Saudi Arabia, China Partnership for Geological Mapping Project in Arabian Shield Area

Minister of Industry and Mineral Resources Bandar al-Khorayef inspects a site during the tour (Asharq Al-Awsat)
Minister of Industry and Mineral Resources Bandar al-Khorayef inspects a site during the tour (Asharq Al-Awsat)
TT

Saudi Arabia, China Partnership for Geological Mapping Project in Arabian Shield Area

Minister of Industry and Mineral Resources Bandar al-Khorayef inspects a site during the tour (Asharq Al-Awsat)
Minister of Industry and Mineral Resources Bandar al-Khorayef inspects a site during the tour (Asharq Al-Awsat)

Saudi Arabia has launched a $207 million project of detailed geological maps of the Arabian Shield, one of the Saudi Geological Survey (SGS) projects, in partnership with the Chinese Geological Survey.

Minister of Industry and Mineral Resources Bandar al-Khorayef inaugurated the project, describing it as one of the most significant comprehensive strategic initiatives for the mining sector regarding the nature of the business, the volume of output, and the coverage area.

He added that the maps constitute the core of the general program of the geological survey, which is an essential element in achieving the goals of Vision 2030, and a first step towards endeavors, to be the third pillar of the Saudi industry.

Khorayef confirmed that the project aims to generate detailed digital geological data of the Arabian Shield, understand the origin of mineral deposits in the area, and strengthen the national geological database and the national library of drilling samples.

The data will provide domestic and international investors with a comprehensive understanding of Saudi Arabia's mining sector investment opportunities.

Geology

The Deputy Minister of Natural Resources for Geology and Chairman of the Chinese Geological Survey, Li Jianxing, said the project would become a new bridge between Saudi-Chinese relations, indicating that the maps will promote scientific progress in earth science and technology.

For his part, the Chinese Consul General in Jeddah, Wang Qimin, stated that the map project is an extension of the longstanding joint projects in the mining sector between the Kingdom and China.

He said it aligns with the Kingdom's Vision 2030 economic development plans and the Chinese Belt and Road Initiative.

Rock analyses

CEO of the Saudi Geological Survey, Abdullah al-Shamrani, explained that during the project, a detailed, high-tech digital geological mapping of all rocky outcroppings would be carried out, with an average of 700 examination sites per geological square.

He indicated that Saudi and Chinese geological experts would conduct several structural, mineral, and chemical analyses.

Shamrani divided the program into three main phases: initial settings, fieldwork and analysis, and final compilation of the map project.

The program is scheduled for 11 years and divided into two phases, the first extending to five years, including producing detailed geological maps of the promising mineral belt areas representing 40 percent of the project area.

The second phase spans over six years, during which 157 maps will be produced, representing the remaining area of the Arabian Shield.

Mineral deposits

The detailed geological maps project of the Arabian Shield aims to produce 271 detailed geological reports and maps of the Arabian Shield, in addition to providing the National Geological Database (NGD) with detailed digital geological data.

It will help enhance the understanding of the origin of mineral deposits and identify and explore new mineral deposits aiming to attract new investments in the mining sector.

The project is the hub for all information from the various historical and recent surveys in the form of two-dimensional maps showing the extent and types of mineralization in the Arabian Shield.



Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
TT

Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

 Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.


Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
TT

Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.


GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
TT

GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.