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Qatari, Saudi Business Sectors Open Economic, Investment Cooperation Talks

Top chamber officials from Qatar and Saudi Arabia led a high-level business meeting tackling several key issues, including economic integration, trade growth, and the activation of the Qatari-Saudi Business Council, Asharq Al-Awsat
Top chamber officials from Qatar and Saudi Arabia led a high-level business meeting tackling several key issues, including economic integration, trade growth, and the activation of the Qatari-Saudi Business Council, Asharq Al-Awsat
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Qatari, Saudi Business Sectors Open Economic, Investment Cooperation Talks

Top chamber officials from Qatar and Saudi Arabia led a high-level business meeting tackling several key issues, including economic integration, trade growth, and the activation of the Qatari-Saudi Business Council, Asharq Al-Awsat
Top chamber officials from Qatar and Saudi Arabia led a high-level business meeting tackling several key issues, including economic integration, trade growth, and the activation of the Qatari-Saudi Business Council, Asharq Al-Awsat

The Council of the Federation of Saudi Chambers and the Qatar Chamber on Wednesday organized and held a Saudi-Qatari business forum in Doha. The meeting, which saw the participation of both the public and private sectors, focused on cooperation opportunities between Saudi Arabia and Qatar.

Top chamber officials from Qatar and Saudi Arabia led the high-level business meeting that tackled several key issues, including economic integration, trade growth, and the activation of the Qatari-Saudi Business Council, among others.

Ajlan Al-Ajlan, the Chairman of the Council of the Federation of Saudi Chambers, said the meeting would help strengthen cooperation ties between both sides. He expressed hope that it would represent a starting point for effective recommendations that underpin future cooperation between businessmen in the two countries.

On activating the Qatari-Saudi Business Council, al-Ajlan said both sides are working on restructuring it to enhance communication prospects and exchanging information about investment opportunities on the back of the Saudi Vision 2030 and Qatar National Vision 2030.

These opportunities include food and medicine production, logistics services, technology services, digitization, and other promising opportunities that ensure the diversity and competitiveness of the two economies and to raise the standard of living in both countries.

Al-Ajlan noted that although the two countries have components and comparative advantages for economic integration in many industries, the volume of trade exchange is still below what they aspired to in the future.

Official Saudi statistics indicate that the volume of trade exchange between the two countries amounted to about SR 1.67 billion ($426 billion) in the third quarter of 2021.

Al-Ajlan indicated that transportation equipment, minerals, and chemicals are the most important products exchanged between the two countries.

He stated that the responsibility for the private sector in both countries is increasing, and it requires activating a real role that pushes the wheel of economic development to its highest levels.

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Business

Al-Jadaan: Reforms Will Lead Us to Bright Future in Financial Sector

Finance Minister Mohammed Al-Jadaan and Director General of the International Monetary Fund Kristalina Georgieva during a joint press conference in Washington (AFP)
Finance Minister Mohammed Al-Jadaan and Director General of the International Monetary Fund Kristalina Georgieva during a joint press conference in Washington (AFP)
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Al-Jadaan: Reforms Will Lead Us to Bright Future in Financial Sector

Finance Minister Mohammed Al-Jadaan and Director General of the International Monetary Fund Kristalina Georgieva during a joint press conference in Washington (AFP)
Finance Minister Mohammed Al-Jadaan and Director General of the International Monetary Fund Kristalina Georgieva during a joint press conference in Washington (AFP)

