved in mineral processing, refining, equipment manufacturing, industrial services, or downstream production, the Kingdom's industrial cluster strategy offers a different route into the sector.

At the center of this strategy are the mining-focused industrial cities of Ras Al-Khair Industrial City and Wa'ad Al-Shamal. Developed to support the full mining value chain, these hubs bring together extraction, processing, manufacturing, logistics, utilities, and export infrastructure in a single ecosystem.

Ras Al-Khair has already emerged as one of the world's largest integrated minerals and metals complexes, hosting major aluminum and phosphate operations alongside supporting industrial activities. The region has seen the issuance of more than 1,300 new industrial licenses.

Meanwhile, Wa'ad Al-Shamal has been established as a dedicated mining and minerals city, anchored by large-scale phosphate production and designed to attract downstream industrial investment.

Engineering firms, equipment suppliers, technology providers, processing specialists, and manufacturers can tap into a growing industrial base that is being actively expanded as part of Saudi Arabia's push to capture more value domestically from its mineral resources.

4. Supply and support services

As the Kingdom accelerates the development of its mining sector, demand is growing across the entire mining value chain, creating opportunities for suppliers, service providers, and technology companies.

The sector's expansion requires everything from drilling equipment, geological surveying technologies, and autonomous mining solutions to environmental monitoring and mine planning software.

At the same time, mining firms with existing operations are increasingly seeking support in areas such as engineering, project management, digital transformation, workforce development, health and safety, and ESG compliance.

This creates a substantial opportunity for mining-adjacent businesses.

Equipment manufacturers, engineering consultancies, geospatial and data analytics firms, environmental specialists, and industrial technology providers can establish a presence in Saudi Arabia and serve license holders without directly participating in mineral extraction.

The Exploration Enablement Program: A Direct On-Ramp for Foreign Explorers

The Exploration Enablement Program (EEP) is the most structured entry point for exploration-stage foreign companies. Launched at the Future Minerals Forum in January 2024, it provides financial incentives to de-risk early-stage exploration, offering reimbursements of up to SR7.5 million per license.

The second round drew 44 applications from 14 companies, with 12 qualifying and securing preliminary approval for 38 licenses and SR664 million ($179.3 million) in exploration commitments. The program covers approximately 3,000 sq. km, with a scope including over 752,000 meters of drilling and more than 102,000 geochemical samples.

Target minerals include copper, lithium, nickel, gold, and iron, directly aligned with Saudi Arabia's energy transition and industrial diversification priorities.

Where Mining Deals in Saudi Arabia Are Happening Right Now

A few active fronts worth tracking:

• Al-Summan Crushers Complex (Eastern Province): The Ministry recently awarded 11 mining sites for gravel ore extraction across 9 sq. km. to a mix of contractors. This signals ongoing license auction activity beyond major metals.
• Jabal Sayid Mineralized Belt: Power Metallic's Jabal Baudan exploration license was awarded there. The belt is an active area for base metals exploration.
• Ras Al-Khair: Phosphate and aluminum processing, with total investments in mining reaching SR165 billion in 2025. The most developed cluster for immediate industrial participation.
• Ma'aden's Ar Rjum gold mine: Ma'aden has awarded the first development contract for the Ar Rjum gold project, with a reported contract value of $152 million ($44 billion). This signals active capex deployment in gold and creates downstream supply chain and services opportunities for foreign companies.