Saudi’s Vision 2030: Saving the Environment and Diversifying Economy Through Mining
By Zekeri Laruba Idakwo
Nations are transitioning away from dependence on oil due to uncertain future and the danger hydrocarbon poses to the environment. Consequently, oil-producing countries, including Saudi Arabia, are proactively reducing their exposure to potential revenue losses and associated risks by diversifying their economies and exploring alternative revenue streams.
Saudi Arabia’s Vision 2030 is a blueprint for diversifying the economy, and mining is a key pillar of this effort. As the kingdom seeks to reduce its dependence on hydrocarbons, it is turning to its untapped mineral resources, valued at $1.3 trillion, according to Invest Saudi. The mining sector is expected to triple its contributions to Saudi’s GDP by 2030, generating 200,000 direct and indirect jobs.
At the heart of this drive is Ma’aden, a multi-commodity mining and metals company majorly owned by the Public Investment Fund. Founded in 1997, Ma’aden has anchored the growth of the kingdom’s mining industry and established itself as a sustainable mining champion with a global presence. Today, the company is ranked among the world’s top 10 mining companies based on market capitalisation and is one of the fastest-growing entities in its field.
Ma’aden’s Strategy 2025 aims to affirm the company’s position as a leader in the mining sector while maximising the value of Saudi’s mineral resources. The strategy is built on three pillars:
1. Operational, capital, and commercial excellence: This pillar seeks to enhance competitiveness, profitability, and commercial returns in line with international companies, leveraging digital technology and lean manufacturing processes to improve efficiency levels across company assets.
2. National mining champion: This pillar aims to develop capacities in sustainable mining of phosphate, aluminum, gold, and base metals in Saudi Arabia and expand activities focused on specific industrial minerals to lead the development of the Saudi mining sector.
3. Global presence: This pillar aims to leverage Saudi Arabia’s world-class mineral deposits to enable growth and become a global industry leader, expanding opportunities in selected commodities to support global growth.
Ma’aden’s Strategy 2025 is grounded in building a best-in-class safety culture and practices across the organisation and fostering a zero-harm environment. The company is committed to strengthening its capabilities and preparing leaders in all core business units to achieve its aspirations for growth and lead stewardship of the mining industry in Saudi Arabia and its ecosystem.
“We are committed to unlocking the full potential of Saudi Arabia’s mineral resources and contributing to the kingdom’s economic diversification efforts,” said Robert W. Dy, President and CEO of Ma’aden.
“Our Strategy 2025 is designed to ensure we remain competitive and sustainable in the long term, while creating value for our stakeholders and the nation.
Saudi Arabia’s Vision 2030 is a bold initiative that seeks to reduce the kingdom’s dependence on hydrocarbons and diversify its economy through mining. Ma’aden, a pioneering mining company, is spearheading this effort with its Strategy 2025. By leveraging Saudi Arabia’s vast mineral resources, Ma’aden aims to become a global industry leader, create value for stakeholders, and contribute to the nation’s economic growth.
As the company continues to prioritise safety and sustainability, it is well-positioned to drive Saudi Arabia’s economic transformation and Vision 2030.
