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First Joint Conference between Saudi, UAE Bank Officials Kicks off in Riyadh

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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First Joint Conference between Saudi, UAE Bank Officials Kicks off in Riyadh

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

The first joint conference between bank officials in Saudi Arabia and the United Arab Emirates (UAE) kicked off in Riyadh on Sunday, reported the Saudi Press Agency.

The conference is organized by the Saudi Arabian Monetary Authority (SAMA) in cooperation with the Central Bank of the United Arab Emirates.

The conference was inaugurated in the presence of the Governor of Saudi Arabian Monetary Authority Dr. Ahmed Abdulkarim Alkholifey and UAE Central Bank Governor Mubarak Rashed AlMansoori.

The event was attended by several experts and interested parties from both countries.

The conference is an opportunity for bank officials from Saudi Arabia and the UAE to discuss and identify key challenges and opportunities in areas with international importance and impact on the banking sector.

Alkholifey said that the Kingdom is the UAE’s fourth largest trading partner in the world, and the first in the Gulf and the Arab region. Remittances to the UAE during the first six months of 2019 amounted to about 71 billion riyals, while the value of remittances received during the same period amounted to 20 billion riyals.

The conference highlighted the most critical challenges and opportunities facing the banking sector in both countries in the fields of cybersecurity, financial awareness and financial technology, and supporting small and medium enterprises.

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Ma’aden CEO to Asharq Al-Awsat: 820,000 Meters of Exploration Wells Drilled in Saudi Arabia

Ma’aden CEO Robert Wilt. (Future Investment Initiative)
Ma’aden CEO Robert Wilt. (Future Investment Initiative)
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Ma’aden CEO to Asharq Al-Awsat: 820,000 Meters of Exploration Wells Drilled in Saudi Arabia

Ma’aden CEO Robert Wilt. (Future Investment Initiative)
Ma’aden CEO Robert Wilt. (Future Investment Initiative)

The Saudi Arabian Mining Company (Ma’aden) has undertaken the largest exploration program in a single region worldwide as part of the Kingdom’s efforts to achieve the goals of Vision 2030, diversify its economic base, and position mining as the third pillar of the national industry.

The company has drilled over 820,000 meters of exploration wells in the past two years, surpassing similar efforts in other countries, Ma’aden CEO Robert Wilt told Asharq Al-Awsat.

Wilt revealed that this program has already yielded a potential gold discovery spanning 100 kilometers south of the Mansourah and Massarah mines, located 460 kilometers east of Jeddah.

The CEO emphasized Ma’aden’s role in leading the development of the mining sector as the third pillar of Saudi Arabia’s economy, harnessing mineral resources estimated at $2.5 trillion.

He highlighted the company’s ambitions to unlock the Kingdom’s potential in strategic minerals, such as gold and copper, which are vital for manufacturing industries and the global energy transition.

To sustain the company’s strategies, Wilt stressed the importance of supporting and developing the next generation of Saudi talent. Ma’aden is committed to creating an attractive industry for young professionals and investing in skills and technology to enable its workforce to build a new era for mining in the Kingdom.

Ma’aden currently operates more than 17 mines and exploration sites across Saudi Arabia, transforming mineral wealth into added value for the national economy. The company exports its products to over 30 countries worldwide.

Additionally, Ma’aden has invested in the necessary infrastructure for mining and processing operations. This includes constructing modern mines, advanced processing plants, and world-class export ports.

The company leverages cutting-edge technology to boost productivity, improve product quality, and reduce costs. It also utilizes advanced systems for analyzing geological data to identify promising mineral sites, integrating this technology throughout its operations from exploration to marketing.