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Future Minerals Forum: MoUs Signed, 33 New Exploration Licenses Issued

Part of third edition of the Future Minerals Forum (FMF) - SPA
Part of third edition of the Future Minerals Forum (FMF) - SPA
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Future Minerals Forum: MoUs Signed, 33 New Exploration Licenses Issued

Part of third edition of the Future Minerals Forum (FMF) - SPA
Part of third edition of the Future Minerals Forum (FMF) - SPA

The third edition of the Future Minerals Forum (FMF), organized by the Ministry of Industry and Mineral Resources, has witnessed the signing of several memoranda of understanding (MoU) between a number of government agencies, companies and institutions participating in the forum. New exploration sites were announced as well as other incentives to promote mining exploration.
The Ministry of Industry and Mineral Resources and the Japan Organization for Metals and Energy Security (JOGMEC) signed MoU for cooperation in the fields of mining and mineral resources, with a special focus on the supply of vital minerals, which play an important role in global energy transitions.
The Ministry of Industry and Mineral Resources and the Ministry of Investment also signed MoU with Jiangxi Copper Co. Ltd. to cooperate in evaluating and exploring investment opportunities in the Kingdom's copper value chain, covering the initial, middle and final stages, SPA reported.
Furthermore, the Innovation Mining Oasis Initiative was launched in cooperation between the Ministry of Industry and Mineral Resources, King Abdulaziz City for Science and Technology (KACST), the National Industrial Development and Logistics Program, the Geological Survey Authority, the Saudi Arabian Mining Company (Ma’aden).
The first day of the forum also saw the announcement of unexplored mineral estimates, rising from $1.3 trillion to $2.5 trillion, and the unveiling of new incentives to boost mining exploration by about SAR685 million ($182 million) in cooperation with the Ministry of Investment.
The forum witnessed the submission of the exploration license competition for the Jabal Sayid mineral belt, which contains a large wealth of base and precious metal ores, with an area of more than 4,000 square kilometers. Also, 33 new exploration licenses were submitted through competition within the upcoming licensing rounds for 2024.

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Business

Gold Slips as Focus Remains on Middle East, Rate Outlook

Gold bars, each weighing 1000 grams, displayed at a gold and silver refinery in Vienna (AFP)
Gold bars, each weighing 1000 grams, displayed at a gold and silver refinery in Vienna (AFP)
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Gold Slips as Focus Remains on Middle East, Rate Outlook

Gold bars, each weighing 1000 grams, displayed at a gold and silver refinery in Vienna (AFP)
Gold bars, each weighing 1000 grams, displayed at a gold and silver refinery in Vienna (AFP)

Gold prices slipped on Monday as market participants assessed developments in the Middle East and their implications for inflation and interest rates.

Spot gold fell 0.3% to $4,362.60 per ounce by 0417 GMT after hitting a one-week high on Friday. US gold futures were down 0.6% at $4,400.20, Reuters reported.

Iran and the United States exchanged new threats, with President ‌Donald Trump ‌warning Iran would fail economically or face its ‌leadership ⁠being wiped out ⁠if it didn't make a deal, and the Iranian military saying it would retaliate harshly to any fresh attack.

"The focus remains on geopolitics, oil and the reaction in bond yields. For gold to gain meaningful upside traction, a clear move lower in oil and/or bond yields is likely required," said Tim Waterer, chief market ⁠analyst at KCM Trade.

"Gold may trade in a ‌roughly $4,200 to $4,580 range in the near ‌term."

Oil prices fell on hopes diplomacy in the Iran war will ‌get a chance this week amid a UN meet.

The prospect of a new global rate-tightening cycle has come into focus as some of the world's top central banks ‌raise rates and signal more may be needed to tame inflation fueled by the Iran war.

The Bank ⁠of Japan ⁠became the latest big central bank to tighten on Friday, following rate increases by the Federal Reserve earlier that week and the European Central Bank the week before.

Though gold is often seen as an inflation hedge, rising rates tend to curb its demand by making interest-bearing assets more attractive.

Analysts at Standard Chartered said in a note that gold remains volatile but continues to find firm downside support from official-sector demand. They said structural drivers remain in place to lift prices, albeit at a slower pace.

Among other metals, spot silver rose 0.2% to $66.37, platinum fell 0.1% to $1,798.31 and palladium added 0.6% at $1,309.65.

