BAKU, Azerbaijan, January 6. Saudi Arabia has reached the final implementation stage of launching a metals exchange after completing the feasibility study phase, the deputy minister of energy, industry and mineral resources revealed, TurkicWorld reports via Arab News.
In an interview with Asharq Bloomberg, Khalid Al-Mudaifer explained that the exchange aims to support the mining sector by providing financing tools, improving price stability, and building an integrated system encompassing trading, valuation, and attracting expertise from global commodity markets.
This aligns with the mining sector in the Kingdom growing rapidly, driven by $2.5 trillion in mineral wealth.
With an ambitious goal of attracting $98 million in foreign investment for mineral exploration, Riyadh has committed about $182 million in incentives through 2030, while exploration spending exceeded $280 million in 2024.
“This exchange provides the mining and minerals sector with crucial financing. It provides the necessary future vision for these essential commodities, as price volatility is one of the challenges of investing in the minerals sector,” Al-Mudaifer said.
He added: “Its presence, as well as the Kingdom’s stability for traders, will benefit those who operate on global commodity exchanges and have investments or businesses here.”
The deputy minister went on to note that appraisal experts will be implemented to make the exchange more than just a platform for buying and selling.
During the interview, Al-Mudaifer also highlighted that licenses were granted for projects in 2025 with investments approaching SR45 billion ($11.9 billion).
He added that Saudi Arabia aims to enter the list of the top 10 phosphate-producing countries globally and the top 20 nations in the production of both copper and gold.
The deputy minister’s comments come ahead of the Future Minerals Forum, set to take place in Riyadh from Jan. 13 to 15.
“There are many buying and selling deals that take place at the conference. Saudi Arabia is a location for it. The Kingdom benefits from the presence of all this momentum and investment,” Al-Mudaifer said.
The Future Minerals Forum, a government-led initiative, has established itself as the premier platform uniting industry leaders, experts, policymakers, academia, and stakeholders to strengthen mineral resilience and advance responsible supply practices.
