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Saudi Arabia Leads Efforts to Boost Mining Industry in Middle East

A workshop is held ahead of the Future Minerals Summit in cooperation with the Saudi Geological Survey. (Asharq Al-Awsat)
A workshop is held ahead of the Future Minerals Summit in cooperation with the Saudi Geological Survey. (Asharq Al-Awsat)
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Saudi Arabia Leads Efforts to Boost Mining Industry in Middle East

A workshop is held ahead of the Future Minerals Summit in cooperation with the Saudi Geological Survey. (Asharq Al-Awsat)
A workshop is held ahead of the Future Minerals Summit in cooperation with the Saudi Geological Survey. (Asharq Al-Awsat)

Saudi Arabia has been working to boost and develop the mining industry to attract foreign investments.

It will host the Future Minerals Summit (FMS) in Riyadh from January 11 to 13, 2022.

This is 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 summit is expected to serve as a global platform to attract foreign direct investment to the local market and the region by forging partnerships, exchanging technical knowledge and advanced technologies in the field of mining.

The event seeks to present the region as a global mining hub and raise the level of awareness of the importance of the mining industry in the Kingdom and the region.

Its organizers aim for the summit to be the pivotal starting point for charting the future of mining and its contribution to the development of societies.

Director of Communications at FMS Tariq al-Qwaifel told Asharq Al-Awsat that the mining field includes experts and investors who look for their investment opportunities through experts specializing in this industry.

They usually meet in various forums held in several world countries that bring together investors and experts in the sector and industry leaders to identify the opportunities that investors are looking for, he explained.

Qwaifel said January's summit is a precedent in the Middle East, Central Asia, and North and East Africa region.

Therefore, the idea to hold the summit under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and the support of Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister and Minister of Defense, arose to allow the Kingdom to become a pioneer in this industry.

“By announcing the event, the Ministry of Industry and Mineral Resources aimed at turning the event into an international forum for investors in these regions to explore all the opportunities available in this sector.”

Saudi Arabia also is convening a Ministerial Roundtable in Riyadh a day before the summit kicks off to define the future of mining across the Middle East, Central Asia and Africa.

Ministerial representatives of 25 governments will meet to address key questions and highlight the greatest opportunities across these regions.

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Business

Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.

Business

Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.

Business

GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.