Saudi Arabia is intensifying efforts to strengthen its economic relationship with Australia as the kingdom aims to leverage new momentum in the minerals and investment sectors. Government and industry representatives from both countries are meeting in Riyadh this week at the “Saudi-Anzuck Forum” (Australia, New Zealand, and the United Kingdom) to explore trade, investment and mining opportunities—including participation from partners in New Zealand and the UK.
The engagement comes after Australian interests, including Hancock Prospecting led by Gina Rinehart, teamed up with Saudi mining company Ma’aden to win joint mineral exploration rights in the kingdom, an area estimated to hold around US $2.5 trillion in reserves. Meanwhile, Australia’s Macquarie Asset Management has signed an agreement with Saudi Arabia’s Public Investment Fund—one of the world’s largest sovereign-wealth funds—to establish a stronger financial and investment presence in Riyadh.
In a statement, Sam Jamshidi, Chairman of the Saudi Australian Business Council, said that while the bilateral relationship is still at an early stage, it is evolving rapidly. Australian companies are showing growing interest particularly in mining, agriculture and healthcare sectors.
For Saudi Arabia, this push forms part of its Vision 2030 agenda, which seeks to diversify the economy away from oil and build new industrial capacity. The deputy minister of industry and mineral resources for mining affairs noted that Australia—with its strong experience in mining—is a natural partner for Saudi plans to build a sector largely from scratch.
Australia, for its part, is seeking to diversify its export markets beyond its current heavy reliance on a small number of destinations. Though bilateral trade between the two countries reached approximately A$2.1 billion in 2024, the figure remains modest compared with other major trade relationships. Australian exports to Saudi Arabia currently centre on educational services, meat and barley, while Saudi Arabia remains primarily a large energy supplier.
Observers note that the forum could provide a platform for decision-making and agreements that may pave the way for greater investment flows and joint initiatives in diplomacy and trade. The timing also coincides with improved diplomatic alignment between the two countries, including gestures of recognition and cooperation that reflect deeper regional ties.