Live Metal Prices / oz
Gold: 1921.38 EUR
Silver: 21.34 EUR
Platinum: 818.31 EUR
Palladium: 879.09 EUR
Rhodium: 4612.63 EUR

Why is Oil-Rich Saudi Arabia Turning to Gold?

When considering Saudi commodities, most people instinctively think of oil. This is because the Arabian peninsula sits upon huge oil reserves, and is the worlds largest exporter of oil. However, Saudie Arabia has recently begun a new initiaitve to try and diversify its economy away from oil.

The oil-rich kingdom is looking to diversify into other potential revenue streams, and its gold industry has been flagged as a stable alternative. The Saudi Arabian gold market has massive upscale potential as the nation is looking to expand its gold mining industry and create a revenue source. Like oil, Saudi Arabia also has significant gold reserves.

Saudi Arabia's Target Revenue from Gold

Reports state that the Saudi Kingdom has set of goal of investing 15 Billion riyals into its expanding gold industry by 2030. Currently, the gold mining sector comprises about 18% of Saudi Arabia’s mineral wealth. In addition to this robust diversification, the gold mining sector of Saudi Arabia is expected to create thousands of jobs by 2030.

Official representatives have stated that the Saudi Kingdom gold mining sector has six significant mines. However, Saudi Arabia is pushing to expand their mineral mining sector, and is also working to establish six additional mines throughout the region. Investment into new mines is expected to exceed 4 billion riyals this year.

Last year, profits from the mining sector of Saudi Arabia reached 83 billion riyals. The Kingdom is projecting to reach profits 240 billion riyals by 2030 by efficient capitalization of mining sector assets.

How Can Gold Reshape the Saudi Kingdom?

An untapped USD 1.3 Trillion worth of mineral resources, including gold, currently sit within mines in Saudi Arabia at the moment. Gold reserves are estimated to be worth around USD 229 billion, constituting a significant part of the country's vast mineral resources. By establishing multiple mines, and investing in the gold sector, Saudi Arabia can fuel new employment opportunities, which will actively funnel more revenue into the economy.

Increasing funding within the mining sector is hugely supported by the Saudi Kingdom. Mining revenues in 2021 shot up by 27 percent between January and October, in comparison to the same time frame in 2020.

Saudi Arabia's Vision 2030 will make investing in gold in the country possible via exchange-traded funds (ETFs), further adding jobs and growth to the country's financial sector. 

Saudi Arabia's first-ever Shariah-compliant commodity ETF was recently established in the region, making it accessible to invest in gold in ways other than traditional physical purchasing. This is expected to have both direct and indirect investment benefits in the gold industry of Saudi Arabia.


The Saudi Arabia gold market's potential is huge, and so are the potential revenues. With the nation gradually progressing to keep up with the modern world, turning to gold in order to diversify away from oil dependency should help to build a robust and stable economy, and increase the country's revenue streams. 

world map
To make your shopping experience as seamless as possible, we offer the option to select your shipping country, preferred currency, and language. Please use the dropdown menus below to customize your preferences:
By selecting your preferred options, you will be able to view prices and shipping rates in your local currency and language, and be able to shop with ease.