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Saudi Arabia Announces 8 Contenders for Khnaiguiyah Mines

Officials from the Saudi Ministry of Industry and Mineral Resources at a mine. (Saudi Ministry of Industry and Mineral Resources)
Officials from the Saudi Ministry of Industry and Mineral Resources at a mine. (Saudi Ministry of Industry and Mineral Resources)
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Saudi Arabia Announces 8 Contenders for Khnaiguiyah Mines

Officials from the Saudi Ministry of Industry and Mineral Resources at a mine. (Saudi Ministry of Industry and Mineral Resources)
Officials from the Saudi Ministry of Industry and Mineral Resources at a mine. (Saudi Ministry of Industry and Mineral Resources)

Eight local and international companies have qualified to compete for a license to detect metals at the al-Khnaiguiyah mining site in Riyadh.

The Saudi Ministry of Industry and Mineral Resources announced the list of qualified contenders from the pre-qualification stage for obtaining a metal detection license seeking to transform the mining sector into the third pillar of the national industries.

The ministry had announced the launch of the licensing round of the Khnaigiuyah exploration license at the beginning of this year, based on a new mining investment system, which represents a significant launch for the journey of exploiting the Kingdom's vast mineral resources.

The Khnaigiuyah deposit is the largest exploration site in the Kingdom, covering an area of more than 350 square kilometers. It has vast mining potential, with approximately 25 million tons of ore at 4.11 percent of zinc and 0.56 percent of copper.

The ministry listed in a press statement the qualified companies as follows: Essel Mining & Industries Limited, Alara Saudi Ventures, Ivanhoe Electric Inc, Saudi Arabian Mining Company (Maaden), Vedanta Limited, al-Masane Al Kobra Mining Company (AMAK), and Moxico Resources, and Norin Mining Company.

The ministry explained that the list of bidders marks the end of the first stage of the licensing round process.

Qualified bidders will receive the information memorandum, which sets out the requirements for qualified bidders to submit their best proposals for the site.

Qualified bidders are given two months to complete and submit their proposals.

Proposal submissions will be assessed based on several criteria, including technical and commercial terms and financial, social, and environmental management plans.

Qualified bidders can access the data room, which will be updated shortly with further documentation of an independent technical report and additional data relating to the site, such as a complete land survey and a social study conducted for the site.

The ministry confirmed that the local communities near the site are a top priority due to the Kingdom's commitment to environmental and social sustainability standards.

It called on the companies submitting their offers to confirm their serious commitment to these standards.

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Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia's non-oil exports reached an unprecedented SAR515 billion in 2024, marking the highest value in the Kingdom's history. This achievement represents a significant 13% increase compared to the previous year and an impressive growth of over 113% since the launch of Vision 2030.

The robust growth spanned all export sectors. Merchandise exports climbed to SAR217 billion (+4%), fueled by respective increases of 2% and 9% in petrochemical and non-petrochemical exports, reported the Saudi Press Agency on Saturday.

Re-exports surged to SAR90 billion, demonstrating a remarkable 205% growth since the inception of Vision 2030. Services exports also reached an all-time high of SAR207 billion, exhibiting a 14% year-on-year increase and a substantial 220% rise since Vision 2030's announcement.

Saudi Export Development Authority CEO Abdulrahman Althukair attributed this historic non-oil export performance to the Kingdom's sustained efforts in economic diversification and enhancing the competitiveness of national products.

He highlighted the authority's commitment to facilitating national companies' access to new markets and bolstering their export capabilities through comprehensive programs encompassing training, empowerment, promotion, and advisory services. This aligns with Vision 2030's goals to establish a thriving economy where non-oil exports are a key driver of sustainable growth.

In 2024, petrochemical commodity exports amounted to SAR149 billion, constituting 68% of total commodity exports, and registered a 2% increase in value and weight compared to the previous year.

Non-petrochemical commodity exports achieved a remarkable SAR69 billion (32% of total commodity exports), the highest value in recent years. This included record export figures for over 205 Saudi products, such as food and dairy products, minerals, and building materials. Fertilizer exports also demonstrated exceptional growth, with product weight reaching a historic peak in 2024, increasing by 5% year-on-year, and more than fivefold in value since the launch of Vision 2030.

The Kingdom's re-export sector also delivered a historic performance in 2024, reaching SAR90 billion, a 205% increase compared to 2016, a 42% rise year-on-year, and a 114% increase compared to 2019. This was primarily driven by the re-export of mobile phones, which reached a record value of SAR25 billion, more than doubling their 2023 value. The operation of the integrated logistics zone at King Khalid International Airport played a significant role in this remarkable growth by enhancing supply chain efficiency and facilitating re-export operations.

Machinery, automated devices, transportation equipment, and parts thereof constituted 84% of total re-exports in 2024. Re-exports of aircraft parts also experienced substantial growth, increasing from SAR1.6 billion in 2022 to over SAR2 billion in 2024.

In 2024, the Kingdom exported goods, re-exports, and services to over 180 countries, with 37 countries registering record import values, including the UAE, Bahrain, Iraq, Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries, such as Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria, also achieved record import volumes.

Services exports reached a record SAR207 billion in 2024, marking a 14% year-on-year increase and a 220% rise since 2016. The travel and tourism sector was a key driver, increasing by 270% since 2016. In 2024, Saudi Arabia welcomed approximately 30 million international tourists, contributing to a 150% increase in travel exports compared to 2019, representing 74% of total service exports.

The Kingdom also recorded a 69% increase in international tourist numbers compared to pre-pandemic levels and a 148% increase in tourism revenues compared to 2019. Saudi Arabia led the G20 in tourist number growth, with a 73% growth rate during the first seven months of 2024 compared to the same period in 2019. The transportation sector contributed 12% of total service exports, achieving a 5% year-on-year growth.