Business

Qatar Launches Wealth Fund Division for Domestic Investments

Qatari flag flutters in Doha - AAWSAT/File
Qatari flag flutters in Doha - AAWSAT/File
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Qatar Launches Wealth Fund Division for Domestic Investments

Qatari flag flutters in Doha - AAWSAT/File
Qatari flag flutters in Doha - AAWSAT/File

Qatar's prime minister announced on Sunday the creation of a new division of the Qatar Investment Authority dedicated to developing domestic investments.

"We aim to expand the role of the private sector in driving Qatar's economic growth," Sheikh Mohammed bin Abdulrahman Al Thani said as he announced the new division, Doha Investment, at a special edition of the Qatar Economic Forum in New York.

The annual gathering was cancelled in May, following weeks of Iranian missile and drone attacks on Gulf states, including Qatar, according to Reuters.

"It will support our strongest companies, help emerging businesses grow, deepen capital markets and attract international capital and expertise to contribute to this effort," he added.

The new division will operate as the dedicated manager of QIA's local portfolio, initially overseeing 45 state-owned enterprises that represent roughly one-third of the wealth fund's total assets, according to Sheikh Faisal bin Thani Al Thani, Qatar's minister of commerce and industry. He will serve as managing director and vice-chairman of Doha Investment.

Sheikh Faisal described the division not as a new creation but a consolidation, adding that the step has been under consideration for more than a decade.

Business

PIF Launches Tawrid to Provide Supply-Chain Financing Products in Saudi Arabia

PIF Tower at the King Abdullah Financial District in Saudi Arabia’s capital, Riyadh (Asharq Al-Awsat)
PIF Tower at the King Abdullah Financial District in Saudi Arabia’s capital, Riyadh (Asharq Al-Awsat)
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PIF Launches Tawrid to Provide Supply-Chain Financing Products in Saudi Arabia

PIF Tower at the King Abdullah Financial District in Saudi Arabia’s capital, Riyadh (Asharq Al-Awsat)
PIF Tower at the King Abdullah Financial District in Saudi Arabia’s capital, Riyadh (Asharq Al-Awsat)

The Public Investment Fund (PIF) on Sunday announced the launch of Tawrid Company for Financing Solutions, an innovative digital platform providing supply-chain financing products to companies in the Saudi Arabian market. Tawrid has obtained the Saudi Central Bank (SAMA) permit to operate under the regulatory Sandbox environment.

The financial services industry is a strategic enabler of the six ecosystems that PIF announced recently as part of its 2026-2030 strategy.

Supply-chain financing products help companies to fund their broader activities. Tawrid’s digital offering will further strengthen the Saudi private sector, particularly small and medium-sized enterprises, SPA reported.

Tawrid will play a significant role in connecting buyers, suppliers, and funders through its digital platform. It will offer products such as early settlement options against approved invoices, enabling businesses to expand their operations, enhance their working capital efficiency, and improve their liquidity management.

The launch of Tawrid is in line with PIF’s strategy to increase the Saudi private sector’s contribution to PIF’s projects and portfolio companies and to grow the private sector’s share of the local economy. Its platform will enable local banks registered on its network to engage with registered suppliers, strengthening supply chains and further supporting the diversification of financial services and the digitalization of trade in Saudi Arabia.

PIF’s investment in supply-chain financing is a natural evolution that builds on its efforts to advance the growth, resilience, and robustness of supply chains in the Saudi market. PIF has expanded opportunities for local suppliers and stimulated them to develop their capabilities in line with PIF’s strategic objectives to engage the private sector and enable it to contribute to a more diversified economy with deep, local, tech-enabled supply chains.

Head of Financial Institutions in MENA Investments at PIF Sultan Alsheikh said: “Tawrid will make Saudi supply chains stronger and more resilient by further enabling companies to access financing and improve their liquidity management. Its supply-chain financing products will enable businesses to operate with greater agility and efficiency, creating opportunities for the Saudi private sector in particular.”

Tawrid has started operations and has already signed binding agreements with local banks and companies, including Gulf International Bank (GIB), Saudi National Bank (SNB), Banque Saudi Fransi (BSF), ROSHN Group and Nesma & Partners.
PIF is one of the world’s most impactful investors, with a long-term investment strategy to further drive the economic transformation of Saudi Arabia and deliver sustainable financial returns.