Al-Khorayef: ‘Economic Corridor’ Positions Saudi Arabia as Global Hub

Minister of Industry and Mineral Resources Bandar Al-Khorayef at Jeddah Forum (Asharq Al-Awsat)
Minister of Industry and Mineral Resources Bandar Al-Khorayef at Jeddah Forum (Asharq Al-Awsat)
TT

Al-Khorayef: ‘Economic Corridor’ Positions Saudi Arabia as Global Hub

Minister of Industry and Mineral Resources Bandar Al-Khorayef at Jeddah Forum (Asharq Al-Awsat)
Minister of Industry and Mineral Resources Bandar Al-Khorayef at Jeddah Forum (Asharq Al-Awsat)

Saudi Arabia is moving swiftly to cement its position as a global manufacturing and production hub, capitalizing on its sweeping economic transformation.

The “New Economic Corridor” stands out as a pivotal initiative supporting this drive, built on four integrated national strategies: localization, industry, mining, and exports.

Together, these strategies aim to turn the Kingdom into a regional and global platform for production and exports, one that attracts high-value investments and fuels economic transformation under Vision 2030.

Speaking to Asharq Al-Awsat, Minister of Industry and Mineral Resources Bandar Al-Khorayef said Saudi Arabia’s alignment of these four strategies positions it to become both a regional and global manufacturing center.

He noted that the Kingdom’s strong natural and human resources, including abundant oil, gas, petrochemicals, and minerals, complement its strategic geographic location, which grants access to key and emerging markets across the region, Africa, Central Asia, and other parts of Asia.

Boosting Petrochemical Conversion

Al-Khorayef revealed that efforts are underway to channel part of Saudi Arabia’s petrochemical exports into local downstream industries.

A successful pilot project carried out in cooperation with the Ministry of Energy led to a domestic demand surge of more than 300,000 tons for one product, with more items expected to be added in the future. This initiative, he said, will bolster downstream industries and strengthen their contribution to the national economy.

Expanding Pharmaceutical and High-Tech Manufacturing

On pharmaceuticals, the minister pointed to a clear plan that has significantly increased the number of local factories. The Kingdom, he said, has succeeded in localizing the production of sensitive medical products such as insulin and is currently advancing projects in vaccines and biologics.

Al-Khorayef also highlighted Saudi Arabia’s growing focus on advanced technology industries, including electronics and microchips. He cited partnerships with private-sector firms such as Alat and cooperation with the Ministry of Communications to promote information technology within this advanced industrial push.

Attracting Future Technologies

The minister emphasized the Kingdom’s strong infrastructure, noting that its ports, roads, and railways reflect political and financial stability and enhance competitiveness in the energy sector, a critical component of industrial zones.

“This combination of resources, location, and infrastructure makes Saudi Arabia a key partner and an essential hub in global industries,” he said, adding that the ministry’s focus is on attracting technologies of the future rather than those of the past.

Over the past six years, Al-Khorayef said, the government has introduced a range of effective policies and incentives - most notably the promotion of local content, which has become the biggest driver of investment. It gives investors priority in the domestic market, including in government procurement and major corporate contracts.

He added that the state’s investment in industrial city infrastructure has been a decisive factor, with more than 25 million square meters developed and advanced industrial cities and ready-built factories established.

These conditions, he explained, make investment easier, thanks to industrial financing from the Saudi Industrial Development Fund, export financing from the Saudi EXIM Bank, and incentives under the “Made in Saudi” program led by the Saudi Export Development Authority.

These policies, he said, are stable and long-term, while temporary incentives are available for energy projects and standardized incentives for localization, subject to the approval of a ministerial committee, measures that enhance the Kingdom’s ability to attract quality investments.

Expanding Global Partnerships

Al-Khorayef said his recent tours to several world capitals aim to encourage the Saudi private sector to forge international partnerships and promote the Kingdom as a leading global investment destination.

He noted that Saudi Arabia recently took part in Germany’s K Show 2025, where German companies expressed keen interest in investing in the Kingdom.

