Arab, Foreign Ministers Stress Importance of Roadmap for Future of Global Mining

Arab and international ministerial meetings on mineral wealth and mining are hosted in Riyadh in conjunction with the launch of the Future Minerals Forum on Wednesday. (Asharq Al-Awsat)
Arab and international ministerial meetings on mineral wealth and mining are hosted in Riyadh in conjunction with the launch of the Future Minerals Forum on Wednesday. (Asharq Al-Awsat)
TT

Arab, Foreign Ministers Stress Importance of Roadmap for Future of Global Mining

Arab and international ministerial meetings on mineral wealth and mining are hosted in Riyadh in conjunction with the launch of the Future Minerals Forum on Wednesday. (Asharq Al-Awsat)
Arab and international ministerial meetings on mineral wealth and mining are hosted in Riyadh in conjunction with the launch of the Future Minerals Forum on Wednesday. (Asharq Al-Awsat)

As Riyadh is hosting this Wednesday the Future Minerals Forum, under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, Arab and foreign ministers underlined the importance of adopting a roadmap based on major axes, to maximize the benefits of the mining sector and supply chains, with the aim to achieve economic prosperity.

This came during the 8th Consultative Meeting of Arab Ministers for Mineral Resources, which was organized on Tuesday by the Saudi ministry of industry and mineral resources and the Arab Industrial Development, Standardization and Mining Organization (AIDSMO), with the participation of 25 heads of delegations and officials, representing more than 30 Arab and foreign countries.

Ministers and Delegations

Participants at the meeting called for strengthening cooperation and coordination between governments, their partners in the private sector and civil society, to work together to achieve sustainable, responsible and comprehensive mining development. They focused on the importance of minerals and metals in the equitable transition to a low-carbon energy future, and the role that each country in the region can assume in developing sustainable and responsible mining value chains.

Mining Challenges

The Arab and foreign ministers noted that the global mining sector was facing several challenges, as countries and mining companies continue to deal with the effects of the Covid-19 pandemic. They pointed that supply chains were recovering with increasing consumer demand, which is compounding the challenge of curbing global warming, in line with the 2015 Paris Agreement and the 2021 United Nations Climate Change Conference held in Glasgow.

In this context, the participants emphasized the region’s ability to help meet global mining needs in the future, thanks to its large reserves and resources.

Metal Sustainability

The participants also discussed challenges facing the future of sustainable minerals, stressing the importance of finding common ground for developing resilient mining supply chains.

They called for the adoption of a roadmap to promote the dialogue between stakeholders on the future of minerals, investment in mining, and cooperation across the region from Africa to Central Asia.

Ministers and participants noted that minerals and metals provide vital development opportunities to achieve a low-carbon economy through new technologies, including electric vehicles, battery storage, and renewable energy sources.

The demand for important minerals is accelerating and is expected to double in the coming decades, and such growth represents a historic opportunity for the region, they remarked.

Global Demand Growth

Addressing the meeting, the Saudi Minister of Industry and Mineral Resources Badr Al-Khorayef, emphasized the importance of developing the mining sector through the National Industrial Development and Logistics Services Program, to transform the Kingdom into a leading industrial power in this field.

In this regard, the minister pointed to the launch of a comprehensive strategy for the mining industries, which includes 42 initiatives that aim to raise the sector’s contribution to the domestic product and increase investment opportunities, in parallel with the launching of the new mining investment system and a dedicated electronic platform.

Al-Khorayef also revealed the start of the implementation of the General Geological Survey project, which extends over an area of 600,000 square kilometers in the Arab Shield region.

Meanwhile, investors told Asharq Al-Awsat that re-organizing the mining sector locally, in the region and the world, would constitute an opportunity to attract investments.

EV Metals Group Chairman Abdullah Busfar said that the ongoing Mining conference provided an opportunity to attract local and international investors.

“The obstacles facing the sector in our region center on the lack of culture and understanding of long-term investment in mining, in light of the absence of data and information on mineral reserves and quantities. This requires countries to make preliminary explorations and provide data to companies and investors in order to promote this industry.”

He stressed the need to facilitate and expedite the issuance of exploration licenses, in light of the current race to provide the minerals required for the clean energy industry, such as lithium and nickel.

Abdullah Al-Malehi, a Saudi investor, said that the Saudi private sector was engaging in the Kingdom’s mining industry, pointing in this regard to a number of Saudi businessmen and foreign companies which he said were about to launch major alliances in mega projects.

Al-Malehi explained that his company was finalizing the signing of projects with Saudi companies and international investment funds for investments in sites containing copper and zinc within the Kingdom, following a tender by the Ministry of Industry.

He also highlighted great opportunities in the field of exploration, extraction and the production of raw materials.

Al-Malehi added that his company, “Tamayuz” was planning to bring modern technologies and use artificial intelligence in the field of mining, while working on training Saudi skills, noting that the volume of investment in the sector in Saudi Arabia reached 28 billion riyals ($7.4 billion) in 2020.



