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.



New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
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New Saudi System to Sustain Insurance Funds, Enhance Job Market Efficiency

Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)
Part of the job fair at the Chamber of Commerce in the Eastern Province, Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia’s Cabinet, led by Crown Prince and Prime Minister Mohammed bin Salman, approved a new social insurance system for new workers during its session on Tuesday.
This move aims to boost labor market efficiency, ensure the sustainability of insurance funds, and support local talent stability. The Kingdom is gearing up for large-scale economic projects that require ongoing updates to meet national goals.
The government aims for a sustainable and fair retirement system, improving laws and regulations.
Minister of Economy and Planning Faisal Al-Ibrahim previously highlighted Saudi Arabia’s proactive approach to managing rising workforce rates and their retirement implications.
Minister of Human Resources and Social Development Ahmed Al-Rajhi affirmed that the Cabinet’s decision enhances retirement system efficiency and provides insurance protection for participants and their families, adapting to labor market changes.
Finance Minister Mohammed Al-Jadaan stressed the decision's goal to secure insurance coverage for participants while ensuring the sustainability of insurance funds and protecting beneficiaries' rights, thereby promoting economic and social stability.
Moreover, the Cabinet has decided to maintain current provisions of the civil retirement and social insurance systems for current participants, excluding those nearing retirement age and specific groups qualifying for pensions.
The General Organization for Social Insurance clarified that the new system applies only to newly employed civilians in both public and private sectors without prior contributions to either retirement or current social insurance systems.
Existing participants will continue under current rules, except for changes related to retirement age and qualifying periods for pensions for those with less than 20 years of contributions and under 50 lunar years old at the time of the amendments.
The retirement age for covered groups will gradually increase from 58 to 65 years, starting 4 months beyond the current retirement age, based on the participant's age when the amendments take effect.
The current retirement and insurance systems will remain unchanged for participants aged 50 and above or with 20 or more years of contributions at the time of the amendments.
For new labor market entrants, the new system facilitates job mobility between public and private sectors, with contribution rates gradually increasing by 0.5% annually over 4 years, starting from the second year.