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Saudi Arabia to Host Future Minerals Summit on Mining Investment in Middle East, N.Africa

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia to Host Future Minerals Summit on Mining Investment in Middle East, N.Africa

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

The Saudi Ministry of Industry and Mineral Resources announced on Tuesday details of the inaugural Future Minerals Summit, the first-ever event to offer a “one-stop-shop” for investors, miners and other industry stakeholders interested in learning more about the mining potential of the Middle East, Central Asia, and North and East Africa.

The Future Minerals Summit will be held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, reported the Saudi Press Agency.

“We are putting mining and investment at the heart of the new Saudi economy,” said Minister of Industry and Mineral Resources, Bandar Alkhorayef. “With an estimated $1.3 trillion mineral endowment, we are looking for investors and partners to work with us to continue to transform the Saudi mining industry in the years ahead.”

Scheduled to take place from January 11 to 13, 2022, in Riyadh, invitations have been extended to the world’s key mining industry leaders, investors and influencers, and engaging speakers.

“What sets the Future Minerals Summit apart and makes it compelling is the three dynamic regions that co-own the event and are open for business,” said Alkhorayef. “The summit will provide a platform for governments from across the Middle East, Central Asia, and North and East Africa to come together to discuss investment opportunities and strategic partnerships with global investors with an interest in mining.

“Our ambition is to shape the future of mining by bringing together governments, the private sector, multilateral organizations and NGOs to find solutions and sustainable investment streams to support a dynamic, integrated mining sector in this part of the world and beyond,” he added.

The conference program is being built around four pillars: Defining a New Mining Hub – showcasing opportunities across the Middle East, Central Asia, and North and East Africa; Lands of Opportunity – outlining partnership opportunities across integrated value chains; Reimagining Mining – shining a spotlight on innovations that will support mining in the future; and Mining’s Contribution to Society – highlighting the industry’s vital role in producing the inputs needed to create a circular carbon future, as well as attracting the workforce of the future.

In addition to the Ministry of Industry and Mineral Resources, Future Minerals Summit has been endorsed by the Ministry of Foreign Affairs, Ministry of Investment and the Public Investment Fund.

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ACWA Power Reports 44% Surge in Q1 Profit to $113.8 Million

A wind turbine at the Suez Energy Project. (ACWA Power)
A wind turbine at the Suez Energy Project. (ACWA Power)
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ACWA Power Reports 44% Surge in Q1 Profit to $113.8 Million

A wind turbine at the Suez Energy Project. (ACWA Power)
A wind turbine at the Suez Energy Project. (ACWA Power)

Saudi energy and water developer ACWA Power reported a 44% year-on-year increase in net profit for the first quarter of 2025, reaching SAR 427.15 million ($113.8 million), according to a disclosure filed with the Saudi Stock Exchange (Tadawul).

The company attributed the strong performance primarily to higher total revenues, an increase in other operating income before impairment and other charges, a reduction in impairment expenses, and a rise in deferred tax balances. These gains were partially offset by increased costs in project development, general and administrative expenses, and financing charges.

ACWA Power’s revenue rose 57% in the quarter, reaching SAR 1.97 billion ($525.2 million), supported by growth across development and construction management services, operation and maintenance contracts, and electricity sales.

In a letter to investors, CEO Marco Arcelli emphasized that the company maintained strong momentum in developing new projects across all sectors during the first quarter.

These initiatives not only lay the foundation for stable future revenues and cash flows, but also contribute to earnings from procurement and construction management, reinforcing the company’s commitment to financial and operational growth, he noted.

Arcelli expressed optimism about the company’s long-term outlook, highlighting ongoing efforts to strengthen project development pipelines, improve procurement strategies, and streamline construction execution.

ACWA Power is building a solid platform for consistent and sustainable growth while remaining focused on delivering its strategic objectives, he stressed.

Among the company’s most significant recent projects are several in renewable energy and water. In the solar sector, ACWA Power is developing the Al-Muwayh solar power plant in Saudi Arabia with a capacity of 2,000 megawatts and an investment of approximately SAR 35 million. The plant is scheduled to begin operations under a long-term power purchase agreement starting in 2027.

The company is also working on the Al-Khushaybi solar plant, with a capacity of 35 megawatts.

In wind energy, ACWA Power is constructing the Bash wind farm in Uzbekistan, a 500-megawatt project expected to be operational in the first quarter of 2025. Another wind project in collaboration with Uzbekistan’s national energy company will have a capacity of 65 megawatts and is also scheduled for completion in 2025.

In the water sector, ACWA Power owns a 40% stake in the Taweelah desalination plant in the United Arab Emirates, one of the largest facilities of its kind with a daily capacity of 3 million cubic meters. The company also holds a 35% share in the Sudair solar project in Saudi Arabia, which will generate 1,500 megawatts of electricity.

ACWA Power has expanded its international footprint with recent acquisitions, including an 85% stake in Yanghe New Energy Technology in China. The company also acquired strategic assets in Egypt and Kuwait and is actively entering new markets while expanding its presence in existing ones.

The company continues to prioritize innovation and R&D, particularly in solar and wind energy, green hydrogen, and energy storage. It is advancing new projects, increasing energy sales, and strengthening its global presence through strategic partnerships, including collaborations with Italian firms and others in Africa and East Asia.

ACWA Power has also launched a new research and development center in Shanghai as part of its international growth strategy.