Saudi Arabia’s mining sector gained fresh momentum this week through a significant ministerial reshuffle and expanding investment ties with Canada. The appointment of Prince Abdulaziz bin Salman as Minister of Industry and Mineral Resources, alongside agreements worth more than USD 1 billion and Maaden’s strategic partnership with Hatch, signals a stronger focus on accelerating project delivery, attracting international expertise, and establishing mining as the Kingdom’s third economic pillar.
Prince Abdulaziz bin Salman Appointed Minister of Industry and Mineral Resources
Saudi Arabia appointed Prince Abdulaziz bin Salman as Minister of Industry and Mineral Resources in addition to his current role as Minister of Energy, according to a royal order reported by the Saudi Press Agency.
The royal order relieved Bandar Alkhorayef of his position as Minister of Industry and Mineral Resources. He was appointed Minister of State and tasked with overseeing the General Authority for Military Industries.
Bringing the energy, industry, and mineral resources portfolios under Prince Abdulaziz could support greater coordination between Saudi Arabia’s energy strategy, industrial development, mineral processing, and downstream manufacturing ambitions.
The decision comes as the Kingdom continues working to unlock mineral resources estimated at approximately USD 2.5 trillion and increase the mining sector’s contribution to economic diversification under Vision 2030.
Saudi Arabia and Canada Sign Agreements Worth More Than USD 1 Billion
Canadian Prime Minister Mark Carney’s official visit to Jeddah—the first by a Canadian prime minister in 26 years—resulted in 13 agreements and memoranda of understanding valued at more than USD 1 billion.
Signed during the Saudi-Canadian Investment Forum, the agreements covered several sectors, including mining, infrastructure, health technology, and defense.
Among the largest announced deals were two contracts involving the Royal Commission for Riyadh City, valued at approximately USD 440 million, and a partnership between Maaden and Canadian engineering firm Hatch, valued at up to USD 700 million.
More than 30 Canadian companies operating across mining, energy, infrastructure, healthcare, and education participated in the forum. The event highlighted opportunities connected to Saudi Arabia’s mining expansion, Expo 2030 Riyadh, and preparations for the 2034 FIFA World Cup.
The agreements also signal continued improvement in Saudi–Canadian economic relations following the restoration of diplomatic ties that began in 2023.
Maaden Selects Hatch as Strategic Delivery Partner
Maaden and Hatch signed a strategic delivery owner-partnership agreement to support the development and execution of Maaden’s significant project pipeline.
The agreement follows a memorandum of understanding signed during the Future Minerals Forum in Riyadh in January 2026 and formally confirms Hatch as Maaden’s strategic delivery partner.
The Canadian company will provide engineering, technical, and project delivery expertise through its global network of specialists. Hatch has worked with Maaden for more than three decades across gold, phosphate, aluminium, alumina, and other commodities.
The partnership is expected to support Maaden’s long-term growth program, reportedly valued at approximately USD 110 billion. Its scope extends beyond individual mining projects to include processing, metallurgy, infrastructure, technology, and the industrial systems needed to transform mineral resources into materials for advanced manufacturing and energy-transition technologies.
Developing Saudi Mining Capabilities
Workforce and capability development will form a central part of the Maaden–Hatch partnership.
Through direct technical collaboration and hands-on project delivery, the two companies aim to develop the skills needed to support Saudi Arabia’s growing metals and mining industries. The program is expected to help prepare a new generation of Saudi professionals for technical, engineering, and project management careers.
This element is particularly important as the scale and complexity of Maaden’s planned expansion require extensive technical expertise and stronger domestic project delivery capabilities.
Canadian Companies Expand Their Presence in Saudi Mining
The Hatch agreement is part of a broader pattern of Canadian participation in Saudi Arabia’s mineral sector.
Maaden and Ivanhoe Electric already operate a 50–50 exploration joint venture covering approximately 50,000 sq km of the Arabian Shield. The venture is exploring for copper, gold, silver, and other minerals essential to electrification and advanced industrial applications.
Under the partnership, Ivanhoe Electric operates during the exploration phase, while Maaden is expected to lead the development of commercially viable discoveries. The two companies recently extended their joint venture through July 2033.
These partnerships demonstrate how Saudi Arabia is combining its mineral potential with international expertise in exploration, engineering, technology, and project development.
Outlook for Saudi Arabia’s Mining Sector
This week’s developments point to stronger integration across Saudi Arabia’s energy, industrial, and mining policies. The ministerial restructuring could enhance coordination across these strategic sectors, while the growing involvement of Canadian companies provides Maaden and the wider Saudi mining ecosystem with additional engineering and execution capacity.
The coming period will reveal how the new ministerial structure affects mining policy, investment, licensing, and project delivery. Attention will also turn to projects arising from the Maaden–Hatch partnership, progress across Maaden’s USD 110 billion expansion program, and exploration results from the Maaden–Ivanhoe Electric joint venture.
Together, these developments underline the scale of Saudi Arabia’s mining ambitions and the Kingdom’s determination to build a globally competitive mineral sector supported by international partnerships, advanced capabilities, and long-term investment.
