عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia to Host 4th Future Minerals Forum in January

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. (SPA)
TT
TT

Saudi Arabia to Host 4th Future Minerals Forum in January

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. (SPA)

Under the Patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Saudi Arabia is set to host the fourth edition of the world’s leading platform on minerals, the Future Minerals Forum (FMF), from January 14 to 16, 2025.

Held in Riyadh, the FMF, convened by the Ministry of Industry and Mineral Resources, is a unique government-led platform and an inclusive multi-stakeholder conference where the world’s top decision makers come together to drive action on tough challenges, where minerals are placed at the top of the global agenda as key to development, global prosperity, and the energy transition.

Since 2022, FMF has focused on fostering collaboration amongst minerals-producing nations, promoting sustainability initiatives to build trust, and creating a resilient supply chain of critical minerals that the world needs. Building on these successes, FMF 2025 will focus on “Delivering Impact”, the theme of this fourth edition.

Minister of Industry and Mineral Resources Bandar Alkhorayef said that next year’s FMF is focused on creating and driving investment opportunities in the mining and mineral sector.

He said that FMF has become a prominent global forum for all stakeholders in the mineral sector, from governments to mining companies, financial institutions, service companies, research centers, and academic institutions.

He further pointed out that the conference provides a platform to discuss the challenges facing the mining and minerals sector, with opportunities to proffer concrete solutions, at regional and international levels, to tackle these challenges.

“The upcoming Ministerial Roundtable will engage participation from 100 countries. This extensive collaboration will include working groups comprising government bodies and 40 organizations, including international organizations, NGOs and trade associations. These groups will collaborate to implement the initiatives and strategies established during the last MRT, driving forward the shared goals of sustainable development and innovation in the global mineral sector,” the minister added.

FMF will kick off on January 14, with a government-led Ministerial Roundtable, which will be followed by the Conference and Exhibition (January 15-16), where participants will learn from experts who will speak about important topics.

The program this year will focus on new voices on critical minerals, highlighting downstream perspectives and new regional perspectives, including the Super Region spanning Africa, Western and Central Asia, and Latin America; delivering investment partnerships in supplier countries that will include the entire mineral value chain; minerals’ contribution to society; green technology and AI revolution; and country and project showcase.

While preparations are in top gear for FMF 2025, some notable figures in the mining, mineral and industrial sectors have already been confirmed to speak at the forum. They include Tom Palmer, CEO of Newmont Corporation, the world's largest gold mining company; Jonathan Price, president and CEO of Teck Resources, one of Canada's leading mining companies; Dominic Barton, chairman of Rio Tinto, one of the world's largest mining companies; and Mark Cutifani, chairman of Vale Base Metals.

Robert Friedland, founder and co-CEO of Ivanhoe Mines; Bob Wilt, CEO of Maaden; Jeremy Weir, chairman and CEO of Trafigura; Duncan Wanblad, CEO of Anglo American; and Rohitesh Dhawan, CEO of the International Council on Mining and Metals, will also feature among other distinguished personalities.

Since its inception in 2022, FMF has charted many progressive initiatives, such as being a voice for the Super Region and other supplier countries.

In 2023, the Ministerial Roundtable participants agreed to collaborate on four initiatives: development of a regional critical minerals framework to promote global collaboration and maximize the creation of value in supplier countries; creation of green metals hubs in the Super Region enabled by new technologies and powered by renewable energy; development of a framework setting our regional expectations for the responsible production of minerals based on transparency of supply chains; and creation of centers of excellence in the Super Region covering Africa, Western, and Central Asia as foundational pillars for capacity building across mineral value chains.

The third edition of FMF brought together over 14,000 participants from 133 countries, including ministers, senior government officials, leaders of international organizations, and C-level executives from global mining and mineral companies. The forum also saw the signing of 75 minerals deals worth around SAR75 billion.

Most Viewed

 
 
Business

Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth  

Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
TT
TT

Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth  

Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)

Saudi Arabia’s Ministry of Tourism has raised the readiness of Makkah’s hospitality sector to its highest level ahead of the holy month of Ramadan, stressing that serving pilgrims and visitors remains a top national priority.

Makkah is preparing to receive worshippers and visitors amid a marked expansion in hospitality capacity. The city now has more than 2,200 licensed accommodation facilities, reflecting growth of 35 percent over the past year. The number of licensed hotel rooms has exceeded 380,000, up 25 percent, while total domestic and inbound tourism spending is projected to surpass SAR 143 billion ($38.1 billion) in 2025.

The wider Makkah region recorded unprecedented performance indicators last year, both in visitor numbers and tourism spending, underscoring sustained growth and operational readiness.

Total domestic and international visitors exceeded 50 million, marking a 14 percent increase compared with 2024.

Tourism Minister Ahmed Al-Khateeb announced the figures during an annual inspection tour on Tuesday, stressing that the indicators reflect a major expansion in accommodation capacity and record growth in visitor numbers.

