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)
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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.



Billionaire Financier Bessent Confirmed as Trump’s Treasury Chief 

US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)
US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)
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Billionaire Financier Bessent Confirmed as Trump’s Treasury Chief 

US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)
US investor and hedge fund manager Scott Bessent testifies before a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, DC, on January 16, 2025. (AFP)

Billionaire hedge fund manager Scott Bessent won Senate approval Monday to become US Treasury secretary, placing him at the forefront of implementing Donald Trump's economic agenda -- which is already triggering global jitters.

Bessent, a Wall Street veteran who was born and raised in South Carolina, has defended the Republican president's tax cutting and tariff proposals while urging efforts to secure supply chains and the dollar's global status.

On Monday, he cleared a confirmation vote with a comfortable margin of 68-29, with bipartisan support.

As Treasury chief, Bessent will have a hand in the administration's tax policies and its budget, confronting the debt limit and steering plans that could lead to fresh tariffs.

Mike Crapo, who chairs the Senate Finance Committee, said Monday that Bessent was "committed to restoring the prosperity and opportunity" seen under Trump's leadership.

But Ron Wyden, the top Democrat on the committee, warned it was unclear that Bessent would serve as a check on Trump's economic plans, which could weigh on consumers and small businesses.

Bessent, 62, has said he would back tougher sanctions on Russian oil majors as a way to end the war in Ukraine, while signaling a hawkish approach on China.

Trump returned to the White House this month vowing lower taxes to aid Americans squeezed by high costs of living, and tariffs to pressure other countries to align on US concerns.

The president has warned of tariffs on allies and adversaries - including major trading partners Mexico and Canada on February 1.

Now all eyes are on how his Treasury chief walks the line between supporting these efforts and avoiding tensions that may roil the world economy.

At his hearing, Bessent disagreed that Trump's proposed duties on imports would be paid for domestically, noting that levies can be used in negotiations, to remedy unfair trade practices or to boost revenues.

He also took aim at government spending and high budget deficits.

He will have to grapple with Trump's promised tax cuts - alongside their consequences for the US economy - as he begins his role.

The Treasury Department has oversight across areas from federal finances to bank supervision. It also oversees US sanctions.

- Family friend -

Bessent has known the Trump family for three decades and was friends with the president's late brother Robert, he previously said.

"I was all-in for President Trump," he said on Trump ally Roger Stone's radio show.

Bessent attended Yale University and served as chief investment officer of Soros Fund Management, the macroeconomic investment firm of liberal billionaire George Soros.

In 2015, he raised capital, including $2 billion from Soros, to start his own hedge fund.

More recently, Bessent said he had not spoken to Soros in years.

Bessent is chief executive at Key Square Group, but has committed to resigning from the position at the hedge fund and divesting his partnership share upon confirmation.

- 'Only-in-America' -

During his confirmation hearing, Bessent recounted taking an internship in finance -- a job that came with an office pullout sofa, allowing him to live in New York rent-free.

"I've been involved in the financial markets ever since," he told lawmakers. "My life has been the only-in-America story that I am determined to preserve for future generations."

Urging for all tools to be used "to realign the economic system to better serve the interests of working Americans," Bessent has criticized "unfair distortions" in global trade.

He previously floated the idea of Trump nominating a "shadow Fed chair" to dilute the influence of Federal Reserve chief Jerome Powell.

But he has since dropped the idea and stated that he supports the central bank's independence in policymaking.

"President Trump is going to make his views known, as many senators did," Bessent said in his hearing on January 16.

He added that on monetary policy, the Fed's rate-setting committee "should be independent."