The ‏oldest mine in the Kingdom of Saudi Arabia ‏ is ‏ Mahd adh-Dhahab Mine ‏, the country’s first gold mine, located in ‏ Mahd adh-Dhahab Governorate ‏, about 167 km south of al-Madinah al-Munawwarah . The history of the Mahd adh-Dhahab Mine dates back thousands of years, making it an archaeological and historical site, with carbon dating estimates suggesting that some of its parts are over two thousand years old. In 1939, the Founding King Abdulaziz Bin Abdulrahman Al Saud order...

The Kingdom of Saudi Arabia's gold reserves are estimated at around 323.07 t by the end of the first quarter of 2024, while the total value of mineral reserves is estimated at approximately SAR9.375 trillion (about USD2.5 trillion). The number of factories producing gold and silver bars in the Kingdom is around six, with investments exceeding SAR7 billion. Gold is used in the production of jewelry and ornaments, in minting coins as a backing for paper currencies, as well as in precision el...