Maaden shares hit record high after raising $1bn

• Saudi mining company issues sukuk
• Shares up 7% to SAR77.65
• Capital markets to open to all foreigners

Maaden, Saudi Arabia’s state-owned mining company, has raised $1 billion through a sukuk issuance as part of its global growth strategy.

Shares were up more than 7 percent on the Saudi stock exchange to hit their highest ever value at SAR77.65 on Sunday. 

More than 3.8 million shares worth SAR291 million were traded. The stock is up 27 percent in the year to date.

Saudi Arabia will open its capital markets to all foreign investors from February 1, easing the flow of global money to support its underperforming assets.

The sukuk issuance was offered to qualified global investors and will be listed on the London Stock Exchange’s International Securities Market.

The 10-year sukuk has a coupon rate of 5.25 percent per year, Maaden said in a bourse filing.

Sukuk are sharia-compliant bonds.

Earlier this month, CEO Bob Wilt told the Future Minerals Forum in Riyadh that Maaden plans to invest $110 billion over the next decade, describing it as “the largest capital programme in the history of mining”.

The company has added nearly 8 million ounces of gold resources across four areas in the kingdom following discoveries and additional finds in existing mines.

Maaden has previously said it hopes to become the world’s most valuable mining company by market capitalisation. Its current market cap is $7.3 billion.

Further reading:

• Saudi Arabia bets on capital markets as foreign ownership limits fall
• Maaden to invest ‘staggering’ $110bn over the next decade
• Maaden shares jump 5% after new gold reserve estimates

In November Maaden said net profit rose 127 percent to SAR2.2 billion in the quarter ending September 2025. Revenue jumped 24 percent year on year to SAR10 billion.

The company maintained full-year capex guidance for 2025 at $7.55 billion to $9.55 billion.

Saudi Arabia’s Public Investment Fund owns 63.78 percent of Maaden.