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IsDB Meetings in Riyadh Earmark $400 Million to Fund African States

The IsDB annual meetings are currently held in Riyadh. (Asharq Al-Awsat)
The IsDB annual meetings are currently held in Riyadh. (Asharq Al-Awsat)
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IsDB Meetings in Riyadh Earmark $400 Million to Fund African States

The IsDB annual meetings are currently held in Riyadh. (Asharq Al-Awsat)
The IsDB annual meetings are currently held in Riyadh. (Asharq Al-Awsat)

The International Islamic Trade Finance Corporation (ITFC) signed on Sunday agreements worth $440 million to finance African countries.

The World Bank had expected growth in Africa to recover, rising from a low of 2.6 percent in 2023 to 3.4 percent in 2024.

The Chairman of the IsDB, Dr. Mohammad Al-Jasser, said on Sunday that the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provides insurance solutions to its clients, with the aim of mitigating commercial and political risks related to trade and investment in member countries.

Speaking during the second day of the Private Sector Forum, which was held on the sidelines of the IsDB annual meetings in Riyadh, Al-Jasser said the corporation, since its establishment 30 years ago, has secured more than $108 billion in project funding, in addition $51 billion in trade and investment among the Organization of Islamic Cooperation countries.

He added that the Islamic Corporation for the Development of the Private Sector, since its establishment in 1999, has provided financing for a total of 451 projects, with a total value of $6.9 billion, in various sectors, including finance, infrastructure, agriculture, manufacturing, and energy.

The CEO of the Saudi Fund for Development, Sultan Al-Murshed, told Asharq Al-Awsat that a memorandum of understanding was signed with the Islamic Development Bank Group, with the aim of coordinating efforts and participating in financing development projects around the world.

In addition, the International Islamic Trade Finance Corporation - a member of the Islamic Development Bank Group - concluded an agreement worth $40 million with the Bank of Commerce and Development, to contribute to enhancing economic growth and trade financing capabilities in East and South Africa.

The corporation also signed a framework agreement with the government of Uganda, worth $150 million, extending over three years, to support key sectors such as energy, agriculture, and health, in addition to promoting private sector development, trade cooperation, and coordination to advance sustainable development across these vital sectors.

Moreover, the corporation signed a financing agreement worth $250 million with the African Export-Import Bank, as part of the trade financing program for Africa’s adaptation to the crisis in Ukraine.

It also announced the signing of a support package with the government of Cameroun, to enhance the country’s infrastructure and agricultural productivity.

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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)
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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.