Saudi Arabia Collaborates with Other Countries to Explore Critical Minerals in the Region

The Minister of Industry and Mineral Resources speaking to the audience during the ministerial meeting. (Photo by: Bashir Saleh)
The Minister of Industry and Mineral Resources speaking to the audience during the ministerial meeting. (Photo by: Bashir Saleh)
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Saudi Arabia Collaborates with Other Countries to Explore Critical Minerals in the Region

The Minister of Industry and Mineral Resources speaking to the audience during the ministerial meeting. (Photo by: Bashir Saleh)
The Minister of Industry and Mineral Resources speaking to the audience during the ministerial meeting. (Photo by: Bashir Saleh)

Several ministers underlined the necessity of integrated work to explore the mining wealth in the region, including critical minerals, noting that Saudi Arabia has deployed extensive efforts in localizing and investing in this industry.

A ministerial meeting was held, on the sidelines of the third edition of the Future Minerals Forum, which kicked off on Tuesday in Riyadh under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

Flow of investments

In remarks to Asharq Al-Awsat, Minister of Industry and Mineral Resources Bandar Al-Khorayef said that the sector was facing great challenges represented by the flow of investments, in addition to defining the nature of critical minerals on the one hand, and the means to extract them with high efficiency on the other, as well as economic aspects.

He added that the government aims for the mining sector to become the third pillar of industries, pointing to several achievements in this regard, including the geological survey project. He explained that a recent assessment of mineral resources would be announced during the conference, which exceeds the previously estimated amount of SAR 5 trillion ($1.3 trillion).

The minister noted that the Kingdom, after issuing the new mining investment system, witnessed a great demand from international mining companies to enter the local market.

He stressed that the new system was considered one of the best in the world in terms of transparency and clarity, as well as the speed of issuing necessary licenses and the relevant taxes that are considered the lowest among countries in the world.

Solar energy

In turn, the Egyptian Minister of Petroleum and Mineral Resources, Eng. Tarek El-Mulla, told Asharq Al-Awsat that the African continent was rich in various and critical minerals, pointing to the importance of exploiting these resources to work on transitional and solar energy, batteries and other materials that are necessary to reduce emissions and the use of fossil fuels.

Al-Mulla revealed the signing of a memorandum of understanding with his Saudi counterpart for technical and geological cooperation in potential manufacturing operations using natural resources in both countries, and also with regard to the training, research and studies.

Libyan Minister of Industry and Minerals Ahmed Abu Hisa said that his country was following the industrial revolution in the Kingdom, stressing that Libya aspires to have a share in these investments in the field of manufacturing, innovation, research and geological development.

Supply chains

Deputy Minister of Industry and Mineral Resources for Mining Affairs Eng. Khaled Al-Mudaifer emphasized the possibility to create unprecedented opportunities out of the challenges facing the sector, with the aim to increase investments and build capabilities to meet the growing global demand.

The goal of the ministerial meeting is to support supply chains by focusing on increasing investments and capacity building, he said, stressing the need for integrated work to meet the need for building materials and infrastructure.

“We will build a global framework for minerals in order to set policies and accelerate exploration and extraction operations, as we are on the verge of a new era in the mining sector and metals industry,” Al-Mudaifer told Asharq Al-Awsat.

The Future Minerals Forum 2024, which is held on Jan. 10-11, is hosting more than 15,000 participants from 145 countries, and more than 200 speakers, including CEOs of major companies working in the mining industry, the metals and the finance sector.



Saudi Arabia Seeks to Protect Bank Accounts by Monitoring New Methods of Financial Fraud

The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)
The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)
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Saudi Arabia Seeks to Protect Bank Accounts by Monitoring New Methods of Financial Fraud

The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)
The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)

In light of the rapid technical developments the world is witnessing, especially after the Covid-19 pandemic, the Kingdom has been able to safely provide a large number of electronic services, through an integrated system between various government and private agencies.
However, this remarkable development was accompanied by the emergence of new methods of financial fraud, pushing the Saudi Central Bank to put in place counter measures to reduce the new risks.
SAMA talked to Asharq Al-Awsat about its endeavor to constantly develop electronic financial transactions, enhance innovation, and provide customers with easy and safe services, in accordance with best international practices.
The world has recently seen a spread of fraudulent operations using social engineering and exploiting the lack of awareness among individuals to obtain confidential data.
Therefore, SAMA, through periodic follow-up and studies of fraudulent methods, embarked on developing and strengthening controls and instructions that contribute to reducing these risks. The bank has resorted to biometric features to open bank accounts and electronic wallets remotely.
SAMA is also documenting the devices used in accessing electronic banking services for the first time via an online authentication request. Another measure is sending text messages asking for a one-time verification code to the SIM card registered in the customer’s name to complete the electronic financial transaction.
Moreover, SAMA is applying regulatory systems to combat financial fraud using artificial intelligence, as well as developing a special informative guide that is based on three main pillars: prevention, treatment, and response.
The Saudi Central Bank has also launched awareness campaigns and periodic programs to raise the level of awareness among individuals about the dangers of financial fraud and the importance of data protection.
The bank developed a specialized training program in cooperation with the University of Cambridge, with the aim to form national cadres in the field of combating financial fraud.

Caption: The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)