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Riyadh to Host Third Edition of Int’l Future Minerals Forum

The Second Edition Future Minerals Forum in 2022 (SPA)
The Second Edition Future Minerals Forum in 2022 (SPA)
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Riyadh to Host Third Edition of Int’l Future Minerals Forum

The Second Edition Future Minerals Forum in 2022 (SPA)
The Second Edition Future Minerals Forum in 2022 (SPA)

The Saudi Ministry of Industry and Mineral Resources announced the third edition of the Future Minerals Forum (FMF) at the King Abdulaziz International Conference Center in Riyadh under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

The Ministry explained that the third edition will build on previous editions of FMF, offering a deep dive into a broad spectrum of topics and critical issues facing the global minerals industry, including sustainability practices and standards, developing green and future minerals value chains, and attracting investments in the super region.

It also aims to integrate knowledge and technology in mining operations and assert the role of the minerals sector in developing local economies and societies.

FMF is an essential platform for the super region, which stretches from Africa to West and Central Asia, bringing together industry leaders, investors, policymakers, and experts to shape the future of the minerals sector collectively.

The Forum is an essential platform for the super region, which stretches from Africa to West and Central Asia, bringing together industry leaders, investors, policymakers, and experts to shape the future of the minerals sector collectively.

The Minister of Industry and Mineral Resources, Bandar al-Khorayef, confirmed that the international conference is considered the most important in the world, with the support of King Salman and Crown Prince Mohammed bin Salman.

Khorayef pointed out that the conference's third edition will include the supply and demand of the most used mineral, playing a crucial role in the global shift towards clean energy.

It will establish a platform for discussion between metal-producing and consuming countries and ensure continuity of investment in the sector, starting with mines, manufacturing, refining, and processing operations.

"Recognizing the sector's challenges, there's an urgency to develop a clear roadmap and address the growing demand for critical minerals essentials for energy transition. We must facilitate dialogue, decision-making, and collaboration among stakeholders to realize our ambitious energy transition goals," said the Minister.

He stressed that the third edition will continue as a pioneering platform to lay more foundations for participation in decisions and procedures.

The goals are shared between investors, mining companies, and parties worldwide and will also work to highlight the role that the targeted region can play in achieving the world's goals in green transformation.

The main events of FMF will take place on January 10-11, convening ministers, mining investment leaders, and several prominent figures and innovators from a cross-section of global minerals and mining companies.

The sessions will foster rich dialogue on industry trends, investments, and sustainable practices.

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Fair Competition: A Pillar for Consumers and Driver of Saudi Arabia’s Economic Growth

People shop at a market in Riyadh, Saudi Arabia. (SPA)
People shop at a market in Riyadh, Saudi Arabia. (SPA)
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Fair Competition: A Pillar for Consumers and Driver of Saudi Arabia’s Economic Growth

People shop at a market in Riyadh, Saudi Arabia. (SPA)
People shop at a market in Riyadh, Saudi Arabia. (SPA)

Fair competition is emerging as a cornerstone of Saudi Arabia’s economic transformation, serving not only as a market principle but as a vital engine for national growth and innovation. By fostering an environment of healthy rivalry, companies are compelled to improve product quality, lower prices, and enhance consumer experience, all of which benefit the Saudi consumer and economy alike.

This competitive landscape encourages domestic investment, attracts foreign capital, and stimulates research and development, thereby reinforcing economic sustainability. But experts emphasize that fair competition is only as effective as the policies and regulatory frameworks enforcing it.

Financial and economic advisor Dr. Hussein Al-Attas told Asharq Al-Awsat that fair competition acts as a key market regulator, limiting companies’ ability to monopolize prices.

“Freedom to compete naturally pushes prices closer to real production costs,” he explained, “reducing excessive profit margins and expanding consumer choice.”

Al-Attas stressed that quality is now central to market success. “Consumers are increasingly discerning, comparing prices, quality, and service,” he said, adding that companies failing to meet evolving standards in production, packaging, or after-sales support quickly lose market share.

He described this environment as creating “positive pressure” on firms to maintain high quality to retain customer loyalty, making excellence not just a goal, but a survival strategy.

Government policies, Al-Attas noted, can either foster or distort competition. While support for startups and tax incentives can spur fair competition, imbalanced subsidies may unfairly favor specific companies, undermining market fairness.

Incentives should be based on transparent criteria aligned with public interest, he stressed.

Regulatory bodies like the General Authority for Competition play a vital role, he said. They monitor monopolistic behavior, investigate complaints, regulate mergers, and promote business awareness around fair play.

For his part, Economist and King Faisal University academic Dr. Mohammed bin Duliem Al-Qahtany echoed this view, calling fair competition not only an economic tool but a “social guarantee for equity” and a key driver of investor confidence.

He highlighted Saudi Arabia’s strides in making its economy among the most competitive and sustainable regionally and globally. “A competitive market forces rational pricing and deters exploitation,” he told Asharq Al-Awsat.

Al-Qahtany cited the rise of Saudi e-commerce as a success story, noting how competition has led to innovations like facial recognition payment and AI-powered consumer analytics, improving both service and efficiency.

He pointed to sectors such as food and beverage, where consumer awareness and competition have elevated standards in hygiene and packaging.

Government initiatives like the Saudi Made program, he said, exemplify balanced support that boosts national industry competitiveness and promotes small business growth.

A robust and transparent competition framework is essential for maintaining a fair market, protecting consumers, and solidifying investor trust in Saudi Arabia’s economic future, he stated.