Saudi Minister of Finance and Chairman of the Financial Sector Development Program Committee, Mohammed Al-Jadaan, said that Saudi Arabia continues, under Vision 2030, “the ongoing process of economic development thanks to the financial and economic reforms that lead us towards a bright and developed future in the financial sector.”
He added that the Financial Sector Development Program seeks to achieve an economic and advanced future, by connecting the financial sector to the digital and technical economy, and exploiting modern technologies such as artificial intelligence and big data.
Al-Jadaan’s words came in the introduction of the annual report of the Financial Sector Development Program, one of the eleven executive programs launched by the Council of Economic and Development Affairs to achieve the goals of Vision 2030.
The program aims to develop and diversify the financial sector to support the development of the national economy, stimulate savings, financing and investment, and increase the sector efficiency and ability to confront and address challenges.
The finance minister stressed that his country maintained its progress in competitive indicators related to the financial market, ranking third among the most competitive countries in the G20, according to the Global Competitiveness Center of the International Institute for Administrative Development.
He added that the number of financial technology companies exceeded the targets of 2023, reaching 216, and approached the desired goal of 525 firms by 2030.
For his part, Minister of Investment Khaled Al-Falih said in the annual report of the Financial Sector Development Program that in light of geopolitical fluctuations, high financing costs, and strict monetary policies aimed at curbing high inflation rates, Saudi Arabia affirmed its commitment to its strategic vision and was able to adapt to the complexities of the global scene.
He added that the country moved forward with structural financial and economic reforms that resulted in lower inflation rates and enhanced the attractiveness of the investment climate, which in turn led to raising the Kingdom’s credit rating to A+.
Al-Falih noted that Saudi Arabia has also topped the Middle East and North Africa region in terms of the volume of venture investments, and witnessed a remarkable growth in the number of investment licenses for financial and insurance institutions.
Moreover, the minister said that the Ministry of Investment, in cooperation with various government agencies, contributed to attracting some of the most important international financial institutions to the Kingdom, enabling foreign direct investment in the insurance sector, and listing the first exchange-traded fund to track Saudi stocks on the Hong Kong Stock Exchange, in order to make the Kingdom a global financial hub.
Minister of Economy and Planning Faisal Al-Ibrahim said in the report that the achievements of the Financial Sector Development Program contributed to the growth of the volume of financial, insurance, and business services activities, by about 5.2 percent on an annual basis until the end of the third quarter of 2023.
The program’s efforts, led by the Central Bank and the Capital Market Authority, also helped increase the financing capacity of the Kingdom’s economy, thus supporting the objectives of the National Investment Strategy, he added.
Al-Ibrahim noted that the program works to support the diversification and development of investment financing sources through the financial market, and to attract foreign investment, through private financing channels affiliated with investment funds, in addition to the financing platforms of financial technology companies.
In the report, Governor of the Central Bank of Saudi Arabia, Ayman Al-Sayari, pointed out the continuation of initiatives aimed at developing regulatory frameworks and empowering the financial technology sector.
Those initiatives included issuing rules regulating postpaid companies, instructions for practicing digital brokerage activity, in addition to working to digitize supervisory procedures. He pointed out that the number of technology companies exceeded the 2023 targets, reaching 216.
The Chairman of the Capital Market Authority, Mohammad Al-Kuwaiz, said that in order to stimulate foreign investment, raise the attractiveness and efficiency of the financial market, and enhance its international competitiveness, the Kingdom adopted rules regulating foreign investment in securities, which helped increase the volume of foreign investments to SAR 401 billion ($106.9 billion).
The head of the Global Investment Finance Department at the Public Investment Fund (PIF), Fahd Al-Saif, stated that the Fund has a role in empowering small and medium-sized institutions, in order to increase their contribution to the domestic product, through the various efforts made by its portfolio companies.
He also revealed that the PIF seeks to raise the percentage of local content contribution in its projects and subsidiaries to 60 percent by the end of 2025.
For his part, the Chief Administrator of the National Development Fund, Khaled Al-Shareef, said that the Fund, through the Small and Medium Enterprises Bank, played an important role in developing the financial sector, by identifying needs and filling the financing gaps for various economic sectors, as well as improving the financing services provided to the SMEs.
According to the report, the Central Bank aspires to achieve a set of goals in 2024, including empowering local and international financial technology companies in the Saudi market, in addition to launching a number of digital banks, and a project for general rules for savings products.
As for the Capital Market Authority, it aims to increase the attractiveness of the Saudi market for foreign investors, and raise foreign investors’ ownership of the total market value of free shares to reach 17 percent by the end of this year.

