SIDF CEO: We Offer 75% Financing to Qualified Mining Projects

Saudi Industrial Development Fund (SIDF) CEO Ibrahim Almojel, Asharq Al-Awsat
Saudi Industrial Development Fund (SIDF) CEO Ibrahim Almojel, Asharq Al-Awsat
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SIDF CEO: We Offer 75% Financing to Qualified Mining Projects

Saudi Industrial Development Fund (SIDF) CEO Ibrahim Almojel, Asharq Al-Awsat
Saudi Industrial Development Fund (SIDF) CEO Ibrahim Almojel, Asharq Al-Awsat

Saudi Industrial Development Fund (SIDF) CEO Ibrahim Almojel revealed that the total value of loans approved by the Fund for the mining sector since the launch of Saudi Arabia’s national plan for transformation, Vision 2030, has exceeded SR4.8 billion ($1.28 billion).

Almojel confirmed that the Fund offers financing up to 75% of the mining projects that meet the relevant requirements.

Speaking to Asharq Al-Awsat, Almojel said that the mining sector is one of the most important investment pillars targeted in Vision 2030. This is due to Saudi Arabia’s untapped mineral resources and unique geographical location linking the three continents: Asia, Africa, and Europe.

The CEO added that the Fund finances the final stage of exploration operations, which include drilling and mining works, in addition to reinforcing support service companies, which contribute to raising the added value and sustainability of the mining sector in the country.

Almojel stressed that the strategy of the Fund in financing aims to achieve the development of the mining sector and increase its contribution to the non-oil GDP, increase job opportunities and contribute to increasing the flow of local and foreign investments in Saudi Arabia.

“The Fund supported the financing of above-ground mining projects for products such as zinc, copper, gold and gypsum,” said Almojel.

“In order to support the increasing demand and attract more investments, the Fund has recently financed exploration projects (under the surface of the earth), and this stage includes excavation and mine processing works,” he added.

Saudi Arabia plans to auction at least three mining licenses in 2022, including for the deposits in Khnaiguiyah. These deposits include an estimated 26 tons of copper and zinc, Saudi Mining Minister Bandar Al-Khorayef has told Reuters.

Saudi Arabia is seeking $170 billion in mining investment by 2030.



Saudi Arabia Assumes WTO General Council Presidency for 2025–2026

The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
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Saudi Arabia Assumes WTO General Council Presidency for 2025–2026

The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)
The General Council of the World Trade Organization (WTO) unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. (SPA)

The General Council of the World Trade Organization (WTO) has unanimously appointed Permanent Representative of Saudi Arabia to the WTO Saqer bin Abdullah Al-Moqbel as its president for the 2025–2026 term. In a historic milestone, Al-Moqbel becomes the first Arab and Middle Eastern delegate to assume this position, reported the Saudi Press Agency on Wednesday.

The WTO General Council, which convenes throughout the year, oversees the organization’s operations between ministerial conferences, held biennially. As the highest decision-making body at the level of heads of missions, the council plays a crucial role in shaping global trade policies.

During Saudi Arabia's presidency, the General Council is set to address several key issues, including preparations for the 14th Ministerial Conference, scheduled to be held in Cameroon in March 2026.

The agenda will also focus on essential WTO reforms, particularly the dispute settlement mechanism; advancing negotiations on the second phase of the Fisheries Subsidy Agreement; and addressing agriculture, food security, and development concerns.

Other priorities include integrating multilateral agreements, such as the Investment Facilitation for Development Agreement and the E-Commerce Agreement, into the WTO framework.

Commenting on the appointment, Al-Moqbel emphasized that Saudi Arabia’s leadership in the WTO General Council reflects its growing role in the international economic landscape, leveraging its global economic influence to strengthen multilateral trade cooperation.