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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
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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.

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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki

The International Monetary Fund said on Thursday that an escalation of the conflict in the Middle East could have significant economic ramifications for the region and the global economy, but commodity prices remain below the highs of the past year.

IMF spokesperson Julie Kozack told a regular news briefing that the Fund is closely monitoring the situation in southern Lebanon with "grave concern" and offered condolences for the loss of life.

"The potential for further escalation of the conflict heightens risks and uncertainty and could have significant economic ramifications for the region and beyond," Kozack said.

According to Reuters, she said it was too early to predict specific impacts on the global economy, but noted that economies in the region have already suffered greatly, especially in Gaza, where the civilian population "faces dire socioeconomic conditions, a humanitarian crisis and insufficient aid deliveries.

The IMF estimates that Gaza's GDP declined 86% in the first half of 2024, Kozack said, while the West Bank's first-half GDP likely declined 25%, with prospects of a further deterioration.

Israel's GDP contracted by about 20% in the fourth quarter of 2023 after the conflict began, and the country has seen only a partial recovery in the first half of 2024, she added.
The IMF will update its economic projections for all countries and the global economy later in October when the global lender and World Bank hold their fall meetings in Washington.
"In Lebanon, the recent intensification of the conflict is exacerbating the country's already fragile macroeconomic and social situation," Kozack said, referring to Israel's airstrikes on Hezbollah in Lebanon.
"The conflict has inflicted a heavy human toll on the country, and it has damaged physical infrastructure."
The main channels for the conflict to impact the global economy have been through higher commodity prices, including oil and grains, as well as increased shipping costs, as vessels avoid potential missile attacks by Yemen's Houthis on vessels in the Red Sea, Kozack said. But commodity prices are currently lower than their peaks in the past year.
"I just emphasize once again that we're closely monitoring the situation, and this is a situation of great concern and very high uncertainty," she added.
Lebanon in 2022 reached a staff-level agreement with the IMF on a potential loan program, but there has been insufficient progress on required reforms, Kozack said.
"We are prepared to engage with Lebanon on a possible financing program when the situation is appropriate to do so, but it would necessitate that the actions can be taken and decisive policy measures can be taken," Kozack added. "We are currently supporting Lebanon through capacity development assistance and other areas where possible."