The minister also said Saudi Arabia has become a global platform for discussing mining issues among governments and companies, stressing that the sector needs more firms, investment, and scientific research. He said current efforts focus on strengthening the technical and scientific aspects of mining to enhance its efficiency.

Mining, he added, is the third pillar of Saudi industry after oil, gas, and petrochemicals, with mineral wealth estimated at around 2.5 trillion riyals ($667 billion).

He disclosed that efforts are underway to extract lithium from water used in oil and gas operations as well as from desalinated and seawater, expressing optimism about achieving positive results in the near future.



flynas Says Direct Flights Between Riyadh, Milan Start Thursday

The Saudi capital, Riyadh (SPA)
The Saudi capital, Riyadh (SPA)
TT

flynas Says Direct Flights Between Riyadh, Milan Start Thursday

The Saudi capital, Riyadh (SPA)
The Saudi capital, Riyadh (SPA)

flynas has announced the launch of direct flights connecting Riyadh with Milan, SPA reported.

Starting Thursday, the airline will operate three weekly direct flights between King Khalid International Airport and Milan Malpensa Airport.


SpaceX Reveals Plans for What Could be Biggest-ever Initial Public Offering

FILE PHOTO: Elon Musk walks to attend the trial in his lawsuit over OpenAI for-profit conversion at a federal courthouse, in Oakland, California, US, April 29, 2026. REUTERS/Manuel Orbegozo/File Photo
FILE PHOTO: Elon Musk walks to attend the trial in his lawsuit over OpenAI for-profit conversion at a federal courthouse, in Oakland, California, US, April 29, 2026. REUTERS/Manuel Orbegozo/File Photo
TT

SpaceX Reveals Plans for What Could be Biggest-ever Initial Public Offering

FILE PHOTO: Elon Musk walks to attend the trial in his lawsuit over OpenAI for-profit conversion at a federal courthouse, in Oakland, California, US, April 29, 2026. REUTERS/Manuel Orbegozo/File Photo
FILE PHOTO: Elon Musk walks to attend the trial in his lawsuit over OpenAI for-profit conversion at a federal courthouse, in Oakland, California, US, April 29, 2026. REUTERS/Manuel Orbegozo/File Photo

Elon Musk announced plans Wednesday for one of the biggest stock sales ever by taking public a space company that is currently losing billions of dollars a year.

A filing shows that his SpaceX lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too.

The prospectus did not put a dollar figure on the amount Musk hopes to raise, but various reports have put it at $75 billion or so.

SpaceX, formally known as Space Exploration Technologies Corp., has said the money will help finance projects to put people on the moon and Mars in its quest to make humans an intergalactic species as they face existential threats that could wipe out civilization.

“We do not want humans to have the same fate as dinosaurs,” the filing states.

The prospectus reads in part like a Hollywood fantasy version of the future, detailing in one section how part of Musk’s compensation will be granted only if he maintains “a permanent human colony on Mars with at least one million inhabitants.”

Short of that, the stock sale alone could make Musk, a major owner who founded SpaceX in 2002, the world’s first trillionaire. Forbes currently puts his net worth at $839 billion.

In addition to making reusable rockets to hurl astronauts into orbit, SpaceX has other businesses, some successful, some struggling — and with plenty of questions marks.

The document shows that Starlink, the world’s largest satellite communications company, is a big source of cash for the company, generating $4.4 billion in operating income last year. The business uses 10,000 satellites in low orbit to provide internet service to 10 million people in 150 countries and territories.

Among the struggling businesses are two Musk units that were recently acquired by SpaceX — his social media platform X, formerly Twitter, and his artificial intelligence business, xAI.

Those purchases were blasted by some SpaceX investors as bailouts because they are big money losers.

The prospectus said its AI business lost $6.4 billion in operations last year.

The original SpaceX business, making rockets and staging launches, has been helped by massive government contracts, which raises questions that could come back to haunt the company. Given Musk’s close relation to the Trump administration, government ethics lawyers and watchdogs have asked if he has gotten special treatment to win taxpayer money and whether that good luck will run out once President Donald Trump is out office.