The tour included inspections of temporary lodging facilities designated for pilgrims, part of a proactive plan to increase capacity during peak seasons, alongside early preparations for the upcoming Hajj.

Vision 2030 targets surpassed

Official data has shown that Saudi Arabia has exceeded its Vision 2030 targets for the Umrah. The number of pilgrims arriving from abroad rose from 8.5 million in 2019 to more than 18 million in 2025, surpassing the original goal of 15 million by 2030.

A number of hotels surrounding the Grand Mosque in Makkah. (General Authority for Awqaf)

Service quality indicators improved as well, with pilgrim satisfaction reaching 94 percent, exceeding Vision 2030 benchmarks.

Workforce development kept pace with demand, as the number of licensed tour guides rose to more than 980, a 23 percent increase.

Masar Mall project

Al-Khateeb announced a joint financing agreement between the Tourism Development Fund and the Arab National Bank with Hamat Holding to support the Masar Mall project. The development carries a total cost of SAR 936 million (about $250 million).

The project is expected to become the largest shopping center in Makkah with the capacity to accommodate around 20 million visitors annually.

Its location near the Haramain High-Speed Railway station and a direct pedestrian link to the Grand Mosque are expected to strengthen the city’s commercial and tourism infrastructure.

Jeddah: Gateway to pilgrims

Meanwhile, Jeddah continues to consolidate its position as a complementary destination to Makkah and a primary gateway for pilgrims, while also expanding its role as a coastal tourism hub.

The city welcomed more than 13 million domestic and international visitors in 2025, a 10 percent increase from 2024. Tourism spending reached SAR 28 billion ($7.47 billion), up 6 percent year on year.

Jeddah’s hospitality sector also expanded, with more than 500 licensed facilities and over 33,000 licensed rooms.

The city is currently developing 46 tourism projects valued at SAR 21 billion ($5.6 billion) and expected to add more than 11,000 hotel rooms and further strengthen its tourism infrastructure and economic value.

Business

ECB President Lagarde Reportedly Plans to Quit Before Macron's Term Ends

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo
TT
TT

ECB President Lagarde Reportedly Plans to Quit Before Macron's Term Ends

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo

European Central Bank President Christine Lagarde plans to leave her job before next year's French presidential election to allow Emmanuel Macron to have an input into picking her successor, the Financial Times reported on Wednesday.

Lagarde's term is due to end in October 2027 but some fear that the far right may win the French presidential race ‌in the spring of ‌2027, complicating the selection for the ‌new ⁠leader of Europe's most ⁠important financial institution.

Citing a person familiar with the matter, the FT said Lagarde has not yet decided on the exact timing of her departure but was keen on Macron and German Chancellor Friedrich Merz to be the key deciders in who succeeds her. Macron cannot run again for a third term.

"President Lagarde is ⁠totally focused on her mission and has not ‌taken any decision regarding the end ‌of her term," Reuters quoted an ECB spokesperson as saying.

The FT report comes only ‌a week after Bank of France Governor Francois Villeroy de Galhau ‌said he would step down in June this year, more than a year before the end of his term, allowing Macron to name his replacement before the presidential election that the far-right could win.

While it ‌will be up to all leaders from the 21-nation euro zone to pick Lagarde's successor, ⁠past practice ⁠suggests that any successful candidate must have both German and French support to clinch the role.

There are no formal candidates for the job yet but several names have been floating among ECB circles as potential ECB presidents. The most prominent among these are former Dutch central bank chief Klaas Knot and Bank for International Settlements General Manager Pablo Hernandez de Cos.

Lagarde's non-renewable term at the ECB runs until October 31, 2027. Prior to heading the ECB, she was managing director of the International Monetary Fund from 2011 to 2019 and before that, the French finance minister.

Business

UK Inflation Falls to 3.0% in January

Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)
Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)
TT
TT

UK Inflation Falls to 3.0% in January

Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)
Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)

Britain's annual ‌rate of consumer price inflation fell to 3.0% in January from 3.4% in December, official figures showed on Wednesday.

A Reuters poll of economists had shown a median forecast of 3.0% in January and the Bank of England projected earlier this month that the headline measure of inflation would slow to ‌2.9%.

British inflation ‌has run higher than in ‌the ⁠United States and in ⁠the euro zone where it stood at 2.4% and 1.7% respectively in January.

But the BoE expects the pace of price rises to slow sharply to almost its 2% target in ⁠April as last year's rises ‌in utility costs and ‌other government-controlled tariffs fall out of ‌the annual comparison.

Investors expect the central bank ‌to cut its benchmark interest rate to 3.5% at its next meeting in March after a tight vote to keep borrowing costs ‌on hold in February although some policymakers remain worried about underlying ⁠inflation ⁠pressure.

Financial markets on Tuesday also priced a second quarter-point interest rate cut by the BoE by the end of in 2026.

ONS data last week painted a downbeat picture of Britain's economy at the end of 2025 with output barely growing. Figures released on Tuesday showed the labor market was still losing jobs although there were some signs of a stabilization.