عربي English Türkçe اردو فارسى
Logo
Latest News
Business

AMAK Obtains Quartz Exploration License in Saudi Arabia

One of AMAC’s mining projects (The company’s website)
One of AMAC’s mining projects (The company’s website)
TT
TT

AMAK Obtains Quartz Exploration License in Saudi Arabia

One of AMAC’s mining projects (The company’s website)
One of AMAC’s mining projects (The company’s website)

Almasane Alkobra Mining Co. (AMAK) has won a quartz exploration license from the Ministry of Industry and Mineral Resources, covering 90.15 square kilometers in the Najran-Aseer province.

In a statement to the Saudi Stock Exchange (Tadawul) on Monday, the company said the license was issued on Aug. 11, 2024 and is valid until Aug. 10, 2029.

It added that the license, which covers a total area of ​​90.15 square kilometers, was issued in accordance with the Mining Investment Law and its executive regulations, indicating that it will conduct the necessary studies and exploratory work on the sites during the regulatory period to ensure the availability of the required raw materials.

The financial impact value and timing of this license will become clear after the completion of exploration work and studies. Any major development regarding this license will be disclosed in a timely manner, AMAK noted.

Most Viewed

 
 
Business

Fitch Cuts Israel's Credit Rating amid Rising Middle East Tensions

The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo Purchase Licensing Rights
The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo Purchase Licensing Rights
TT
TT

Fitch Cuts Israel's Credit Rating amid Rising Middle East Tensions

The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo Purchase Licensing Rights
The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo Purchase Licensing Rights

Credit ratings agency Fitch downgraded Israel's credit rating to "A" from "A-plus" on Monday, citing worsening geopolitical risks as the war in Gaza drags on, and kept the rating outlook negative, meaning a further downgrade is possible.

"In our view, the conflict in Gaza could last well into 2025 and there are risks of it broadening to other fronts," the ratings agency said in a statement, Reuters reported.

"The downgrade following the war and the geopolitical risks it creates is natural," Israeli Finance Minister Bezalel Smotrich said on X.

Fears that the conflict in Gaza could turn into a broader Middle East war have escalated after the killing of Hamas leader Ismail Haniyeh in Iran and top Hezbollah military commander Fuad Shukr in Beirut.

Israel's shekel fell as much as 1.7% against the dollar on Monday and stocks ended over 1% lower in Tel Aviv (.TA125), opens new tab as investors fret over a possible attack on Israel.

Heightened tensions between Israel and Iran and its allies could imply significant additional military spending, destruction of infrastructure and damage to economic activity and investment, Fitch said.

The ratings agency expects the Israeli government to permanently increase military spending by close to 1.5% of GDP versus pre-war levels as the country strengthens its border defenses.

"Public finances have been hit and we project a budget deficit of 7.8% of GDP in 2024 and debt to remain above to 70% of GDP in the medium term," Fitch said. It forecast the country's debt will remain on an upward trend beyond 2025 if higher military spending and economic uncertainties continue.