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RIYADH: ������Ƶ’s mining exports have jumped about 80 percent, driven by rising production of phosphate, iron, aluminum, copper and gold, as the Kingdom accelerates efforts to become a global hub for mineral resources, a senior official said. 

Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer said current and planned investments in the sector are valued at SR180 billion ($48 billion), according to state broadcaster Al-Ekhbariya.  

The push is part of the government’s broader strategy to expand exports and attract high-quality foreign capital into downstream processing. 

“The focus has not only been on meeting local demand but also on expanding exports and attracting high-quality investments that strengthen the Kingdom’s competitive edge,” Al-Mudaifer told Al-Ekhbariya in a televised interview. 

He added that the effort covers “key resources such as phosphates, iron, aluminum, copper, and other downstream mining industries.” 

Al-Mudaifer also pointed to “remarkable growth” in exploration licenses and gold mining projects, supported by ������Ƶ’s rich geology, modern infrastructure, and what he described as “transparent taxation and competitive regulations.” 

The senior official said that Vision 2030 reforms have driven a “fundamental transformation” of the sector. Since 2013, ������Ƶ has risen from the bottom of the Fraser Institute’s global mining index to an advanced position in 2024, he noted, citing the strength of the regulatory framework and the investment climate. 

“Mining was one of these sectors that started from behind, but after the adoption of the mining strategy under Vision 2030, it witnessed a major transformation,” he said. “As a result, it moved from the bottom of the list in 2013 to competing for top positions in 2024… from now and in the coming years, the results will be even better.” 

He described the Mining Investment Law as one of the strongest globally, citing its clarity, transparency, and safeguards for investors, the state, and society.  

Political stability has also supported foreign confidence, he said, highlighting the 2021 launch of a national geological survey that compiled more than 80 years of data into a modern database to help investors assess opportunities. 

Al-Mudaifer said reforms have expanded exploration activity, lifting the number of licenses from about 50 a year before Vision 2030 to nearly 400 today.  

Land offered for mining has also increased to 50,000 sq. km annually, compared with 5,000 previously. He said the estimated value of the Kingdom’s mineral wealth has doubled from SR5 trillion to nearly SR10 trillion. 

He also pointed to the growing profile of the Future Minerals Forum, which now draws more than 18,000 participants each year, making it one of the world’s most prominent gatherings in the sector. 

Al-Mudaifer reaffirmed that mining has become the third pillar of Saudi industry after oil, gas, and petrochemicals, contributing to global supply chains, employment, and community development. He said the transformation is strengthening ������Ƶ’s standing as a leading global destination for mining investment.
 

RIYADH: ������Ƶ’s Public Investment Fund boosted its US equity holdings to about $23.8 billion by the second quarter of 2025, up from roughly $20.6 billion a year earlier. 

The fund’s latest Form-13F filing with the US Securities and Exchange Commission shows PIF held positions across 57 equities and options, compared to 38 a year earlier, but with a markedly different composition. 

The sovereign wealth fund exited stakes in Meta Platforms, PayPal, Alibaba, Shopify, and other e-commerce and social-media names, while boosting holdings in electric-vehicle maker Lucid Group by nearly 400 million shares and more than doubling its stake in chip designer Arm Holdings. 

It also bought into Apple, ASML, Analog Devices, and several US healthcare giants, such as UnitedHealth, Eli Lilly, and Merck, reflecting a pivot toward semiconductors and healthcare. 

As the sovereign investment arm of ������Ƶ, PIF plays a central role in advancing Vision 2030, the Kingdom’s long-term strategy to diversify its economy beyond oil. 

Tasked with building national champions, creating jobs, and attracting foreign investment, PIF channels capital into both global markets and domestic sectors such as tourism, technology, and infrastructure. Its dual mandate, to deliver returns and to drive economic transformation, makes it not only one of the world’s largest sovereign wealth funds but also a policy instrument shaping ������Ƶ’s post-oil future. 

The rebalancing comes as PIF intensifies its domestic and global investment drive. According to Global SWF, the fund’s assets under management climbed to $1.15 trillion in 2025, an increase that lifted PIF to fourth place among sovereign wealth funds worldwide. 

The consultancy noted that PIF is moving from rapid deployment to a more methodical approach focused on cost control and measurable returns. 

Nearly 37 percent of PIF’s portfolio is invested in alternatives such as real estate, infrastructure, private equity and hedge funds, according to a July report by Private Equity Insights. More than two-thirds of its assets are deployed inside ������Ƶ, where the fund has invested over $171 billion since 2021, representing about 10 percent of the Kingdom’s non-oil gross domestic product. 

Despite the surge in assets, PIF’s net profit fell 60 percent in 2024 to SR26 billion amid higher interest rates, impairments and delays on major projects. In response, the fund has tightened performance management, tapped commercial paper and sukuk for liquidity, and shifted focus toward revenue-generating assets. 

Its Governance, Sustainability and Resilience score reached a perfect 100 percent, making it the highest-ranked fund in the Europe, the Middle East and Africa region, according to Global SWF. 

The diversification strategy has also produced a steady stream of headline deals. In May 2025, PIF signed agreements with US asset managers Franklin Templeton, Neuberger Berman and Northern Trust to channel up to $12 billion into Saudi markets and establish a multi-asset platform in Riyadh. That same week, Crown Prince Mohammed bin Salman launched Humain, an AI company under PIF tasked with building data centre and cloud-infrastructure capabilities in the Kingdom. 

Earlier this year, PIF-backed digital security firm Elm agreed to buy business-services firm Thiqah for SR3.4 billion, further cementing the fund’s role in creating national champions.

Internationally, PIF is exploring a $15 billion investment in Brazil’s renewable energy and green hydrogen industries and has committed roughly $200 million to a Manhattan real estate project with Related Companies. 

Yet challenges remain. Reuters reported that PIF took an $8 billion write-down on some giga-projects as it scales back overly ambitious developments. Rising funding costs and tight liquidity have prompted management restructuring and a greater emphasis on projects with a clear path to profitability. 

The fund must balance its domestic mandate, supporting mega-projects and job creation, with growing international ambitions across technology, mobility, gaming and sports. 

As PIF’s US holdings shift from consumer internet to semiconductors and healthcare, the sovereign wealth fund is signalling confidence in long-term innovation while recognizing the need for steady returns amid a challenging global environment. 

Combined with its rising global rank and deeper domestic investments, the repositioning illustrates how PIF is evolving into a more mature and strategically diversified investor.