Saudi Maaden Nears Completion of First Phase of ‘Phosphate 3’

Saudi Arabia nears completion of the first project of the expansion of phosphate production. (Asharq Al-Awsat)
Saudi Arabia nears completion of the first project of the expansion of phosphate production. (Asharq Al-Awsat)
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Saudi Maaden Nears Completion of First Phase of ‘Phosphate 3’

Saudi Arabia nears completion of the first project of the expansion of phosphate production. (Asharq Al-Awsat)
Saudi Arabia nears completion of the first project of the expansion of phosphate production. (Asharq Al-Awsat)

The Saudi Arabian Mining Company (Maaden) has completed utilities commissioning on a $900 million ammonia plant in Ras al-Khair industrial City.

Construction completion is expected in the fourth quarter of 2021.

The ammonia plant is the first project in the $6.4 billion “Phosphate 3” expansion to Maaden’s phosphate fertilizer portfolio. It encompasses the full mine-to-market development process of phosphate fertilizers.

Maaden CEO Abdulaziz al-Harbi said described the project as a “tremendous milestone” for the company’s phosphate portfolio.

“The ammonia plant expansion will add over one million tons ammonia production to reach 3.3 million tons, making Maaden one of the largest ammonia producers east of the Suez Canal.”

The Phosphate 3 expansion will add three million tons of phosphate fertilizer production capacity to Maaden’s portfolio, bringing that to a total production capacity of more than 9 million tons.

The plan will put Maaden among one of the top three global phosphate fertilizer producers and Saudi Arabia the second largest phosphate fertilizer exporter worldwide.

Harbi asserted that Maaden has been moving ahead with the construction during the COVID-19 pandemic and thanks to the dedication of its team and partners, construction has been completed for the utility section and pre-commissioning activities started.

“Safety has remained a priority for us throughout the project and I am pleased to say that over 4,000 employees invested 14 million+ safe man-hours to deliver the construction on the Ammonia 3 project over 32 months,” Harbi added.

Maaden began commercial production of fertilizers in 2011 and has since become one of the top three largest producers of phosphate fertilizers globally, catering to the biggest fertilizer markets and meeting the food requirements of hundreds of millions of people.

It is committed to empowering farmers by providing high-quality products that improve crop quality and yield and supporting Saudi Arabia’s contribution to achieving global food security in line with the UN’s Sustainable Development Goals (SDG).

Maaden’s mine-to-market phosphate business consists of three mega projects: Waad al-Shamal which is the center of the Saudi phosphate industry; Ras al-Khair, a phosphate and bauxite processing superhub; and Phosphate 3.

In 2019, Maaden expanded its phosphate business in sub-Saharan Africa through the acquisition of fertilizer distribution company Meridian Group, enabling faster and better service for local customers in Africa.

In line with Maaden’s sustainability commitment, phosphate operations at Ras al-Khair Industrial City draw all its process water from one of the world’s largest desalination plants and utilize a natural engineered wastewater treatment (NEWT) system.

Between 60 to 80 percent of the treated water gets reused as process water and the rest for local landscape irrigation.

Separately, GE Renewable Energy’s Grid Solutions has won a deal from Doosan Heavy Industries and Construction to build a turnkey substation that will power the Yanbu-4 independent water producer (IWP) plant.

This is the first integrated, seawater reverse osmosis project in the Kingdom that uses clean energy and will be operational in 2023.

Yanbu-4 will have a capacity of 450,000 cubic meters per day of fresh water to be supplied to households in Makkah and Madinah.

CEO of GE’s Grid Solutions for the Middle East, North Africa, and Turkey Bernard Dagher noted that Yanbu-4 project is a major milestone in the development of the Kingdom’s water infrastructure.

“As a renewable energy-driven project, it meets the vision of the Saudi leadership to promote environmental sustainability, while meeting the growing demand for freshwater supply in the cities of Makkah and Madinah.”

Dagher indicated that the new project confirms the company’s ability to be a trusted partner in the infrastructure growth of the Kingdom, including in the delivery of turnkey substations for desalination plants

Desalination has proven a viable alternative to meet Saudi Arabia’s potable water requirements

A report by the UN University states that Saudi Arabia is the world’s largest desalination market, accounting for 22 percent of global production.

Reverse osmosis is the primary desalination process whereby water is pushed under high pressure through fine membranes to produce potable water.

The process of desalination is power-intensive, and GE’s Grid Solutions supports plants through its technology solutions.



China to Boost Exports, Imports in 2026, Seeking ‘Sustainable’ Trade, Official Says

A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
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China to Boost Exports, Imports in 2026, Seeking ‘Sustainable’ Trade, Official Says

A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)

China plans to expand exports and imports next year as part of efforts to promote "sustainable" trade, a senior economic official said on Saturday, state broadcaster CCTV reported.

