Saudi Arabia Explores Potential for New Metals and Mining Stock Exchange

The Ministry of Industry and Mineral Resources is currently engaged in discussions with the Ministry of Commerce, the Capital Market Authority (CMA), and prominent businessmen to assess the viability of establishing a new metals and mining stock exchange in Saudi Arabia. Khalid Al-Mudaifer, Vice Minister of Industry and Mineral Resources, shared this information with Al-Eqtisadiah newspaper.

Driven by the Kingdom's abundant mineral resources, there has been a notable surge in exploration license applications from major foreign firms. These applications account for approximately 25% of all mining applications received.

Earlier reports indicated that Saudi Arabia was contemplating the creation of a new mining index and mining stock exchange. In November 2022, Minister Bandar Alkhorayef expressed interest in exploring such possibilities. During his visit to Sydney, he met with counterparts to gain insights into Australia's ASX 300 Metals & Mining sub-index—a listing that includes metals and mining companies involved in gold production, steel manufacturing, precious metals extraction, among others.

The ongoing discussions between relevant ministries and key stakeholders highlight Saudi Arabia's commitment to further developing its minerals sector. The potential establishment of a dedicated metals and mining stock exchange could provide an avenue for increased investment opportunities within this vital industry.