 

Business

OECD: High Flows of Immigration Help Strengthen Jobs Markets in Rich Countries

FILE - People arrive before the start of a naturalization ceremony at the US Citizenship and Immigration Services Miami Field Office in Miami, Aug. 17, 2018. (AP Photo/Wilfredo Lee, File)
FILE - People arrive before the start of a naturalization ceremony at the US Citizenship and Immigration Services Miami Field Office in Miami, Aug. 17, 2018. (AP Photo/Wilfredo Lee, File)
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OECD: High Flows of Immigration Help Strengthen Jobs Markets in Rich Countries

FILE - People arrive before the start of a naturalization ceremony at the US Citizenship and Immigration Services Miami Field Office in Miami, Aug. 17, 2018. (AP Photo/Wilfredo Lee, File)
FILE - People arrive before the start of a naturalization ceremony at the US Citizenship and Immigration Services Miami Field Office in Miami, Aug. 17, 2018. (AP Photo/Wilfredo Lee, File)

High flows of immigration into rich countries are helping to strengthen jobs markets and bolster growth, the Organization for Economic Cooperation and Development (OECD) said on Thursday, as it raised its projection for global economic growth for 2024 to 3.1%, up from a previous projection in February of 2.9%.
“Cautious optimism has begun to take hold in the global economy, despite modest growth and the persistent shadow of geopolitical risks,” the Paris-based organization said in its latest economic outlook.
Also, the global economy would maintain the 3.1% growth rate seen last year and pick up marginally to 3.2% next year, the Organization said, upgrading forecasts dating from February for growth of 2.9% this year and 3% in 2025.
It added that a faster than expected fall in inflation set the stage for major central banks to begin rate cuts in the second half of the year while also fueling gains in consumers' incomes.
United States
However, the speed of recoveries diverged widely, the OECD warned, saying lingering sluggishness in Europe and Japan was being offset by the United States, whose growth forecast was hiked to 2.6% this year from a previous estimate of 2.1%.
Next year US growth was expected to cool to a rate of 1.8%, up slightly from 1.7% in February.
The Organization said the Federal Funds Rate is projected to fall to around 3.75 to 4% by the end of 2025. As for the European Central Bank, it expected a reduction in interest rates from the third quarter to 2.5% by the end of 2025.
Clare Lombardelli, the OECD’s chief economist, said the US economy was looking “remarkably strong”, with increasing evidence of it pulling away from European economies. The more subdued demand outlook in the eurozone could give the European Central Bank scope to cut interest rates sooner than the US Federal Reserve, she said.
Boosted by fiscal stimulus, China's economy was also expected to grow faster than expected with its growth now forecast at 4.9% in 2024 and 4.5% in 2025, up from 4.7% and 4.2% respectively in February.
While weakness in Germany would continue to weigh on the broader euro zone, the bloc's growth was projected to pick up from 0.7% this year to 1.5% next year as lower inflation boosts households' purchasing power and paves the way for rate cuts. The OECD had previously forecast euro zone growth of 0.6% this year and 1.3% in 2025.
Britain's outlook was one of the few to be downgraded with the OECD now forecasting only 0.4% this year compared with 0.7% previously. As interest rates start coming lower from the third quarter of this year, UK growth was seen picking up to 1% in 2025, compared with 1.2% expected in February.
The OECD forecasts also showed Britain's annual rate of consumer price growth was likely to be the highest among G7 countries, both this year and next.
“This forecast is not particularly surprising given our priority for the last year has been to tackle inflation with higher interest rates," British finance minister Jeremy Hunt said in response to the OECD forecast. He pointed to more optimistic forecasts from the International Monetary Fund.
Meanwhile, in Japan, income gains, easy monetary policy and temporary tax cuts would help its growth rate to accelerate from 0.5% in 2024 to 1.1% in 2025, compared with forecasts of 1% for both years previously, the OECD said.
Migration
The OECD said high flows of immigration into rich countries are helping to strengthen jobs markets and bolster growth, as it lifted its outlook for the global economy.
The Paris-based organization said “exceptionally large” migration inflows into OECD countries, including the US, UK, Canada, Spain and Australia, last year had loosened tight labor markets and boosted gross domestic product.
Lombardelli said strong labor force numbers were part of the growth picture in the US and other economies, adding that “extraordinary” rates of migration had “definitely” played a role in supporting growth.
In October, the OECD said that humanitarian crises and labor shortages had driven migration to an all-time high, with 6.1mn permanent migrants moving to its 38 member countries in 2022 and cross-border movement forecast to rise even further in 2023.
“There is a positive role for migration in economies, it clearly helps with productivity, transfer of knowledge and ideas, it helps with labor mobility. That is all incredibly welcome, and in the longer term it will be part of how we cope with the demographic challenge,” the OECD’s chief economist said.
She added that it was unclear how migration was affecting the pace of wage growth — a crucial concern for central banks worried that pay pressures are fueling persistent inflation.
Some economists believe the surge in US immigration is one reason why the growth in jobs has been so much stronger than expected in recent months. The US Congressional Budget Office said in March that net immigration totalled 3.3mn last year — much higher than the Census Bureau estimates that underpin official data on the size of the labor force, according to the Financial Times.
Also, economists say that if the higher estimates of immigration are correct, recent rapid employment gains would not be such a worry for the Fed as they would reflect an expanding workforce. This would make it easier for employers to fill vacancies, where they might otherwise have had to raise pay sharply to hire from an existing, limited pool of workers.
Jay Powell, governor of the Fed, said in an address at Stanford University last month “a strong pace of immigration” that boosted labor supply was one reason why US GDP and employment had grown strongly in 2023, “even as inflation fell substantially.”

