The minerals race is no longer only about commercial advantage. Control over the copper, lithium, cobalt, and rare earth elements that underpin energy systems, defence industries, data centres, and advanced manufacturing is rapidly becoming a test of national power and economic resilience.
A new Al-Attiyah Foundation research paper, ‘Gulf and US Investments in Global Critical Metals and Minerals’, finds that Saudi Arabia, the UAE, Qatar, and Oman are moving decisively into international mining, processing and trading. Their activity has accelerated markedly since 2023, with Africa emerging as the principal investment destination and Latin America attracting more selective interest.
The shift comes as demand rises and supply chains become increasingly concentrated. According to the International Energy Agency (IEA), lithium demand increased by nearly 30% in 2024, while demand for nickel, cobalt, graphite, and rare earth elements rose by 6%–8%. China is the leading refiner for 19 of 20 strategically important minerals, with an average market share of approximately 70%, according to the IEA .
Against this backdrop, Gulf states are deploying state, quasi-state, and private capital to diversify their economies, secure long-term supplies and deepen political relationships. Saudi Arabia and Oman are developing domestic mineral resources while investing internationally. The UAE is building on its established metals industries and expanding its overseas portfolio, while Qatar has made fewer but substantial investments.
The report finds that current GCC portfolios remain concentrated. Copper, gold, nickel and cobalt are comparatively well represented, while lithium, rare earth elements, tin, manganese, platinum-group metals, bauxite, and uranium receive less attention.
Investment is similarly concentrated in African producers such as the Democratic Republic of Congo, South Africa, and Zambia, with limited exposure to Australia, Canada, Indonesia, North Africa, Central Asia, and much of South America.
The US has become an increasingly important partner. In November 2025, Washington and Riyadh established a Strategic Framework for Cooperation on critical minerals. Other ventures aim to combine Gulf capital and processing potential with US technology, strategic support, and market access. Cooperation opportunities also exist with the EU, the UK, India, Japan, South Korea, Australia, and Canada.
However, ambition has so far produced more announcements than operating assets. Long development periods, difficult host-country politics, resource nationalism, financing constraints, capability gaps, and regional security risks have delayed numerous projects, according to the the foundation's report.
The report concludes that the GCC possesses important advantages, including abundant capital, competitive energy, strong infrastructure and international connections. The report identifies significant opportunities in overlooked minerals and underrepresented mining regions, as well as in Gulf-based processing of titanium, magnesium, synthetic graphite, and polysilicon. Success could position the GCC as an important bridge between mineral-producing countries and the industries driving the next phase of global economic development.