Mining leads growth in operating revenue of Saudi businesses

Saudi Arabia’s operating revenue index – a measure of cash generated by businesses – rose in April, with the strongest growth reported in the mining and quarrying sector, according to official data.

Mining and quarrying activities increased about 23 percent, while manufacturing activities rose almost 11 percent, leading to an overall 11 percent year-on-year increase in the operating revenue index, the General Authority for Statistics (Gastat) said in a report.

This month, Saudi Arabia shortlisted 24 local and international bidders for the latest round of its mineral exploration belts, as it pushes to unlock an estimated $2.5 trillion of mineral wealth.

The mineralised belts offered in the 10th round cover 13,000 square kilometres across five regions: Medina, Mecca, Riyadh, Qassim and Hail.

• IMF predicts slower-growing but resilient Saudi economy
• Saudi Arabia shortlists bidders for 13,000 sq km of mining belts
• Mining licences triple amid Riyadh’s exploration drive

The Gastat report also pointed to a 28 percent year-on-year increase in the number of building permits issued in April. On a month-on-month basis, issued building permits surged 43 percent.

In June, the International Monetary Fund said robust economic fundamentals and a diversified infrastructure for the transport of crude oil and other goods were shielding Saudi Arabia from the worst impacts of the US-Israeli war with Iran.

The kingdom could experience a recovery and record about 2 percent growth for 2026 if shipping through the Strait of Hormuz returned to normal levels in the coming months, it said.