SpaceX has won contracts worth $6 billion from NASA and the Defense Department and other government agencies in the past five years, according to USAspending.gov. The company noted in its filing that a fifth of its revenue last year was from the federal government, The Associated Press reported.

Musk was the biggest donor to Trump’s presidential campaign and is still a big backer despite their sometimes rocky relationship after his stewardship of the government cost-cutting effort called DOGE early last year.

Like many corporate CEOs, Musk’s compensation will go far beyond his annual salary, which was $54,080 in 2025 and has remained unchanged since 2019, according to the filing.

The prospectus says stock grants for him would be sliced into 15 nearly equal amounts — 67 million shares each — and would vest only as the company achieves preset market cap goals. In addition to the Martian colony, SpaceX’s stock market value would have to reach $7.5 trillion for him to receive the full award.

He would get even more stock awards if SpaceX manages to get giant data centers the size of football fields in space.

The document shows Musk will be able to exert big control over the business.

It says he and certain other shareholders will receive shares in a special class of stock that gives them 10 votes for each share they hold. Those shareholders will be able, among other things, to elect a majority of the company’s board of directors.

“This will limit or preclude your ability to influence corporate matters and the election of our directors,” SpaceX said in a warning to prospective investors.

SpaceX will be able to pitch the offering to investors — in what’s known in Wall Street parlance as a “road show” — 15 days after making its prospectus public. In this case, that works out to June 4.


Gold Eases on Higher Yields, Firm Dollar; US-Iran Talks in Focus

Gold bracelets displayed at a jewelry store in Varanasi, India (AFP)
Gold bracelets displayed at a jewelry store in Varanasi, India (AFP)
TT

Gold Eases on Higher Yields, Firm Dollar; US-Iran Talks in Focus

Gold bracelets displayed at a jewelry store in Varanasi, India (AFP)
Gold bracelets displayed at a jewelry store in Varanasi, India (AFP)

Gold edged lower on Thursday as higher Treasury yields and a firm dollar weighed on the metal, while hopes of a resolution to the US-Iran conflict limited losses.

Spot gold was down 0.3% at $4,528.03 per ounce, as of 0611 GMT. Bullion had gained more than 1% on Wednesday after falling to its lowest level since March 30 earlier in the day.

US ‌gold futures for ‌June delivery fell 0.1% at $4,528.90.

The dollar rose ‌0.1%, ⁠making greenback-priced bullion expensive ⁠for other currency holders.

"Inflation expectation, rising yields, and stronger dollar are the headwinds keeping gold prices under pressure. And these factors will continue to remain in place until we get clarity on how long the conflict is going to persist," said ANZ analyst Soni Kumari.

Gold has fallen more than 14% since the war began in late February, as ⁠the non-yielding metal tends to decline on expectations of ‌higher interest rates.

Iran said it ‌was reviewing Washington's latest position on ending the war after US President Donald ‌Trump suggested he was prepared to wait a few days to "get ‌the right answers" from Tehran, Reuters reported.

The yield on the US 10-year Treasury bond was up 1 basis point at 4.578%, resuming its climb after snapping a three-day streak of declines.

Markets are increasingly pricing in possibilities of the Federal Reserve ‌tightening monetary policy this year, with a 39% chance of a 25 basis-point hike expected in December, ⁠per CME Group's ⁠FedWatch tool.

"The overall trend of 10-year US Treasury yield, since the start of early March, is still in a medium-term uptrend phase. Hence, gold bulls may not be so aggressive in beating up prices at this juncture," said Kelvin Wong, a senior market analyst at OANDA.

Minutes of the Fed's April meeting showed a majority of policymakers felt "some policy firming would likely become appropriate" if inflation stays persistently above the central bank's 2% target.

Gold is expected to remain weak in the upcoming sessions, with resistance seen at $4,645 levels and support at $4,456 levels, said Wong.

Spot silver was down 1.1% at $75.19 per ounce, platinum lost 0.9% to $1,933.13, and palladium fell 0.8% to $1,359.20