 

Business

Energy Minister Underscores Economic Cooperation between Saudi Arabia, Uzbekistan

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz attends the Third Tashkent International Investment Forum. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz attends the Third Tashkent International Investment Forum. (SPA)
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Energy Minister Underscores Economic Cooperation between Saudi Arabia, Uzbekistan

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz attends the Third Tashkent International Investment Forum. (SPA)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz attends the Third Tashkent International Investment Forum. (SPA)

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz underlined on Thursday the economic cooperation between the Kingdom and Uzbekistan.

He participated in the main panel discussion of the Third Tashkent International Investment Forum that was attended by Uzbekistan’s President Shavkat Mirziyoyev.

Prince Abdulaziz highlighted the distinguished relations between Saudi Arabia and Uzbekistan and the keenness of their leadership to develop cooperation in all fields, especially in the energy sector, for the benefit of both countries and their people.

He pointed out that economic cooperation between the two countries represents a model to be followed, especially within the framework of the Uzbekistan-2030 Strategy and Saudi Vision 2030.

These two strategies have similar goals aimed at economic development and diversification and enhancing sustainable development, reflecting a shared commitment to building a prosperous future for both nations, he stated.

Prince Abdulaziz stressed that the relations between the two countries witnessed a significant leap after the meeting between Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of Saudi Arabia, and President Mirziyoyev in Riyadh in 2022.

The minister noted that the energy sector is an important aspect of the growing relations between Saudi Arabia and Uzbekistan, especially in renewable energy.

This is evident in the significant presence of Saudi companies in Uzbekistan, such as ACWA Power, he remarked. He said the investment volume between the two countries in this field has exceeded $14 billion to produce more than 11 gigawatts of electricity from renewable energy.

The minister stressed that Uzbekistan had shown serious commitment to a fair and equitable energy transition, which aligns with the Kingdom's aspirations. The two countries share rational positions regarding energy security and the need to boost and preserve it, while emphasizing their roles in collective efforts to combat climate change.

Business

Saudi EXIM Bank, Qatar Development Bank Sign MoU to Boost Cooperation

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)
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Saudi EXIM Bank, Qatar Development Bank Sign MoU to Boost Cooperation

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)

Saudi Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the EXIM Bank Bandar Ibrahim Alkhorayef held talks with Qatari Minister of Trade and Industry of Qatar Sheikh Mohammed bin Hamad bin Qassim Al Than at the Qatari Ministry of Industry and Trade, reported the Saudi Press Agency on Thursday.