The trillion-dollar trade surplus posted by the world's second-largest economy is stirring tensions with Beijing's trade partners and drawing criticism from the International Monetary Fund and other observers who say its production-focused economic growth model is unsustainable.

"We must adhere to opening up, promote win-win cooperation across multiple sectors, expand exports while also increasing imports to drive sustainable development of foreign trade," Han Wenxiu, deputy director of the Central Financial and Economic Affairs Commission, told an economic conference.

China will encourage service exports in 2026, Han said, pledging measures to boost household incomes, raise basic pensions and remove "unreasonable" restrictions in the consumption sector.

He restated the government's call to rein in deflationary price wars, dubbed "involution", where firms engage in excessive, low-return rivalry that erodes profits.

The IMF this week urged Beijing to make the "brave choice" to curb exports and boost consumer demand.

"China is simply too big to generate much (more) growth from exports, and continuing to depend on export-led growth risks furthering global trade tensions," IMF Managing Director Kristalina Georgieva told a press conference on Wednesday.

Economists warn that the entrenched imbalance between production and consumption in the Chinese economy threatens its long-term growth for the sake of maintaining a high short-term pace.

Chinese leaders promised on Thursday to keep a "proactive" fiscal policy next year to spur both consumption and investment, with analysts expecting Beijing to target growth of around 5%.


UK Economy Unexpectedly Shrinks in October

People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
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UK Economy Unexpectedly Shrinks in October

People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)

Britain's economy unexpectedly contracted again in October, official data showed Friday, dealing a blow to the Labour government's hopes of reviving economic growth.

Gross domestic product fell 0.1 percent in October following a contraction of 0.1 percent in September, the Office for National Statistics said in a statement.

Analysts had forecast growth of 0.1 percent.

Manufacturing rebounded in the month as carmaker Jaguar Land Rover resumed operations after a cyberattack that had weighed on the UK economy in September, AFP reported.

But analysts noted that businesses and consumers reined in spending ahead of Britain's highly-expected annual budget.

"Business and consumers were braced for tax hikes and the endless speculation and leaks have once again put a brake on the UK economy," said Lindsay James, investment manager at Quilter.

Prime Minister Keir Starmer's Labour party raised taxes in last month's budget to slash state debt and fund public services.

At the same time, Britain's economic growth was downgraded from next year until the end of 2029, according to data released alongside the budget.

Finance Minister Rachel Reeves raised taxes on businesses in her inaugural budget last year -- a decision widely blamed for causing weak UK economic growth and rising unemployment.

She returned in November with fresh hikes, this time hitting workers.
Analysts said that Friday's data strengthened expectations that the Bank of England would cut interest rates next week.


Gold Hits Seven-week High on Safe-haven Demand; Silver Notches Peak

FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo
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Gold Hits Seven-week High on Safe-haven Demand; Silver Notches Peak

FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo

Gold prices rose to a seven-week high on Friday, bolstered by a soft dollar, expectations of interest rate cuts and safe-haven demand prompted by geopolitical turbulence, while silver hit a record high.

Spot gold rose 0.7% to $4,311.73 per ounce by 0945 GMT, its highest level since October 21, and set for a 2.7% weekly gain, Reuters reported.

US gold futures gained 0.7% to $4,343.50.

The dollar hovered near a two-month low, and was on track for a third straight weekly drop, making bullion more affordable for overseas buyers.

Additionally, "the sharp rise in US weekly jobless claims as well as US-Venezuela tensions are underpinning gold and keeping haven demand strong," said Zain Vawda, analyst at MarketPulse by OANDA.

US jobless claims rose by the most in nearly 4-1/2 years last week, reversing the sharp drop seen in the previous week.

The US Federal Reserve trimmed rates by 25 basis points for the third time this year on Wednesday, but indicated caution on additional cuts.

Investors are currently pricing in two rate cuts next year, and next week's US non-farm payrolls report could provide further clues on the Fed's future policy path.

Non-yielding assets such as gold tend to benefit in low-interest-rate environment.

On the geopolitical front, the US is preparing to intercept more ships transporting Venezuelan oil following the seizure of a tanker this week.

Meanwhile, India saw widening gold discounts this week as demand remained subdued despite the wedding season, while high spot prices also dented demand in China.

Spot silver rose 0.5% to $63.87 per ounce, after hitting a new record high of $64.32/oz, and is headed for a 9.5% weekly gain.

Prices have more than doubled this year, supported by strong industrial demand, dwindling inventories and its inclusion on the US critical minerals list.

"Silver is supported by industrial demand amid fears of shortages, a continued tight market, and the speculative frenzy, mostly from retail investors which has helped drive inflows to Silver ETFs," said Ole Hansen, head of commodity strategy at Saxo Bank.

Elsewhere, platinum was up 0.8% at $1,708.11, while palladium climbed 2.2% to $1,516.95. Both were headed for a weekly rise.