Saudi Arabia has announced that its reserves of rare earth elements and other minerals are valued at around $2.5 trillion, positioning the country as a potential major player in global mining. The deposits include gold, zinc, copper, lithium, and rare earth elements essential for high-tech industries such as electric vehicles and wind turbines. Despite these vast resources, only a small portion of Saudi mining investment currently targets rare earth elements, with most focused on gold and copper. Experts note that Saudi Arabia is still far from rivaling established leaders in the rare earth sector, as mining and processing require significant time and investment.

These efforts are part of Saudi Arabia's broader strategy to diversify its economy away from oil, in line with its Vision 2030 initiative. The country is also expanding its reach by investing in international mining projects, including a partnership to refine minerals from Greenland's Tanbreez mine. The Saudi Public Investment Fund aims to develop its mining arm, Manara Minerals, into a technically advanced company to support these ambitions.