Al-Mudaifer: Saudi Arabia Attracting Foreign Investment to Explore Critical Minerals in the Region

Saudi Vice Minister for Mining Affairs Khalid Al-Mudaifer (Asharq Al-Awsat)
Saudi Vice Minister for Mining Affairs Khalid Al-Mudaifer (Asharq Al-Awsat)
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Al-Mudaifer: Saudi Arabia Attracting Foreign Investment to Explore Critical Minerals in the Region

Saudi Vice Minister for Mining Affairs Khalid Al-Mudaifer (Asharq Al-Awsat)
Saudi Vice Minister for Mining Affairs Khalid Al-Mudaifer (Asharq Al-Awsat)

Saudi Arabia is exerting efforts to drive foreign investments into the Kingdom and surrounding region for the purpose of exploring strategic and vital minerals used in renewable energy, Khalid Al-Mudaifer, Saudi vice minister for mining affairs, told Asharq Al-Awsat.

According to Al-Mudaifer, international reports confirm the world’s need for these minerals by 400%, and the region represents 50% of future mineral resources.

Saudi Arabia is going through the best times to develop its wealth in a sustainable manner and use high technologies to take advantage of the future of mining, noted Al-Mudaifer.

The vice minister pointed to the geological significance of the Kingdom and its surrounding region, revealing that they offer opportunities worth SAR 120 billion ($32 billion). Both local and foreign investors are working on those prospects.

About 16,000 new mine licenses with investments estimated at SAR 100 million ($26.6 million) have been issued, affirmed Al-Mudaifer.

Al-Mudaifer’s statements were made at a presser held to announce the details of the 2nd Future Minerals Forum in Riyadh.

Under the patronage of Custodian of the Two Holy Mosques King Salman, the 2nd Future Minerals Forum is scheduled to be held between Jan. 10-12, 2023 at the King Abdulaziz International Conference Center in Riyadh, with the participation of more than 200 speakers from across the world.

Al-Mudaifer revealed that there is a great demand from local and international consortia from the private sector for global auctions for exploration and development of mining in the Kingdom.

Moreover, Saudi Arabia has received many requests for exploration licenses from foreign companies.

This influx came because of the success of the first edition of Future Minerals Forum, asserted Al-Mudaifer.

Al-Mudaifer also stated that the Forum will talk about the emerging mining area, talk about how to build a sustainable mining industry, and learn about the enormous geological potential of targeted areas, pointing out that Saudi Arabia seeks to lead the contribution to the development of the distinguished mining zone extending between Africa and Central and Western Asia.



US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.