Saudi Arabia has been recognised for its exceptional mining investment environment in the latest assessment from MineHutte and Mining Journal Intelligence, as per the country’s Ministry of Industry and Mineral Resources. 

The World Risk Report 2023, featuring MineHutte Risk Ratings, highlights Saudi Arabia as a top-performing mining jurisdiction globally and regionally.

Over the past five years, the kingdom has significantly improved its scores in de-risking mining investments, placing it among the top 10 countries with the least legal and financial risks. This progress follows sector reforms initiated with the 2018 launch of Saudi Arabia's mining and mineral strategy, aimed at attracting investments.

The report provides a tool for comparing investment risks across 121 jurisdictions, covering legal, governance, social, fiscal, and infrastructure aspects. Vice minister for mining affairs Khalid Al-Mudaifer emphasisedthat Saudi Arabia's ranking is a compelling reason for investors to consider projects in the kingdom, aligning with Vision 2030 to establish mining as the third pillar of its industrial economy.

The country was praised for its legislative reforms, which have made it a preferred destination for mining investment. It also recorded the second-biggest global improvement on the Investment Risk Index, with significant gains in the legal section, reflecting a 20-point increase over five years. 

Consequently, Saudi Arabia is now a top-tier mining jurisdiction, ranked among the top 20 globally for perceived overall risk and second highest for permitting efficiency. The Kingdom's fiscal hard risk score also places it among the top 10 countries for fiscal risk mitigation worldwide.

Saudi Arabia's mining strategy reforms have not only propelled its progress, but also served as a model for neighbouring countries.With a strong commitment to expanding its mining industry, Saudi Arabia is expected to continue attracting increased investments in the sector.