عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi-Argentinian Agreement to Promote Direct Investment

The Saudi Minister of Investment signs MoU with Argentinian Minister of Foreign Affairs International Trade and Worship. (Asharq Al-Awsat)
The Saudi Minister of Investment signs MoU with Argentinian Minister of Foreign Affairs International Trade and Worship. (Asharq Al-Awsat)
TT
TT

Saudi-Argentinian Agreement to Promote Direct Investment

The Saudi Minister of Investment signs MoU with Argentinian Minister of Foreign Affairs International Trade and Worship. (Asharq Al-Awsat)
The Saudi Minister of Investment signs MoU with Argentinian Minister of Foreign Affairs International Trade and Worship. (Asharq Al-Awsat)

Saudi Minister of Investment Eng. Khalid Al-Falih and Argentinian Minister of Foreign Affairs International Trade and Worship Santiago Andres Cafiero have signed a memorandum of understanding concerning cooperation to encourage direct investment between Saudi Arabia and Argentina.

The memorandum was reached during the Saudi delegation's visit to Latin American countries.

The ministers held a meeting in the attendance of several representatives from the private sector and Saudi and Argentinian companies.

Al-Falih and Cafiero discussed strengthening relations and boosting investment in the two countries through important projects in vital sectors and fields of joint interest.

The Saudi minister reviewed the Ministry's role in attracting investments, enabling sectors to grow, setting up regulations and policies, improving access to services through public-private sector partnerships, as well as carrying out the social and economic transformation envisaged in the Saudi Vision 2030.

The Ministry supports Saudi and foreign private sectors to develop and contribute to economic development and to make it easy to deal with the relevant authorities in the Kingdom and abroad.

Moreover, Al-Falih held a Saudi-Chilean investment roundtable meeting, in Chile's capital Santiago, that discussed investment opportunities and ways to advance the investment relationships between the two countries.

The meeting was held in the attendance of several government officials from both countries, in addition to the participation of the representatives of the private sector from the Kingdom and Chile.

During the meeting, the two countries discussed ways of enhancing the efforts to develop the economic and investment ties between Saudi Arabia and Chile. They also discussed ways to develop qualitative investments and empower the private sector to benefit from the investment opportunities of both countries.

The two sides have also discussed aspects of investment partnership in several fields with common interests, and ways to strengthen them.

Al-Falih has met with several Chilean ministers, such as Alberto van Klaveren, minister of foreign affairs, as well as Nicolás Grau, minister of economy, development, and tourism, in addition to Jessica Lopez Saffie, minister of public works.

The Saudi delegation also visited Paraguay to discuss reinforcing investments and to showcase the qualitative unprecedented opportunities of the Kingdom.

The Minister of Investment is heading a high-level delegation of a number of government agencies, national companies, and representatives of the private sector on an official tour to Latin American nations between July 31 and August 9.

The tour includes Brazil, Chile, Costa Rica, Argentina, Panama, Paraguay, and Uruguay.

The tour aims to strengthen investment relations, review the existing strategic partnership between the Kingdom of Saudi Arabia and Latin American countries, and highlight the qualitative and unprecedented opportunities that the Kingdom abounds in all fields.

Most Viewed

 
 
Business

Saudi Arabia Completes 90% of Arabian Shield Survey

Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
TT
TT

Saudi Arabia Completes 90% of Arabian Shield Survey

Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)

Saudi Arabia is advancing its exploration of mineral resources in the Arabian Shield, a region covering 630,000 square kilometers, about a third of the country.

The Kingdom has completed 90% of the survey and released geological data covering 400,000 square kilometers, or 65% of the total survey area.

Speaking to Asharq Al-Awsat, CEO of the Saudi Geological Survey Abdullah Al-Shamrani affirmed that this aims to attract investment in the mining sector.

The Arabian Shield is crucial for Saudi Arabia, as it contains key metallic minerals such as silver, gold, zinc, and copper.

The Arabian Shield runs along the Red Sea coast and the Gulf of Aqaba, from northern Jordan to the Saudi-Yemeni border. It covers regions such as Tabuk, Madinah, Makkah, Al-Baha, Asir, and Jazan, spanning 630,000 square kilometers, or about one-third of Saudi Arabia's land.

The geological survey in this area plays a key role in developing the sector, providing accurate data to attract both local and international investments.

This supports economic growth and helps diversify income sources in line with Saudi Arabia's Vision 2030.

In a statement to Asharq Al-Awsat at the fourth edition of the world’s leading platform on minerals, the Future Minerals Forum (FMF), Al-Shamrani revealed that a new batch of geological data covering 65% of the geophysical survey in the Arabian Shield was released.

This move opens up new opportunities for mining investors.

The project started in 2021, when the survey began collecting and analyzing data on the mineral wealth in the Arabian Shield.

After nine months of work, the database now covers 400,000 square kilometers, providing detailed information to guide investment decisions in mineral exploration, according to Al-Shamrani.

These data are not just technical but are driving increased demand for mining licenses, highlighting the value of accurate information in attracting investment.

Thanks to digital tools, investors worldwide can easily access this data, supporting investment in promising mining projects. With each new update, Saudi Arabia gets closer to completing the full survey of the Arabian Shield.

Al-Shamrani explained that the data includes interconnected layers of geophysical and geochemical information, such as analysis and drilling results. Each new update provides valuable insights for investors, helping them make data-driven decisions.

He also expected that the remaining data sets would be released soon, completing all work in the Arabian Shield.

Mustafa Maki, head of the National Geological Database Initiative at the Saudi Geological Survey, told Asharq Al-Awsat that the new coverage of the airborne geophysical survey includes magnetic and radiometric data, showing a 5% increase over previous periods.

Forty-three new squares have been added, bringing the total to 164 out of 252.

The data is now being processed and will soon be available to investors and visitors through the Saudi Geological Database.

The Saudi Geological Survey has launched new coverage for the surface geochemical survey of valley sediments, adding maps showing the distribution of individual elements and their statistical data.

This expansion covers an additional 20% of the previous area, bringing the total to 10 out of 50 geological squares.

The survey includes data on 57 out of 75 chemical elements, mapped to show their distribution in the squares. Statistical information on these elements has also been released, according to Maki.

Maki emphasized that geological data is crucial for the mining industry worldwide. Investors rely on this data to decide whether to proceed with investments or detailed exploration.

He added that the data from the Saudi Geological Survey, including geophysical and geochemical surveys, provides a strong knowledge base for investors.

This, along with technical reports and other geological data, helps investors make informed decisions about mining and exploration in the Arabian Shield.

Rana Zamai, Chair of the Women’s Empowerment Committee in Mining at the Ministry of Industry and Mineral Resources, confirmed to Asharq Al-Awsat that all necessary requirements for establishing the Women in Mining Association have been completed.

The association is expected to be launched on the upcoming International Women's Day.

Zamai highlighted that a special networking event was held at the FMF, bringing together women from the public and private sectors in mining from 80 countries.

The event was attended by five female leaders from major women’s mining organizations, representing countries like the UK, South Africa, Australia, and Türkiye.

She also pointed out that a key highlight this year was the participation of 25 geology students from King Abdulaziz University, the first group of its kind in Saudi Arabia. The students are expected to graduate in three to four years.