Saudi Arabia Drastically Cuts Mining Permit Timeline to Attract Global Investment

Streamlined Licensing to Boost Mining Sector

Saudi Arabia has announced a substantial reduction in the time required to obtain a mining permit, now ranging from 30 to 90 days. This significant streamlining of the licensing process was revealed by Bandar Al-Khorayef, the Minister of Industry and Mineral Resources, during the World Economic Forum Annual Meeting 2026 in Davos. The initiative is a core component of the Kingdom's ambitious Vision 2030, aimed at diversifying its economy away from oil dependence and establishing mining as a crucial pillar of national industrial growth.

Addressing Historical Bottlenecks and Attracting Investment

Minister Al-Khorayef highlighted that permitting has historically been a major bottleneck in the mining sector, noting that in some established mining jurisdictions, securing a permit can take up to 10 years. The new accelerated licensing framework is designed to modernize the sector and attract both local and international investment. The Kingdom's Mining Investment Law, enacted in June 2020, laid the groundwork for these reforms, creating a more transparent and predictable regulatory environment. This law also introduced financial incentives, including a reduction in corporate tax rates for mining projects from 45% to 20%.

Unlocking Vast Mineral Wealth and Economic Diversification

Saudi Arabia possesses an estimated $2.5 trillion in untapped mineral resources, including significant deposits of gold, zinc, copper, and uranium. The strategic goal is to increase the mining industry's contribution to the national GDP from $17 billion to $75 billion by 2035 and generate approximately 90,000 new job opportunities. The Ministry of Industry and Mineral Resources is central to these efforts, overseeing the implementation of these new regulations and fostering an environment conducive to investment.

Commitment to Responsible Mining Practices

Beyond efficiency, Minister Al-Khorayef also addressed the global perception of the mining industry, acknowledging past environmental, social, and economic concerns. He stated, 'We also have to be very frank: mining does not have a good global reputation — for valid reasons. And that's exactly why we are trying to change this.' The Kingdom's strategy emphasizes pairing efficient regulatory processes with stronger community engagement to demonstrate the social and economic value of mining, while building a competitive and responsible investment environment.