Saudi Industry Minister Discusses Mining Cooperation with Jordanian Companies

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef holding talks in Jordan with Arab Mining Company chairman of the board Mohammed Ahmed Al-Shehhi - SPA
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef holding talks in Jordan with Arab Mining Company chairman of the board Mohammed Ahmed Al-Shehhi - SPA
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Saudi Industry Minister Discusses Mining Cooperation with Jordanian Companies

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef holding talks in Jordan with Arab Mining Company chairman of the board Mohammed Ahmed Al-Shehhi - SPA
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef holding talks in Jordan with Arab Mining Company chairman of the board Mohammed Ahmed Al-Shehhi - SPA

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef met in Jordan with Arab Mining Company chairman of the board Mohammed Ahmed Al-Shehhi to discuss ways of enhancing cooperation in the mining sector.
Alkhorayef and Al-Shehhi explored opportunities to leverage the mining resources available in both Saudi Arabia and Jordan. Eng. Khalid bin Saleh Al-Mudaifer, the vice minister of mining affairs, also attended the meeting, according to SPA.
During his official visit to Jordan, Alkhorayef also held meetings with officials from Jordanian companies operating in the mining sector.
In his discussions with officials from Jordan Phosphate Mines Company, they explored avenues of cooperation in phosphate extraction and production in light of Saudi Arabia's substantial phosphate reserves.
Additionally, the minister discussed cooperation with officials from the Arab Potash Company, reviewing the progress made in implementing the memorandum of understanding signed between the company and the Saudi Arabian Mining Company (Ma'aden). The deal aims to enhance collaboration in specialized fertilizers and products in both countries.
Alkhorayef’s visit to Jordan reflects the Kingdom's commitment to strengthen Saudi-Jordanian economic cooperation, particularly in the industrial and mining fields, exchange expertise, attract investments, and create jobs. These efforts aim to deepen the economic integration between Saudi Arabia and Jordan on multiple levels.



Egypt's Net Foreign Assets Fall in September

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's Net Foreign Assets Fall in September

A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square in Cairo, Egypt July 13, 2020. (Reuters)

Egypt's net foreign assets (NFAs) fell by $591 million in September having dropped off sharply in August, central bank data showed on Friday.

NFAs declined to the equivalent of $10.31 billion at end-September from $9.72 billion in August, according to Reuters calculations based on the official central bank currency rate at the time, Reuters reported.

NFAs fell by $3.53 billion in August.

Egypt had been using its NFAs, which include foreign assets at both the central bank and commercial banks, to help prop up its currency since at least September 2021. NFAs turned negative in February 2022.

Foreign assets rose slightly at commercial banks in September but dipped at the central bank, while foreign liabilities climbed at commercial banks and eased at the central bank.