Saudi Arabian Mining Company (Ma'aden), the biggest mining company in the Arab world, has announced the discovery of a “significant gold resource potential” in the kingdom.
The new discovery extends along a 100km stretch from the existing Mansourah Massarah gold mine, the company said on Thursday.
It is the “first find from the company’s extensive exploration programme, launched in 2022, aimed at building Ma’aden’s production pipeline”, it said.
“These discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia, supporting the diversification of the country in line with Vision 2030 and establishing mining as the third pillar of the Saudi economy,” Robert Wilt, chief executive of Ma’aden, said.
“These have the potential to be the centre of the world’s next gold rush and are a strong part of our growth strategy.”
Mining is a key component of Saudi Arabia’s drive to attract foreign direct investment as laid out in the Vision 2030 plan, which aims to reduce the country's dependence on hydrocarbon revenue.
The kingdom, Opec’s top oil exporter, aims to more than triple the mining sector’s contribution to the nation’s economic output by 2030.
Ma'aden, which is majority-owned by the kingdom’s Public Investment Fund, operates several extraction sites in the kingdom and is central to supporting the country's ambitions in the mining industry.
Under its new corporate strategy, Ma'aden aims to grow tenfold by 2040 and to move into strategic minerals to fuel the growth of downstream industries in Saudi Arabia, the Arab world’s biggest economy.
The company this year teamed up with the kingdom’s sovereign wealth fund, the PIF, to also pursue global mining investment opportunities.
The exploration around Mansourah Massarah is focused on identifying potential deposits of similar scale with similar geology, the company said.
Encouraging drill results from multiple sites on Uruq South, along a 100km stretch south of Mansourah Massarah, have uncovered similar geological characteristics and chemistry, it said.
Ma’aden said it continues the expansion of its exploration footprint at the Jabal Ghadarah and Bir Tawilah prospects 25km north of Mansourah Massarah.
“In combination, these positive drilling results have identified a potentially 125km strike with significant potential to become a major world-class gold belt in Saudi Arabia,” it said.
Mansourah Massarah had stated gold resources of almost seven million ounces at year-end 2023 and a nameplate production capacity of 250,000 ounces a year.
“As Saudi Arabia’s largest mining company, we are at the forefront of development for the sector in the kingdom and we will continue to support the growth and evolution of the sector,” Mr Wilt said.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
