Saudi Arabia's Mining Facilities Hit 360

Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)
Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)
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Saudi Arabia's Mining Facilities Hit 360

Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)
Saudi Arabia aims to develop the mining sector (Asharq Al-Awsat)

Saudi Arabia 's mining complexes reached 360, according to data released by the Saudi Ministry of Industry and Mineral Resources.

Under Vision 2030, mining is the third pillar of Saudi Arabia's economic development, after energy and petrochemicals.

The Makkah region took the lead with 72 facilities, Riyadh with 52, and Madinah with 52. The rest of the complexes are scattered across the Kingdom.

The report also said the Kingdom has 70 reserves sites for mining activities.

The Ministry said these mining complexes extract gold, copper, zinc, aluminum, magnesium, iron, silica, gypsum, limestone, clay, and various other industrial materials.

Limestone ore, bauxite, and phosphate ore are among the minerals widely used in the Kingdom's manufacturing industries.

The Ministry confirmed that the mining facilities have become a steady source of jobs for Saudis and offer different positions such as quarry official, mechanical technician, electrical technician, geologist, and mining engineer.

The Ministry aims to govern the mining sector, enhance its transparency, and increase investor confidence. It also seeks sustainability for the industry and motivates local communities to participate in the mining sector's growth paths following investments in the mining sector.

It aims to develop the areas adjacent to the mining projects by employing people from the nearby regions, increasing local purchases from the local market, and developing plans for effective communication in the area surrounding the project.

In January, the Ministry will launch Future Minerals Summit with the participation of more than 50 international speakers will attend the summit. The Ministry confirmed that ministers from over 25 Asian and African countries will also hold a meeting.



China Approves Plan to Raise Retirement Age from January 2025 

Commuters ride an escalator at a subway station during the morning rush hour in Beijing, Friday, Sept. 13, 2024. (AP)
Commuters ride an escalator at a subway station during the morning rush hour in Beijing, Friday, Sept. 13, 2024. (AP)
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China Approves Plan to Raise Retirement Age from January 2025 

Commuters ride an escalator at a subway station during the morning rush hour in Beijing, Friday, Sept. 13, 2024. (AP)
Commuters ride an escalator at a subway station during the morning rush hour in Beijing, Friday, Sept. 13, 2024. (AP)

China's top legislative body has approved a proposal to raise the country's retirement age, the official Xinhua news agency said on Friday, accelerating an overhaul of decades-old laws to tackle the economic pressure of a shrinking workforce.

China's retirement ages are currently amongst the lowest globally.

Reform is urgent with life expectancy in China having risen to 78 years as of 2021 from about 44 years in 1960 and projected to exceed 80 years by 2050. At the same time, the working population needed to support the elderly is shrinking.

The retirement age will be raised for men to 63 years old from 60, while for women in white collar work it would be raised to 58 years from 55. For women in blue collar work it will be adjusted to 55 from 50.

The changes are set to come into force on Jan. 1, 2025.

Having people work for longer would ease pressure on pension budgets with many Chinese provinces already reeling from large deficits. But delaying pension payouts and requiring older workers to stay at their jobs longer may not be welcomed by all of them.

Hundreds of thousands of people took to social media after Xinhua reported that China's top lawmakers discussed the topic on Sept. 10, with many expressing concern there would be more job seekers chasing too few openings.

By raising the retirement age, the government can increase the labor force participation rate, helping to mitigate the adverse effects of population aging, said Xiujian Peng, senior research fellow at the Center of Policy Studies at Victoria University in Australia.

"The government must take action. If the population continues to decline, the shrinking of the labor force will accelerate, further negatively impacting economic growth."

Xing Zhaopeng, ANZ's senior China strategist said the move would likely have "no impact on the short-term economy. In the long run, it will help to avoid premature labor shortages and maintain stable productivity growth."