Natural Resources in Saudi Arabia Exceed $1.3 Trillion

Saudi Energy Minister Khalid al-Falih during the “Bounties of our land” conference (Asharq Al-Awsat
Saudi Energy Minister Khalid al-Falih during the “Bounties of our land” conference (Asharq Al-Awsat
Saudi Energy Minister Khalid al-Falih during the “Bounties of our land” conference (Asharq Al-Awsat Saudi Energy Minister Khalid al-Falih during the “Bounties of our land” conference (Asharq Al-Awsat
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Natural Resources in Saudi Arabia Exceed $1.3 Trillion

Saudi Energy Minister Khalid al-Falih during the “Bounties of our land” conference (Asharq Al-Awsat
Saudi Energy Minister Khalid al-Falih during the “Bounties of our land” conference (Asharq Al-Awsat
Saudi Energy Minister Khalid al-Falih during the “Bounties of our land” conference (Asharq Al-Awsat Saudi Energy Minister Khalid al-Falih during the “Bounties of our land” conference (Asharq Al-Awsat

Preliminary estimates indicate that the total value of mineral resources in the Kingdom of Saudi Arabia exceeds $1.3 trillion, in addition to what can be achieved by transforming this wealth into value-added products, announced Saudi Energy Minister Khalid al-Falih.

Speaking at the inauguration of the 12th International Geological Conference on Sunday “Bounties of our land” in Jeddah, Falih discussed Saudi Arabia's progress in geosciences.

The conference has been organized by the Saudi Geological Survey (SGS) in cooperation with the Saudi Society for Geosciences. It was attended by the head of the SGS, Hussein al-Otaibi, and a number of local and international experts in geology.

The conference also discussed studies of earthquakes and volcanoes, ways of mitigating the damage caused by natural disasters and methods to reduce geological hazards, and studies in surveying and exploration of mineral resources.

“The strategy aims to increase the production of base metals and precious metals to 10 times the current production to put the Kingdom among the top 10 aluminum producers in the world," Falih indicated.

He said mineral wealth is very important in helping to achieve the goals set in Vision 2030. He also indicated that "Maaden" will be responsible for producing aluminum and phosphate, which will make Saudi Arabia the pioneer in renewable energy sources.

The minister said the SGS will organize and implement the comprehensive geological regional survey project over the next five years, adding that the results of the exploration will be placed in the national geological database.

Falih stressed Vision 2030 aims to make Saudi Arabia a global power in renewable energy, and the Kingdom has all the elements for success in that field.

“Our country is witnessing a giant transformation which requires doubling the size and diversity of the national economy, including the mining sector, to meet the increasing global and domestic demand for energy through the development and diversification of the energy mix, including traditional hydrocarbon sources as well as renewable energy sources and nuclear energy," concluded the minister.

Head of Metallophilical Department at SGS Zubin al-Harbi, confirmed there are several short and long-term plans for the exploitation of economically useful minerals, the pillar of mining in Saudi Arabia, and find local stable sources of minerals such as uranium, gold, copper, lead and zinc.

Speaking to Asharq Al-Awsat, Harbi pointed out there are several indicators confirming Saudi Arabia has minerals with reserves and self-sufficiency, which qualifies the country to reach the export stage.

He added that, based on the evidence carried out by the Survey Authority, Saudi Arabia possesses large quantities of metals, pointing out that what was has been discovered so far comprises 50 per cent of the acutal amount underground.

The conference was attended by local and international experts who discussed the scientific progress made by Saudi Arabia in the field of geology of the earth sciences, as well as a series of research and studies in the field of mineral resources exploration and studies, earthquakes, volcanoes, and methods to reduce geological hazards.



Türkiye's Central Bank Lifts 2026 Inflation Forecasts

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
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Türkiye's Central Bank Lifts 2026 Inflation Forecasts

Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas
Türkiye's Central Bank headquarters is seen in Ankara, Türkiye in this January 24, 2014 file photo. REUTERS/Umit Bektas

Türkiye's central bank on Thursday increased its estimates for inflation as officials try to rein in soaring price increases that have weighed on the economy for years.

The official inflation rate is now seen falling to between 15 and 21 percent by the end of this year, up from a previous forecast of 13 to 19 percent.

