The Kingdom of Saudi Arabia acquired 21.4 percent of the total gold reserves of Arab countries, amounting to about 323.1 tons, making the Saudi Central Bank the largest Arab central bank with gold reserves.
Globally, Saudi Arabia is ranked 18th among the largest global owners of gold, which includes the International Monetary Fund and the European Central Bank, while Saudi Arabia is ranked 16th among the countries of the world, if the International Monetary Fund and the European Central Bank are excluded.
Saudi Arabia has recorded an increase in metal production rates, especially gold, silver, copper and zinc, since the announcement of the Kingdom’s Vision 2030 in April 2016, in light of the vision’s focus on developing the mining sector and increasing its contribution to the economy, which His Highness Crown Prince Mohammed bin Salman considered a vital source. Next to oil.
According to data from the Ministries of Energy and Industry and Mineral Resources, the volume of Saudi gold production increased by approximately ten tons annually since the announcement of Vision 2030 until the end of last year, with an annual growth rate of 12.3 percent.
Businessman and jewelry expert Sulaiman bin Saleh Al-Othaim, Chairman of the Board of Directors of the Saudi Gold Refinery Company, explained that the Kingdom of Saudi Arabia is making huge efforts to diversify the economy that relies heavily on oil, and the world’s view of Riyadh has changed after its strategic shift towards discovering and extracting minerals and metals, within the Kingdom’s Vision 2030. Launched by Crown Prince Mohammed bin Salman, to support the diversification of the economy.
He added that we are making a move in the mining sector and strategic partnerships and investing in it locally and internationally, stressing the importance of combining expertise in the mining sector and enhancing its presence in the Kingdom with qualitative and distinguished participation in bringing in international companies and in cooperation to raise local knowledge in the field of mining to reach the ranks of developed countries in all metallic minerals and equipment. Industrial, rare, and others in order to achieve supply chains and serve local and global content, as attending international events and conferences has a significant and effective impact on the prosperity of the mining sector with national and international companies.