The officials discussed joint efforts to strengthen and develop bilateral relations in the industrial and mining sectors and explored new horizons for cooperation in various fields. They also reviewed industrial development plans in the Gulf countries.

The meeting was attended by Saudi Ambassador to Qatar Prince Mansour bin Khalid bin Farhan, Deputy Minister for Industry Affairs Engineer Khalil bin Ibrahim bin Salamah, and CEO of the Saudi Export-Import Bank Engineer Saad bin Abdulaziz Al-Khalb.

Alkhorayef and Sheikh Mohammed witnessed the signing of a memorandum of understanding (MoU) between the EXIM Bank and Qatar Development Bank.

The MoU aims to boost cooperation in the fields of export and import and explore investment opportunities of common interest.

Business

Mawani Strengthens Saudi-European Connections with Levante Express Service

Mawani launched the Levante Express service by Mediterranean Shipping Company (MSC) at the Jeddah Islamic Port to strengthen connectivity to ports across both northern and southern Europe. (SPA)
Mawani launched the Levante Express service by Mediterranean Shipping Company (MSC) at the Jeddah Islamic Port to strengthen connectivity to ports across both northern and southern Europe. (SPA)
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Mawani Strengthens Saudi-European Connections with Levante Express Service

Mawani launched the Levante Express service by Mediterranean Shipping Company (MSC) at the Jeddah Islamic Port to strengthen connectivity to ports across both northern and southern Europe. (SPA)
Mawani launched the Levante Express service by Mediterranean Shipping Company (MSC) at the Jeddah Islamic Port to strengthen connectivity to ports across both northern and southern Europe. (SPA)

The Saudi Ports Authority (Mawani) launched in April the Levante Express service by Mediterranean Shipping Company (MSC) at the Jeddah Islamic Port to strengthen connectivity to ports across both northern and southern Europe.
The new service reflects investors’ confidence in the port's operational efficiency and its ability to handle diverse cargo types and ship sizes, the Saudi Press Agency said.
This aligns with the National Transport and Logistics Strategy (NTLS), which aims to solidify Saudi Arabia's position as a global logistics hub connecting three continents.
The Levante Express offers direct connections from Jeddah Islamic Port to major European ports, including La Spezia and Naples (Italy), Mersin (Türkiye), and Alexandria (Egypt). With regular weekly voyages and a handling capacity of up to 15,000 TEUs, the service promises significant advantages for exporters, importers, and shipping agents.
Mawani's ongoing development efforts further enhance Jeddah Islamic Port's competitive edge and propel it towards its goal of ranking among the top 10 global ports.
The completion of SAR6.6 billion worth of enhancements and upgrades at the Northern Container Terminal this year has significantly boosted operational capabilities, increased handling capacity, and streamlined logistics services.

Business

Cyprus Gives Chevron Another 6 Months to Come up with Timetable on Natural Gas Field Development 

An offshore drilling rig is seen in the waters off Cyprus' coastal city of Limassol, on July 5, 2020 as a sailboat sails in the foreground. (AP)
An offshore drilling rig is seen in the waters off Cyprus' coastal city of Limassol, on July 5, 2020 as a sailboat sails in the foreground. (AP)
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Cyprus Gives Chevron Another 6 Months to Come up with Timetable on Natural Gas Field Development 

An offshore drilling rig is seen in the waters off Cyprus' coastal city of Limassol, on July 5, 2020 as a sailboat sails in the foreground. (AP)
An offshore drilling rig is seen in the waters off Cyprus' coastal city of Limassol, on July 5, 2020 as a sailboat sails in the foreground. (AP)

The Cyprus government has given Chevron another six months to come up with a revised plan to develop a sizeable natural gas deposit off the island nation’s southern coastline after an earlier plan proposed by the US energy company lacked a timetable, an official said Thursday.

Chevron’s development proposal from March 29 for the Aphrodite deposit estimated to hold 4.2 trillion cubic feet of gas “wasn’t considered targeted and was without specific timetables,” the official with knowledge of the matter told The Associated Press. The official spoke on condition of anonymity because he was not authorized to discuss details of the deal.

