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.



CMA Chief: Trading Based on Algorithms Represents 25% of Transactions in Saudi Capital Market

 President of the Saudi Capital Market Authority (CMA) Mohammed Al-Kuwaiz (Asharq Al-Awsat)
President of the Saudi Capital Market Authority (CMA) Mohammed Al-Kuwaiz (Asharq Al-Awsat)
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CMA Chief: Trading Based on Algorithms Represents 25% of Transactions in Saudi Capital Market

 President of the Saudi Capital Market Authority (CMA) Mohammed Al-Kuwaiz (Asharq Al-Awsat)
President of the Saudi Capital Market Authority (CMA) Mohammed Al-Kuwaiz (Asharq Al-Awsat)

Mohammed Al-Kuwaiz, president of the Saudi Capital Market Authority (CMA), said that trading based on algorithms represents about 25% of the volume of transactions in the Saudi capital market, which confirms the importance of digitization.
Attending a dialogue session on the first day of the 24 Fintech Conference in Riyadh on Tuesday, he said that trading based on algorithms represents about 70% of global trading volumes, especially in developed markets.
Al-Kuwaiz said that “buy now, pay later” is an authorized field, and is the most desired among citizens, and it can be made easier to protect investors and customers.
“The financial sector was one of the first sectors to adopt digital transformation, as trade actually began in the 1970s before the launch of the Internet,” he said.
The CMA chief said that Saudi Arabia was one of the first countries to introduce digital trade in the 1990s, noting that this trade represents more than 90% of traded volumes at present.
“The financial services sector represents about 15% of global spending on information technology, which illustrates the focus of spending, its importance, and digitization in financial services,” he added.