"We have increased our forecast range because of better visibility on certain risks," the central bank's governor Fatih Karahan said in a statement, without further detail, Reuters reported.

The forecast would still be a sharp decline from the annual inflation rate of 30.7 percent in January, following years of interest rate hikes in a bid to slow runaway price increases.

However, the official figures are disputed by ENAG, a group of independent economists that publishes its own data every month, with the organisation saying year-on-year inflation stood at 53.4 percent in January.

Türkiye has experienced double-digit inflation since 2019, making life increasingly more expensive for millions of people, after President Recep Tayyip Erdogan ordered interest rate cuts in a bid to spur growth.

The cuts sent the lira plunging on currency markets, further fuelling inflation and leading Erdogan to reverse his unorthodox policy in 2023.

But in January the central bank cut its benchmark interest rate to 37 percent, citing a continued slowing of price increases.

 

 

 

 


Mawani Reports 2.01% Increase in Container Throughput for January 2026

Mawani Reports 2.01% Increase in Container Throughput for January 2026
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Mawani Reports 2.01% Increase in Container Throughput for January 2026

Mawani Reports 2.01% Increase in Container Throughput for January 2026

Ports overseen by the Saudi Ports Authority (Mawani) reported a 2.01% increase in container handling for January 2026, totaling 738,111 TEUs, up from 723,571 TEUs in January 2025. Transshipment containers rose significantly by 22.44%, reaching 184,019 TEUs compared to 150,295 TEUs the previous year.

However, the number of imported containers decreased by 3.23% to 284,375 TEUs, and exported containers dropped by 3.47% to 269,717 TEUs year-over-year, SPA reported.

Passenger numbers surged by 42.27%, totaling 143,566 passengers compared to 100,909 last year. Vehicle volumes increased by 3.31% to 109,097, and the ports received 886,908 heads of livestock, a 49.86% increase from the same period in 2025.

In terms of cargo tonnage, liquid bulk cargo rose by 0.28% to 14,102,495 tons, general cargo totaled 839,987 tons, and solid bulk cargo reached 4,263,168 tons. The total tonnage handled was 19,205,650 tons, reflecting a 3.04% decrease from the previous year. Vessel traffic recorded 1,121 ships, a slight decrease of 1.75%.

This increase in container throughput supports trade, stimulates the maritime transport industry, and enhances supply chains and food security. These achievements align with the National Transport and Logistics Strategy, reinforcing Saudi Arabia's position as a global logistics hub.

In 2025, Mawani ports achieved a 10.58% increase in total handled containers, reaching 8,317,235 TEUs, while transshipment containers for the year rose by 11.78% to 1,927,348 TEUs.


Oil Prices Edge Lower as IEA Reduces Demand Forecast

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
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Oil Prices Edge Lower as IEA Reduces Demand Forecast

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo

Oil prices slipped on Thursday as investors weighed the International Energy Agency's lowering of its global oil demand forecast for 2026 against potential escalation of US-Iran tensions.

Brent crude oil futures were down 19 cents, or 0.27%, at $69.21 a barrel by 1232 GMT. US West Texas Intermediate crude fell 8 cents, or 0.12%, to $64.55.

Global oil demand will rise more slowly than previously expected this year, the IEA said on Thursday while projecting a sizeable surplus despite outages that cut supply in January.

The Brent and WTI benchmarks reversed gains to turn negative after the IEA's monthly report, having derived support earlier from concerns over the US-Iran backdrop.

US President Donald Trump said after talks with Israeli Prime Minister Benjamin Netanyahu on Wednesday that they had yet to reach a definitive agreement on how to move forward with Iran but that negotiations with Tehran would continue.

Trump had said on Tuesday that he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran. The date and venue of the next round of talks have yet to be announced.

A hefty build in US crude inventories had capped the early price gains. US crude inventories rose by 8.5 million barrels to 428.8 million barrels last week, the Energy Information Administration said, far exceeding the 793,000 increase expected by analysts in a Reuters poll.

US refinery utilization rates dropped by 1.1 percentage points in the week to 89.4%, EIA data showed.

On the supply side, Russia's seaborne oil products exports in January rose by 0.7% from December to 9.12 million metric tons on high fuel output and a seasonal drop in domestic demand, data from industry sources and Reuters calculations showed.