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)
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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.



Saudi Energy Minister Discusses Market Stability with Iraqi, Libyan Counterparts

Saudi Energy Minister Prince Abdulaziz bin Salman meets with Iraq’s Minister of Oil Hayan Abdul Ghani. (SPA).
Saudi Energy Minister Prince Abdulaziz bin Salman meets with Iraq’s Minister of Oil Hayan Abdul Ghani. (SPA).
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Saudi Energy Minister Discusses Market Stability with Iraqi, Libyan Counterparts

Saudi Energy Minister Prince Abdulaziz bin Salman meets with Iraq’s Minister of Oil Hayan Abdul Ghani. (SPA).
Saudi Energy Minister Prince Abdulaziz bin Salman meets with Iraq’s Minister of Oil Hayan Abdul Ghani. (SPA).

As global oil markets anticipate the upcoming OPEC+ meeting next week, attention is focused on economic uncertainties, including weak economic data from China and US President Donald Trump’s calls for lower oil prices.

On Monday, Saudi Energy Minister Prince Abdulaziz bin Salman met with Iraqi Oil Minister Hayan Abdul Ghani and Libyan Oil and Gas Minister Khalifa Abdul Sadiq in Riyadh. Their discussions centered on boosting cooperation to stabilize global energy markets and serving the mutual interests of their countries.

The OPEC+ alliance, comprising OPEC members and non-OPEC allies like Russia, is scheduled to hold its Joint Ministerial Monitoring Committee (JMMC) meeting on February 3.

The meeting was held amid US President Donald Trump’s renewed pressure on OPEC to lower oil prices, arguing that such a move could help end the war in Ukraine. However, OPEC+ has already planned a gradual increase in oil production starting in April, signaling a phased rollback of earlier production cuts.

Saudi Arabia has consistently worked towards oil market stability, a commitment reaffirmed by Prince Abdulaziz. Similarly, Saudi Economy Minister Faisal Alibrahim, when asked about Trump’s remarks at the World Economic Forum in Davos, emphasized that Saudi Arabia and OPEC prioritize long-term market stability over short-term price fluctuations.

Prince Abdulaziz also held discussions with Egyptian Petroleum Minister Karim Badawi on enhancing energy cooperation, particularly in energy efficiency, with Saudi Arabia sharing its expertise in the field.

Oil prices saw modest gains on Tuesday, but remained near a two-week low, affected by weak Chinese economic data and forecasts of warmer weather dampening demand expectations. On Monday, Brent crude closed at its lowest level since January 9, while WTI hit its lowest since January 2.

China, the world’s largest crude importer, reported an unexpected contraction in manufacturing activity in January, raising concerns about slowing global oil demand. The latest US sanctions on Russian oil trade are also expected to disrupt China’s crude supply.

According to analysts at FGE, refineries in Shandong could lose up to 1 million barrels per day due to US restrictions on Russian oil tankers. While alternative crude sources are being explored, these come at significantly higher costs.

Oil price movements remain intertwined with broader financial market trends, including increased investor interest in DeepSeek, a Chinese company that recently launched a low-cost AI model, influencing overall market sentiment.