In a reply letter last Thursday, Cypriot Energy Minister George Papanastasiou asked Chevron for “specific, targeted actions” and a “specific timetable” that would confirm its commitment to developing the gas field.

In January this year, the Cypriot government and Chevron reached a “mutually beneficial” agreement on how to develop the gas field, ending long stalled negotiations on plans to extract the hydrocarbon since its discovery in 2011.

At the time, the Cypriot energy ministry said Chevron affirmed that both sides are in “alignment” regarding the “wider framework of the field’s exploitation.”

Chevron had wanted to send the gas to Egypt through a pipeline, but Cyprus preferred to process it on a floating production facility because it would be more economically beneficial for the island nation and would lend more flexibility to supplying other markets.

On Tuesday, Claudio Descalzi, chief executive officer of the Italian energy company Eni discussed with Cypriot President Nikos Christodoulides ways to expedite development of gas fields that Eni discovered in waters off Cyprus’ southern coast.

A statement said the two men reviewed discoveries that Eni and its partner TotalEnergies of France made in 2022, confirming “the encouraging outcomes of the previous wells.”

Eni, which has had a presence in Cyprus since 2013, operates five offshore areas – or blocks – and has participating interest in another two.

Business

Oil Prices Rebound on Hopes US Will Replenish Strategic Reserve

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
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Oil Prices Rebound on Hopes US Will Replenish Strategic Reserve

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)

Oil prices rose on Thursday, rebounding from three days of losses, on expectations the lower levels may prompt the US, the world's biggest crude consumer, to start replenishing its strategic reserve, putting a floor under prices.
Still, prices fell more than 3% on Wednesday to a seven-week after the US Federal Reserve kept interest rates steady, which may curtail economic growth this year and limit oil demand increases, Reuters reported.
Crude was also pressured by an unexpected increase in US crude inventories and signs of an impending Israel-Hamas ceasefire that would ease Middle East supply concerns.
Brent crude futures for July gained 58 cents, or 0.7%, to $84.02 a barrel by 0633 GMT on Thursday. US West Texas Intermediate (WTI) crude for June climbed 53 cents, or 0.7%, to $79.53 a barrel.
"The oil market was supported by speculation that if WTI falls below $79, the US will move to build up its strategic reserves," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
The US has said it aims to replenish the Strategic Petroleum Reserve (SPR) after a historic sale from the emergency stockpile in 2022 and wants to buy back oil at $79 a barrel or less.
In the Middle East, expectations grew that a ceasefire agreement between Israel and Hamas could be in sight following a renewed push led by Egypt.
Still, Israeli Prime Minister Benjamin Netanyahu has vowed to go ahead with a long-promised assault on the southern Gaza city of Rafah despite the US position and a UN warning that it would lead to "tragedy".
"As the impact of the US crude stock-build and the Fed signaling higher-for-longer rates is close to being fully baked in, attention will turn towards the outcome of the Gaza talks," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
"As long as the latest bout of optimism over a ceasefire sustains, I expect a continued downside bias in crude," Hari added.
The US Energy Information Administration (EIA) said crude inventories rose by 7.3 million barrels to 460.9 million barrels in the week ended April 26, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel draw.
Crude stocks were at the highest point since June, the EIA said.
The US Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings.
Any delay in rate cuts could slow economic growth and dampen demand for oil.
Still, continuing supply reductions by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will support prices.
Analysts at Citi Research expects OPEC+ to hold output cuts through the second half of the year as it meets on June 1.
However, "if prices move to a bull case $90-100+ range, OPEC+ would likely ease cuts, providing a soft ceiling for oil," they said in a note.

Business

Saudi Arabia to Propose Investment Opportunities in Six Mining Locations

Engineers explore a min in Saudi Arabia. (SPA)
Engineers explore a min in Saudi Arabia. (SPA)
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Saudi Arabia to Propose Investment Opportunities in Six Mining Locations

Engineers explore a min in Saudi Arabia. (SPA)
Engineers explore a min in Saudi Arabia. (SPA)

The mining sector in Saudi Arabia is witnessing growth and development with more investment opportunities expected to be proposed in 2024.