Meta Buys China-founded AI Agent Manus

FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
TT

Meta Buys China-founded AI Agent Manus

FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo
FILE PHOTO: The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo/File Photo

Facebook owner Meta has agreed to acquire Manus, an artificial intelligence agent created by a company founded in China but now based in Singapore, the two firms said.

However, analysts warned the deal could fall foul of regulators at a time of fierce technological rivalry between Washington and Beijing.

Exceeding the capabilities of AI chatbots like ChatGPT, AI agents can autonomously perform complex tasks for users, and are seen as having huge potential.

Manus, created by startup Butterfly Effect, can for example sift through and summarize resumes or create a stock analysis website, according to its website.

Meta said Monday that the deal -- the financial details of which were not disclosed -- will "bring a leading agent to billions of people and unlock opportunities for businesses across our products".

"The era of AI that doesn't just talk, but acts, creates, and delivers, is only beginning," Manus chief executive Xiao Hong said on X.

"And now (with Meta), we get to build it at a scale we never could have imagined."

Meta CEO Mark Zuckerberg is making a huge push into AI, spending billions of dollars on acquisitions, hiring engineers and building data centers.

Bloomberg Intelligence analysts said the purchase is likely aimed at expanding Meta's AI agent task capabilities, and that it could be worth more than $2 billion.

However, "it could draw regulatory scrutiny given that Singapore-based Manus was founded in China", the analysts said.


Precious Metals Fall again, Asian Stocks Swing as Traders Wind Down

Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
TT

Precious Metals Fall again, Asian Stocks Swing as Traders Wind Down

Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File
Gold and silver prices have fallen from record highs this week. DAVID GRAY / AFP/File

Precious metals extended losses Tuesday on profit-taking after hitting recent records, while equities fluctuated in quiet trade as investors wound down ahead of the New Year break.

Traders were taking it easy in the last few days of 2025 following a stellar 12 months that have seen tech firms push several stock markets to all-time highs, while bitcoin, gold and silver have also enjoyed multiple peaks, said AFP.

Minutes from the Federal Reserve's most recent policy meeting -- at which it cut interest rates a third straight time -- are due to be released later in the day and will be scanned for an idea about whether a fourth can be expected in January.

The US central bank's monetary easing in the back end of this year has been a key driver of the markets' rally, compounding a surge in the tech sector on the back of the vast amounts of cash pumped into all things AI.

It has also helped offset recent worries about a possible tech bubble and warnings that traders might not see a return on their investments in artificial intelligence for some time.

Still, Asian markets have enjoyed a healthy year, with Seoul's Kospi piling on more than 75 percent and Tokyo's Nikkei 225 more than 25 percent -- both having hit records earlier in the year.

Still, both edged down Tuesday, with Shanghai, Sydney and Taipei also lower. Hong Kong, Singapore, Wellington and Jakarta rose.

The mixed performance followed losses for all three main indexes on Wall Street.

The big moves of late have been seen in precious metals, with gold hitting a record just shy of $4,550. Silver, meanwhile, topped out at $84 after soaring around 150 percent this year.

Investors have been piling into the commodities on bets for more US rate cuts, a weaker dollar and geopolitical tensions.

Silver has also been boosted by increased central bank purchases and supply concerns.

However, both metals have pulled back sharply this week on profit-taking, with gold now around $4,340 and silver at $73.50.

Oil dipped, having jumped more than two percent Monday when investors rowed back bets on peace talks to end Russia's war with Ukraine as a meeting between US President Donald Trump and Ukrainian counterpart Volodymyr Zelensky ended with little progress.

That surge followed Friday's similar-sized rally on optimism for a breakthrough to end the nearly four-year conflict.

An end to the war could see sanctions on Russian oil removed, which would see a huge fresh supply hit the market.

Bitcoin, which has tumbled since spiking above $126,000 in October, was stabilizing just below $90,000 after a shaky end to the year.


Quality of Life Program Center Launches 'Smart Cities' Report

The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
TT

Quality of Life Program Center Launches 'Smart Cities' Report

The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)
The Quality of Life Program Center has launched its new report on "Smart Cities". (SPA)

The Quality of Life Program Center has launched its new report on "Smart Cities," highlighting key global trends in the development of smart cities and their role in improving quality of life and enhancing urban sustainability.

This launch aims to promote human-centered cities and advance smart urban development, in line with Saudi Vision 2030 objectives, the Saudi Press Agency reported on Tuesday.

The report notes that smart cities are among the most important pillars of modern urban development, as they rely on the use of advanced technologies, data analytics, and the Internet of Things to improve service efficiency, enhance quality of life, and address growing urban challenges such as traffic congestion, pollution, and resource management.

It also reviews several global indicators demonstrating the ability of smart solutions to reduce emergency response times, improve educational outcomes, increase residents' satisfaction with public services, and reduce energy consumption and carbon emissions through smart grids and advanced transportation systems.

The report emphasizes that adopting smart city concepts constitutes a fundamental pillar for achieving sustainable urban development, improving quality of life, and building more resilient and prosperous communities, thereby enhancing the competitiveness of Saudi cities at the regional and global levels.