Saudi Arabia Discusses Role of Mining in Social Development

Riyadh hosts Future Minerals Forum on January 11-13. (Asharq Al-Awsat)
Riyadh hosts Future Minerals Forum on January 11-13. (Asharq Al-Awsat)
TT

Saudi Arabia Discusses Role of Mining in Social Development

Riyadh hosts Future Minerals Forum on January 11-13. (Asharq Al-Awsat)
Riyadh hosts Future Minerals Forum on January 11-13. (Asharq Al-Awsat)

The Saudi Ministry of Industry and Mineral Resources announced the first-ever Future Minerals Forum under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

The global event will occur from January 11 to 13 at Riyadh's King Abdulaziz International Conference Center.

It discusses the mining sector in the Middle East, Central Asia, and Africa, features presentations on topics critical to the mining industry's future, and reviews an extensive repertoire of subjects, opportunities, and challenges confronting the world's mining industry.

The conference will be attended by over 1,000 decision-makers from more than 100 countries and 150-plus top global investors, and some 100 international speakers.

Saudi ministers and representatives of the regional and international mining industry and allied sectors will join the forum's leaders.

The first day of the conference will start with a Ministerial Mining Roundtable Special Session featuring presentations and discussions on topics critical to the mining industry's future.

The "Mining in a Day" workshop will be held in tandem with other seminars and panel discussions that will spotlight important issues, including the attraction of investments, the role of technology in mining, and the environment, social, and governance issues.

The General Forum will begin on January 12 with a plenary session and a keynote address by Saudi Minister of Industry and Mineral Resources Bandar al-Khorayef. The session on Reimagining Mining and Maximizing its Contribution to Society will commence the day's program schedule.

It will be followed by a Smart-Mining session, "Showcasing Technology & Innovation—Supporting Mining of the Future."

Two additional sessions – Highlighting Mining's Critical Role in a Low-Carbon Economy and Supporting the Region's Growth and Development and Country Briefings – will complement exhibition and networking opportunities.

The final day will highlight Saudi Arabia's role in a session entitled "Land of Opportunity – A Regional Powerhouse," along with sessions on "Global Investment Opportunities an Accessing Capital."

Deep-dive sessions, keynote fireside chats, and other animated inter-and intra-ministry discussions will follow.

The conference will be attended by Energy Minister Abdulaziz bin Salman, Foreign Minister Faisal bin Farhan, Minister of Environment Abdulrahman al-Fadley, Minister of Investment Khalid al-Falih, and Governor of the Saudi Public Investment Fund Yassir al-Rumayyan.

It will also be attended by dozens of confirmed speakers from the mining industry, leaders from multilateral global organizations such as the World Bank, International Council on Mining and Metals, and World Gold Council.



Employment Growth Drives Improvement in Saudi Private Sector in August

The PMI for Saudi Arabia rose from 54.4 in July to 54.8 in August. (SPA)
The PMI for Saudi Arabia rose from 54.4 in July to 54.8 in August. (SPA)
TT

Employment Growth Drives Improvement in Saudi Private Sector in August

The PMI for Saudi Arabia rose from 54.4 in July to 54.8 in August. (SPA)
The PMI for Saudi Arabia rose from 54.4 in July to 54.8 in August. (SPA)

The strong growth in employment—at some of the highest rates in a decade—along with increased purchasing activity and rising inventory levels, boosted the performance of Saudi Arabia’s non-oil private sector in August, according to the Purchasing Managers’ Index (PMI) released by Riyad Bank on Tuesday.

The index revealed that non-oil companies in Saudi Arabia significantly increased their activity levels midway through the third quarter, driven by rising new business inflows. Companies reported receiving orders from both new and existing clients, benefiting from increased government investment and strong growth in foreign sales.

However, overall growth momentum remained slower than recent trends, with the non-oil private sector output increasing at one of its weakest rates since early 2022.

As a result, companies reduced their selling prices for the second consecutive month in an effort to stimulate demand. Profit margins shrank, though less sharply than in July, largely due to a slowdown in rising purchasing costs.

The PMI for Saudi Arabia rose from 54.4 in July to 54.8 in August, marking the first improvement in non-oil private sector growth since February. However, the index remained at one of its lowest levels since early 2022 and below its long-term average of 56.9 points.

Naif Al-Ghaith, Senior Economist at Riyad Bank, commented: “Saudi Arabia’s non-oil sector continues to demonstrate economic resilience, underscored by a robust 4.4% increase in non-oil GDP in Q2 2024, reflecting the ongoing success of the kingdom’s diversification efforts.”

He added: “Employment growth has been a key driver of this momentum in August, signaling those businesses are increasingly confident in their expansion plans. The uptick in new orders illustrates the sector’s capacity to meet growing market needs. These positive indicators, coupled with a significant rise in future output expectations, highlight strong business optimism within the private sector.”