Six locations will be the targets of the fifth round of exploration. They include gold, copper and zinc and span an area of 940 square kms.

Assistant Deputy Minister for Mining Enablement at the Ministry of Industry and Mineral Resources Abdulrahman AlBelushi told Asharq Al-Awsat that the ministry has granted over 500 exploration licenses.

Exploration has witnessed a qualitative leap and it is reaching new heights year after year, he added. This has paved the way for the development of new mines.

The development can all be credited to the amendment of the mining investment regulation, he stated.

Saudi Arabia’s mining wealth is estimated at SAR9.6 trillion (USD2.5 trillion), he went on to say.

He underscored the importance of the optimal exploitation of this wealth so that it can become part of national industries and so that its products can help grow industrial cities in target areas such as cars and planes.

On the Arabian Shield region, AlBelushi said the Saudi Geological Survey has carried out extensive work in the area, using various geophysical and geochemical tools.

Work is underway to develop accurate maps of this work, he revealed.

Saudi Arabia boasts massive mineral wealth, and it will be explored through every mean possible, he stressed.

Saudi Arabia has sought to develop the mining sector in recent years. It launched the largest and most modern geological survey in the world, covering an area of 600,000 kms of the Arabian Shield.

Business

Minister of Industry Heads Saudi Delegation to 52nd Meeting of Industrial Cooperation Committee

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)
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Minister of Industry Heads Saudi Delegation to 52nd Meeting of Industrial Cooperation Committee

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef headed the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar.

The meeting discussed important industrial matters shared among the GCC nations, reported the Saudi Press Agency on Wednesday.

Participants assessed progress on creating a unified definition and standards for GCC-made products. The meeting stressed the importance of both supporting the GCC's industrial sector and coordinating efforts among member nations to grow their national industries.

The committee explored initiatives proposed by Saudi Arabia to boost the GCC industrial sector, including the GCC Industrial Excellence Award. The initiative aims to boost economic growth and tackle obstacles in the sector.

Business

Abdulaziz bin Salman: Countries Lagging Behind Should Follow Our Approach

The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)
The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)
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Abdulaziz bin Salman: Countries Lagging Behind Should Follow Our Approach

The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)
The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz said that the Kingdom ranks second in terms of the lowest intensity of carbon dioxide emissions, and the same place for methane emissions.
“Our issue is not recognizing the existence of the problem of climate change, but rather how to deal with it in a fair and direct manner, taking into account the differences in national circumstances in countries”, said the Minister.
His remarks came Tuesday during a panel discussion entitled, Security, the Future of Energy and Sustainable Development, on the sidelines of the golden jubilee celebrations of the Islamic Development Bank Group.
He added that countries have unanimously agreed to the Paris Climate Agreement, “but the real problem does not lie in the text of the agreement, but rather in the strange interpretation of its content.”
The discussion on climate change must be realistic and logical to enable all parties to cooperate and confront this global issue, Prince Abdulaziz underlined, saying that energy security cannot be sacrificed in favor of climate change, and vice versa, indicating that governments have a moral responsibility to provide the elements of growth for future generations.
The minister stressed that the issue of inequality was the reason for the faltering of climate change negotiations, referring to the Sharm El-Sheikh and Dubai summits, which he said contributed to mending this gap and dealing with climate change with realism.
He pointed to some hypocrisy in the discourse regarding the distribution of responsibilities towards climate change, noting that it is not possible to ask countries such as Indonesia, which suffers from energy scarcity, or Nigeria, Ghana, or Madagascar, to switch to renewable energy, at a time when they are facing difficulties in obtaining electricity.
During his speech, the Saudi minister referred to a recent statistic, which gives OPEC countries a historical responsibility of 4 percent for carbon dioxide emissions, while the United States bears 24 percent, China approximately 22 percent, and the European Union 16 percent.
“So why should we receive lectures about reducing our emissions,” he asked, noting that countries “lagging behind should follow our approach.”