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Saudi Arabia Prepares to Host One of Largest Int’l Mining Conferences

Saudi Arabia begins arrangements for holding the second Future Minerals Forum (FMF), which is expected to see the participation of 100 countries (Asharq Al-Awsat)
Saudi Arabia begins arrangements for holding the second Future Minerals Forum (FMF), which is expected to see the participation of 100 countries (Asharq Al-Awsat)
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Saudi Arabia Prepares to Host One of Largest Int’l Mining Conferences

Saudi Arabia begins arrangements for holding the second Future Minerals Forum (FMF), which is expected to see the participation of 100 countries (Asharq Al-Awsat)
Saudi Arabia begins arrangements for holding the second Future Minerals Forum (FMF), which is expected to see the participation of 100 countries (Asharq Al-Awsat)

Saudi Arabia's Ministry of Industry and Mineral Resources (MIM) has announced preparations for the second Future Minerals Forum (FMF), which will take place from January 10-12, 2023 at the King Abdulaziz International Conference Center in Riyadh.

The FMF will gather global mining industry leaders, including governments and business executives from around the world, under the theme of creating responsible and resilient minerals and metals supply and value chains in Africa, Western and Central Asia.

The 2023 edition is expected to welcome more than 13,000 participants, including government ministers, mining investment leaders and heads of major mining companies from more than 100 countries.

Saudi Deputy Minister for Mining Affairs Khalid Al-Mudaifer asserted that the mining sector can only be developed through international cooperation.

“That’s why we are gathering mining leaders to convene, discuss and explore the new metals and minerals hub emerging from Africa to Western and Central Asia,” he noted.

“The immense mineral resources in these regions are critical to supporting the socio-economic development of the region’s communities and the global circular carbon economy,” Al-Mudaifer added.

“The forum will provide investors and other international mining industry stakeholders with in-depth insights into the value propositions these regions hold.”

In other news, the MIM announced that the number of valid exploration licenses in the mining sector reached 550, distributed among 11 administrative regions across the Kingdom.

In a statement, the ministry said category (A) licenses came on top with 473 licenses, then category (B) with 58, and category (C) with 19.

The national companies that obtained licenses ranked first, accounting for 97% of the total, while the licenses granted to joint ventures between foreign and local companies dominated 3%.

The ministry received 1,039 exploration license applications until the end of August 2022, it added.

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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki

The International Monetary Fund said on Thursday that an escalation of the conflict in the Middle East could have significant economic ramifications for the region and the global economy, but commodity prices remain below the highs of the past year.

IMF spokesperson Julie Kozack told a regular news briefing that the Fund is closely monitoring the situation in southern Lebanon with "grave concern" and offered condolences for the loss of life.

"The potential for further escalation of the conflict heightens risks and uncertainty and could have significant economic ramifications for the region and beyond," Kozack said.

According to Reuters, she said it was too early to predict specific impacts on the global economy, but noted that economies in the region have already suffered greatly, especially in Gaza, where the civilian population "faces dire socioeconomic conditions, a humanitarian crisis and insufficient aid deliveries.

The IMF estimates that Gaza's GDP declined 86% in the first half of 2024, Kozack said, while the West Bank's first-half GDP likely declined 25%, with prospects of a further deterioration.

Israel's GDP contracted by about 20% in the fourth quarter of 2023 after the conflict began, and the country has seen only a partial recovery in the first half of 2024, she added.
The IMF will update its economic projections for all countries and the global economy later in October when the global lender and World Bank hold their fall meetings in Washington.
"In Lebanon, the recent intensification of the conflict is exacerbating the country's already fragile macroeconomic and social situation," Kozack said, referring to Israel's airstrikes on Hezbollah in Lebanon.
"The conflict has inflicted a heavy human toll on the country, and it has damaged physical infrastructure."
The main channels for the conflict to impact the global economy have been through higher commodity prices, including oil and grains, as well as increased shipping costs, as vessels avoid potential missile attacks by Yemen's Houthis on vessels in the Red Sea, Kozack said. But commodity prices are currently lower than their peaks in the past year.
"I just emphasize once again that we're closely monitoring the situation, and this is a situation of great concern and very high uncertainty," she added.
Lebanon in 2022 reached a staff-level agreement with the IMF on a potential loan program, but there has been insufficient progress on required reforms, Kozack said.
"We are prepared to engage with Lebanon on a possible financing program when the situation is appropriate to do so, but it would necessitate that the actions can be taken and decisive policy measures can be taken," Kozack added. "We are currently supporting Lebanon through capacity development assistance and other areas where possible."