Ma'aden was formed as a Saudi joint stock company on 23 March 1997 (corresponding to 14/11/1417H) for the purpose of facilitating the development of Saudi Arabia’s mineral resources.

To date Ma'aden's activities have focused on its active gold business which has grown in recent years to include the operation of five gold mines: Mahd Ad Dahab, Al Hajar, Sukhaybarat, Bulghah, and Al Amar.

Ma'aden is now expanding its activities beyond its gold business with the development of its Phosphate Project, Aluminium Project, and Other Projects.

In addition, since its formation, Ma'aden (through the Ministry of Petroleum & Mineral Resources) has collaborated with the Government and local legislators to develop a regulatory framework for the governance of the mining industry in Saudi Arabia.