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)
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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.



Oil Prices Fall on Easing Fears Over Saudi Supply Disruption

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
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Oil Prices Fall on Easing Fears Over Saudi Supply Disruption

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo

Oil prices fell 2% on Friday, extending losses for a third straight session as easing concerns over Saudi supply disruptions outweighed anxiety about a widening of conflict across the Middle East.

Brent crude futures fell by $2.14, or 2%, to $102.68 a barrel by 0806 GMT. US West Texas Intermediate futures fell $1.83, or 1.8%, to $100.08, Reuters reported.

Benchmark Brent prices are on track for their first weekly loss in three.

Prices climbed to close to four-month highs earlier in the week after sources said crude loadings ⁠at Saudi Arabia's Red Sea export hub of Yanbu had been suspended and Riyadh cancelled some deliveries to Europe after its East-West pipeline was damaged in an attack last week.

However, prices have cooled since on reports that Saudi Arabia was seeking to restore about half the capacity of its East-West oil pipeline within days.

Saudi Arabia has sold about 60 million barrels of crude from its Gulf port of Ras Tanura inside the Strait of Hormuz for loading via ship-to-ship transfer at the Omani port of Sohar this month and next, multiple trade sources said on Friday.

The rebound in Saudi Aramco's exports from inside the Gulf to between 1 million to 1.5 million barrels per day on average, similar to or slightly higher than August's levels, has cooled global oil prices as it could make up for some of the ⁠volume lost at its port of Yanbu.

Chinese and South Korean refiners are among the top buyers of the spot supplies, while some volumes will be going to India and Japan, said the sources, who spoke on condition of anonymity.

"Recent efforts ‌to restore Saudi export capacity have reduced some of the immediate supply ‌anxiety," said Priyanka Sachdeva, head of market insights at Phillip Nova.


ECB's Lagarde Keeps Door Open to Early Exit

European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)
European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)
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ECB's Lagarde Keeps Door Open to Early Exit

European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)
European Central Bank (ECB) President Christine Lagarde addresses a press conference after a meeting of the Governing Council of the European Central Bank (ECB) in Berlin on September 10, 2026. (Photo by John MACDOUGALL / AFP)

European Central Bank President Christine Lagarde on Friday kept the door open to leaving her post early, replying "we'll see" when asked if she would remain in the position until her term ends ‌in October 2027.

"I ‌leave in ‌2027," ⁠Lagarde told Irish ⁠national broadcaster RTE in response to a question on rumors of her early resignation that have persisted for most ⁠of this year.

When asked ‌if ‌that meant October 2027, ‌Lagarde replied: "We'll see."

"What I ‌can tell you at this point is that whatever the time, it will be ‌handled in the most professional way as ⁠it should ⁠be," she added.

Sources told Reuters this week that France would back Dutchman Klaas Knot to succeed Lagarde as part of a bargain in which a French candidate would be picked for chief economist.


5 Countries Want Smaller Growth of Next EU Budget, Spain Offers Ideas

FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo
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5 Countries Want Smaller Growth of Next EU Budget, Spain Offers Ideas

FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium April 29, 2026. REUTERS/Yves Herman/File Photo

Germany, Denmark, Finland, the Netherlands and Austria said on Friday the European Union's budget for 2028-2034 must be "several hundred billion euros" smaller than the €2 trillion proposed by the European Commission, drawing battle lines before EU budget talks come to a head in the next three months.

The leaders of the five countries, among the biggest net contributors to the budget, wrote in a joint op-ed in Politico that EU taxpayers ⁠cannot keep paying ⁠more to pay for both old and new priorities.

"It (the budget) is too focused on subsidies and transfers allocated largely in advance, leaving too little room for what Europe urgently needs: common investment in security and defense, competitiveness, innovation, and the fight against irregular migration," the five leaders said.

Net beneficiaries of the EU budget are concerned that ⁠would reduce EU funds for farmers and for equalizing standards of living between the poorer and richer regions of Europe -- a major political concern before parliamentary elections next year in France, Italy, Spain, Poland, Greece, Finland, Slovakia and Estonia.

The European Commission has proposed the budget should amount to €2 trillion or 1.26% of EU Gross National Income (GNI), of which some 168 billion, or 0.11% of GNI, is to service the EU's borrowing for the post-pandemic recovery fund. The five leaders called the proposed nominal increase of around 60% over the 2021-2027 budget "simply not ⁠realistic."

"This is ⁠why we call for a balanced cut to the Commission’s proposal of several hundred billion euros," Reuters quoted them as saying.

To help find a solution, Spain proposed to change the repayment schedule of part of the EU post-pandemic borrowing, linking it to economic growth and spreading it out over a longer period. This, according to Spanish Economy Minister Carlos Cuerpo, would free up some €70 billion.

"An annual payment of about 0.06% of EU GDP would retire the debt by 2058, the deadline agreed by member states," Cuerpo said.

EU governments will discuss the next EU budget at summits in October, November and December in an effort to get a deal before the end of the year.