The Ministry of Industry and Mineral Resources was established on 30 August 2019, following the division of the Ministry of Energy, Industry and Mineral Resources into two separate entities: the Ministry of Energy and the Ministry of Industry and Mineral Resources, with Bandar Al-Khorayef appointed as its first minister. Its main headquarters is located in the capital, Riyadh. The ministry was created to promote industrial development, manage the Kingdom's mineral resources, and support economic diversification beyond oil.
Its responsibilities include issuing regulations and rules that govern the operations of both the public and private sectors, promoting investments in these sectors, and discovering and utilizing the Kingdom's mineral resources. Child agencies include the Saudi Export Development Authority, Saudi Geological Survey, and Saudi Authority for Industrial Cities and Technology Zones. In 2021, the ministry founded the Future Minerals Forum, Saudi Arabia's first-ever international event focused on the development of the mining and minerals sector.
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On 11 July 2026, a royal order relieved Bandar Al-Khorayef of his duties as Minister of Industry and Mineral Resources and appointed him as a Minister of State. On the same day, Abdulaziz bin Salman was appointed Minister of Industry and Mineral Resources while retaining his position as Minister of Energy, making him concurrently responsible for both ministries.
Facts compiled by Executive Moves from publicly available news and press releases on 29 October 2026. Spotted an inaccuracy? Email us and we'll review within 1 business day.
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