Arab, Foreign Ministers Stress Importance of Roadmap for Future of Global Mining

Arab and international ministerial meetings on mineral wealth and mining are hosted in Riyadh in conjunction with the launch of the Future Minerals Forum on Wednesday. (Asharq Al-Awsat)
Arab and international ministerial meetings on mineral wealth and mining are hosted in Riyadh in conjunction with the launch of the Future Minerals Forum on Wednesday. (Asharq Al-Awsat)
TT

Arab, Foreign Ministers Stress Importance of Roadmap for Future of Global Mining

Arab and international ministerial meetings on mineral wealth and mining are hosted in Riyadh in conjunction with the launch of the Future Minerals Forum on Wednesday. (Asharq Al-Awsat)
Arab and international ministerial meetings on mineral wealth and mining are hosted in Riyadh in conjunction with the launch of the Future Minerals Forum on Wednesday. (Asharq Al-Awsat)

As Riyadh is hosting this Wednesday the Future Minerals Forum, under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz, Arab and foreign ministers underlined the importance of adopting a roadmap based on major axes, to maximize the benefits of the mining sector and supply chains, with the aim to achieve economic prosperity.

This came during the 8th Consultative Meeting of Arab Ministers for Mineral Resources, which was organized on Tuesday by the Saudi ministry of industry and mineral resources and the Arab Industrial Development, Standardization and Mining Organization (AIDSMO), with the participation of 25 heads of delegations and officials, representing more than 30 Arab and foreign countries.

Ministers and Delegations

Participants at the meeting called for strengthening cooperation and coordination between governments, their partners in the private sector and civil society, to work together to achieve sustainable, responsible and comprehensive mining development. They focused on the importance of minerals and metals in the equitable transition to a low-carbon energy future, and the role that each country in the region can assume in developing sustainable and responsible mining value chains.

Mining Challenges

The Arab and foreign ministers noted that the global mining sector was facing several challenges, as countries and mining companies continue to deal with the effects of the Covid-19 pandemic. They pointed that supply chains were recovering with increasing consumer demand, which is compounding the challenge of curbing global warming, in line with the 2015 Paris Agreement and the 2021 United Nations Climate Change Conference held in Glasgow.

In this context, the participants emphasized the region’s ability to help meet global mining needs in the future, thanks to its large reserves and resources.

Metal Sustainability

The participants also discussed challenges facing the future of sustainable minerals, stressing the importance of finding common ground for developing resilient mining supply chains.

They called for the adoption of a roadmap to promote the dialogue between stakeholders on the future of minerals, investment in mining, and cooperation across the region from Africa to Central Asia.

Ministers and participants noted that minerals and metals provide vital development opportunities to achieve a low-carbon economy through new technologies, including electric vehicles, battery storage, and renewable energy sources.

The demand for important minerals is accelerating and is expected to double in the coming decades, and such growth represents a historic opportunity for the region, they remarked.

Global Demand Growth

Addressing the meeting, the Saudi Minister of Industry and Mineral Resources Badr Al-Khorayef, emphasized the importance of developing the mining sector through the National Industrial Development and Logistics Services Program, to transform the Kingdom into a leading industrial power in this field.

In this regard, the minister pointed to the launch of a comprehensive strategy for the mining industries, which includes 42 initiatives that aim to raise the sector’s contribution to the domestic product and increase investment opportunities, in parallel with the launching of the new mining investment system and a dedicated electronic platform.

Al-Khorayef also revealed the start of the implementation of the General Geological Survey project, which extends over an area of 600,000 square kilometers in the Arab Shield region.

Meanwhile, investors told Asharq Al-Awsat that re-organizing the mining sector locally, in the region and the world, would constitute an opportunity to attract investments.

EV Metals Group Chairman Abdullah Busfar said that the ongoing Mining conference provided an opportunity to attract local and international investors.

“The obstacles facing the sector in our region center on the lack of culture and understanding of long-term investment in mining, in light of the absence of data and information on mineral reserves and quantities. This requires countries to make preliminary explorations and provide data to companies and investors in order to promote this industry.”

He stressed the need to facilitate and expedite the issuance of exploration licenses, in light of the current race to provide the minerals required for the clean energy industry, such as lithium and nickel.

Abdullah Al-Malehi, a Saudi investor, said that the Saudi private sector was engaging in the Kingdom’s mining industry, pointing in this regard to a number of Saudi businessmen and foreign companies which he said were about to launch major alliances in mega projects.

Al-Malehi explained that his company was finalizing the signing of projects with Saudi companies and international investment funds for investments in sites containing copper and zinc within the Kingdom, following a tender by the Ministry of Industry.

He also highlighted great opportunities in the field of exploration, extraction and the production of raw materials.

Al-Malehi added that his company, “Tamayuz” was planning to bring modern technologies and use artificial intelligence in the field of mining, while working on training Saudi skills, noting that the volume of investment in the sector in Saudi Arabia reached 28 billion riyals ($7.4 billion) in 2020.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
TT

Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
TT

India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
TT

Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.