Saudi Arabia Receives over 2,000 Applications for Mineral Resources Exploration Licenses

The Saudi Geological Survey is intensifying its work in research and exploration operations. (SGS)
The Saudi Geological Survey is intensifying its work in research and exploration operations. (SGS)
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Saudi Arabia Receives over 2,000 Applications for Mineral Resources Exploration Licenses

The Saudi Geological Survey is intensifying its work in research and exploration operations. (SGS)
The Saudi Geological Survey is intensifying its work in research and exploration operations. (SGS)

CEO of the Saudi Geological Survey (SGS) Engineer Abdullah Al-Shamrani announced that the Ministry of Industry and Mineral Resources is currently processing over 2,000 local and international license applications, including around 2,000 for exploration and approximately 139 for mining. Additionally, he said that more than 2,300 mining licenses have been issued, reflecting significant growth in the sector.

In an interview with Asharq Al-Awsat, Al-Shamrani highlighted the rapid expansion of both local and foreign investment in mining over recent years. He stressed that ensuring investor success is a top priority for the Ministry of Industry, which provides financial support, various programs, and essential geological data to facilitate investment.

The official revealed that Saudi Arabia’s gold reserves exceed 100 million ounces, while over 34 million tons of zinc and 17 million tons of copper have been discovered. Exploration activities are ongoing across various locations throughout the country, he noted.

Cave tourism

Al-Shamrani also pointed to plans to establish a geological museum in Saudi Arabia in collaboration with the Ministry of Tourism. He said the SGS is working closely with the ministry to provide detailed geological data for sites that could be developed into tourist attractions.

“Cooperation is ongoing with the Ministry of Tourism to transform certain caves into tourist destinations, especially since there are more than 150 caves across the country. Among these is the Umm Jirsan cave, which is 1.5 kilometers long and located near Madinah. It is notable for its natural beauty and historical significance,” he told Asharq Al-Awsat.

He cited the Abu Al-Wa’ul cave, which contains the skeletal remains of extinct animals, stating that such discoveries add a new dimension for those interested in geological tourism.

When asked about the role of the private sector in developing and preparing these caves for tourism, Al-Shamrani explained that this responsibility lies with the Ministry of Tourism, which has specific plans to economically benefit from these sites.

Fossil discoveries

The official highlighted the significance of fossil discoveries, stating that they could be displayed in geological museums. Collaboration with the Ministry of Tourism could showcase fossils and other geological features to provide insight into Saudi Arabia’s geology and its diverse types of stones, offering both educational and investment opportunities.

He revealed recent fossil discoveries, including mammals in the Nafud region, Hijaz monkeys, and the remains of a 37-million-year-old extinct whale found in limestone in the Al-Qurayyat area of Al-Jawf in northern Saudi Arabia.

The SGS’s findings show that the Arabian Shield holds most of the Kingdom’s primary minerals. Al-Shamrani noted that 81% of the country’s aerial geophysical survey has been completed, with 88,000 sediment samples collected from an area spanning nearly 600,000 square kilometers.

The expansion of geological data from these surveys will offer a clearer picture of mineral exploration sites, which will further accelerate exploration and investment in the mining sector, according to the official.

Mining license applications

Al-Shamrani added that the Ministry of Industry and Mineral Resources has issued around 2,300 mining licenses, including over 1,400 for building material quarries and more than 600 for exploration, with a total estimated value of SAR 89 billion ($23.7 billion).

The Geological Information Platform has attracted nearly 78,000 visitors.

The estimated value of Saudi Arabia’s minerals is approximately $2.5 trillion. Quantities of discovered resources continue to vary based on the latest exploration studies and global demand.



Japan’s Economy Shrinks as US Tariff Hit Looms 

The Tokyo Dome (L-white roof) and the Tokyo Skytree (back R) are pictured from the high-rise business district of Shinjuku on a hazy day in central Tokyo on May 16, 2025. (AFP)
The Tokyo Dome (L-white roof) and the Tokyo Skytree (back R) are pictured from the high-rise business district of Shinjuku on a hazy day in central Tokyo on May 16, 2025. (AFP)
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Japan’s Economy Shrinks as US Tariff Hit Looms 

The Tokyo Dome (L-white roof) and the Tokyo Skytree (back R) are pictured from the high-rise business district of Shinjuku on a hazy day in central Tokyo on May 16, 2025. (AFP)
The Tokyo Dome (L-white roof) and the Tokyo Skytree (back R) are pictured from the high-rise business district of Shinjuku on a hazy day in central Tokyo on May 16, 2025. (AFP)

Japan's economy shrank for the first time in a year in the March quarter, data showed on Friday, underscoring the fragile nature of its recovery now under threat from US President Donald Trump's trade policies.

The data highlights the challenge policymakers face as steep US tariffs cloud the outlook for the export-heavy economy, particularly for the mainstay automobiles sector.

Real gross domestic product (GDP) contracted an annualized 0.7% in January-March, preliminary government data showed, much bigger than a median market forecast for a 0.2% drop.

It followed a revised 2.4% increase in the previous quarter. On a quarter-on-quarter basis, the economy shrank 0.2% compared with market forecasts for a 0.1% contraction.

Private consumption, which accounts for more than half of Japan's economic output, was flat in the first quarter, compared with market forecasts for a 0.1% gain.

Capital expenditure increased 1.4% compared with market forecasts for a 0.8% gain, the data showed.

External demand, or net exports, shaved 0.8 percentage point off GDP growth, the data showed. Analysts polled by Reuters expected external demand, or shipments minus imports, to have shaved 0.6 point off GDP growth.

A global trade war touched off by Trump's sweeping tariffs has jolted financial markets and complicated the Bank of Japan's decision on when and how far it can push up interest rates.

Having exited a decade-long stimulus last year, the BOJ hiked rates to 0.5% in January and has signaled its readiness to keep hiking borrowing costs if a moderate economic recovery keeps Japan on track to durably hit its 2% inflation target.

But fears of a Trump-induced global slowdown forced the BOJ to sharply cut its growth forecasts at its April 30-May 1 policy meeting, and cast doubt on its view that sustained wage hikes will underpin consumption and the broader economy.

While a de-escalation of US-China trade tensions offered markets and policymakers some relief, there is uncertainty on whether Japan can win exemptions from US tariffs in bilateral trade talks with Washington.

The gloomy GDP data may also pile pressure on Prime Minister Shigeru Ishiba to heed lawmakers' demands to cut tax or compile a fresh stimulus package.