Maaden Announces $110 Billion Investment Plan to Transform Saudi Arabia into Global Mining Powerhouse

Ma’aden, the Saudi Arabian Mining Company, has unveiled an ambitious capital expenditure program totaling $110 billion over the next decade as part of Saudi Arabia’s strategy to become a dominant force in the global mining industry.

CEO Bob Wilt said the vast investment will accelerate the company’s expansion across key metals and minerals, with plans to triple phosphate and gold production and double aluminium output. The funding will support eight major megaprojects currently underway or in advanced planning stages, according to industry insiders.

The move comes amid a broader national initiative to diversify Saudi Arabia’s economy beyond oil and gas, positioning the Kingdom as a strategic hub for minerals critical to global supply chains. Maaden has already reported significant gains in its gold resource base and is actively advancing exploration and development across multiple sites in the Arabian Shield.

In addition to bolstering traditional commodity sectors, Maaden’s plans include investments in joint ventures and strategic partnerships, including a recently announced collaboration with MP Materials and the U.S. Department of Defense to establish a rare earths processing facility in Saudi Arabia.

Industry analysts say the scale of the investment underscores Saudi Arabia’s ambition to rival established mining nations and secure a foothold in critical materials markets essential for energy transition technologies, infrastructure development, and advanced manufacturing.

The capital deployment is expected to drive job creation, attract foreign direct investment, and support the Kingdom’s Vision 2030 economic goals while strengthening domestic industrial capabilities.