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Saudi Arabia's Ma'aden Forms JV to Invest in Mining Assets Abroad 

Saudi Arabian Mining Co (Ma'aden) said it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. 
Saudi Arabian Mining Co (Ma'aden) said it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. 
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Saudi Arabia's Ma'aden Forms JV to Invest in Mining Assets Abroad 

Saudi Arabian Mining Co (Ma'aden) said it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. 
Saudi Arabian Mining Co (Ma'aden) said it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. 

Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, said on Wednesday it agreed to form a joint venture with the Kingdom's sovereign wealth fund to invest in mining assets globally. 

Ma'aden will own 51% in the venture while the Public Investment Fund (PIF) will own 49%, the company said in a regulatory filing. 

Ma'aden said the new venture's strategy "will initially be to invest in the iron ore, copper, nickel, and lithium sectors as a non-operating partner taking minority equity positions." 

In a separate statement, Ma'aden also said it agreed to acquire a 9.9% stake in American minerals exploration and development firm Ivanhoe Electric (IE), as well as form a separate joint venture with Ivanhoe to explore and develop mining projects in Saudi Arabia. 

The joint venture will provide Ma’aden with access to proprietary technology for conducting geophysical surveys to detect the presence of sulphide minerals containing copper, nickel, gold and silver, Ma'aden said. 

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Saudi Private Sector Exports Financed by Banks Grow 21.1%

The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
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Saudi Private Sector Exports Financed by Banks Grow 21.1%

The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)

The value of Saudi private sector exports financed by commercial banks through documentary credits (both settled and open) grew by 21.1% year-on-year, reaching SAR 40.4 billion ($10.8 billion) in the third quarter of 2024. This represents an increase of over SAR 7 billion ($1.9 billion) compared to SAR 33.3 billion ($8.9 billion) in the same period in 2023.

According to the Saudi Central Bank’s October statistical bulletin, the Gulf Cooperation Council (GCC) emerged as the leading importer by value, accounting for SAR 26 billion ($7 billion), which represents 64% of total exports. Arab countries followed, importing goods worth SAR 7.7 billion ($2 billion), or 19.1% of the total.

On a quarterly basis, exports financed through documentary credits grew by 35%, rising by more than SAR 10 billion ($2.7 billion) compared to SAR 30 billion ($8 billion) in the second quarter of this year.

The composition of exports showed that “other industrial products” accounted for 79% of the total value of documentary credits, amounting to SAR 31.9 billion ($8.5 billion). Exports of “chemical and plastic materials” made up 19% of the total, valued at SAR 7.6 billion ($2 billion), while “agricultural and livestock products” contributed 2.3%, exceeding SAR 911 million ($243 million).

The Saudi Central Bank’s October bulletin also highlighted a decline in total assets, which stood at SAR 1.8 trillion ($477 billion), down by SAR 80.3 billion ($21.4 billion) compared to September. However, on a year-on-year basis, total assets rose by SAR 27.5 billion ($7.3 billion) compared to October 2023.

The Central Bank’s investments in foreign securities increased by 3% in October, surpassing SAR 1 trillion ($266 billion), compared to SAR 986.8 billion ($262 billion) during the same period last year.

The total reserve assets of the Central Bank grew by 2.19% year-on-year, reaching SAR 1.63 trillion ($433.8 billion) by the end of October, compared to SAR 1.59 trillion ($423 billion) in October 2023. However, reserve assets dropped by 4.7% month-on-month, falling from SAR 1.71 trillion ($455 billion) in September.

Saudi Arabia’s reserve assets include investments in foreign securities, foreign currency deposits, reserves with the International Monetary Fund, Special Drawing Rights, and monetary gold.