Saudi Arabia Appoints 4 International Consultants For Mining Project

 A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi
A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi
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Saudi Arabia Appoints 4 International Consultants For Mining Project

 A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi
A view shows Maaden Aluminium in Ras Al Khair, Saudi Arabia November 23, 2016. Picture taken November 23, 2016. REUTERS/Zuhair Al-Traifi

A Saudi official revealed the signing of agreements with four international consultants to implement the projects of the General Program for the Geological Survey.

Minister of Industry and Mineral Resources, Chairman of the Board of Directors of the Saudi Geological Survey, Bandar bin Ibrahim Al-Khorayef, visited the headquarters of the Geological Survey Authority in Jeddah to review the progress of the eight initiatives currently undertaken by the SGS.

Eng. Abdullah Al-Shamrani, CEO of the SGS, noted that the authority enjoyed scientific expertise and technical capabilities that help it carry out procedures, studies and research, as well as advanced technical geological surveys, which produce a high-accuracy geological database that supports aspects of local and international investment in the field of mining.

He noted that the SGS has signed four contracts with international experts and consultants, who will work with the authority to implement the projects of the General Program for Geological Survey, which is one of the most important initiatives of the comprehensive strategy for mining.

The current project stage is very important, according to Al-Shamrani, as it aims to survey about 600,000 square kilometers of the mineral-rich Arab Shield area - west of the Kingdom.



Trump Launches His Own Meme Coin, Value Soars

US President-elect Donald Trump views fireworks at Trump National Golf Club Washington DC in Sterling, Virginia, US, January 18, 2025. (Reuters)
US President-elect Donald Trump views fireworks at Trump National Golf Club Washington DC in Sterling, Virginia, US, January 18, 2025. (Reuters)
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Trump Launches His Own Meme Coin, Value Soars

US President-elect Donald Trump views fireworks at Trump National Golf Club Washington DC in Sterling, Virginia, US, January 18, 2025. (Reuters)
US President-elect Donald Trump views fireworks at Trump National Golf Club Washington DC in Sterling, Virginia, US, January 18, 2025. (Reuters)

US President-elect Donald Trump has launched his own cryptocurrency, appropriately called $TRUMP, sparking feverish buying that sent its market capitalization soaring on Saturday to several billion dollars.

In a message posted on his Truth Social platform and X, Trump unveiled the so-called meme coin, which is designed to capitalize on the popularity of a certain personality, movement or viral internet trend.

Meme coins have no economic or transactional value, and are often seen as a means of speculative trading.

"This Trump Meme celebrates a leader who doesn't back down, no matter the odds," says the coin's official site, which makes reference to the assassination attempt against the Republican in July 2024.

In the hours following the overnight launch, the crypto community posed questions about the legitimacy of the $TRUMP coin, and its actual link to the president-elect, with some fearing a scam.

But the fact that the announcements came on Trump's official social media channels seemed to reassure the market, as did the fact that Trump has used one of the companies behind the project, CIC Digital LLC, in the past to sell non-fungible tokens (NFTs).

By mid-morning on Saturday, the market capitalization for $TRUMP stood at nearly $6 billion.

Neither Trump nor the company managing the launch, Fight Fight Fight LLC, offered details about how much he made from the initial batch of meme coins released.

The coin's official site said 200 million meme coins were issued, with Fight Fight Fight saying an additional 800 million would be added over the next three years.

At the current rate, the coins not yet on the market would be worth about $24 billion.

Initially opposed to cryptocurrency, Trump made a sharp about-face during his 2024 presidential campaign, becoming a champion of the concept and promising to develop the sector, notably by loosening regulations.

Before this new announcement, businessmen linked to Trump had in October put online a crypto platform called World Liberty Financial.