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NEOM CEO Reveals Digital Endeavors in Transforming Mining into a Clean Industry

A view of a panel discussion at the Future Minerals Forum held in Riyadh on Thursday. (Asharq Al-Awsat)
A view of a panel discussion at the Future Minerals Forum held in Riyadh on Thursday. (Asharq Al-Awsat)
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NEOM CEO Reveals Digital Endeavors in Transforming Mining into a Clean Industry

A view of a panel discussion at the Future Minerals Forum held in Riyadh on Thursday. (Asharq Al-Awsat)
A view of a panel discussion at the Future Minerals Forum held in Riyadh on Thursday. (Asharq Al-Awsat)

The Saudi Authority for Industrial Cities and Technology Zones (Modon) revealed that more than 1,290 factories are now producing mineral products in Saudi industrial cities.

CEO of the NEOM project, Nadhmi Al-Nasr confirmed that the megacity being built on Saudi Arabia’s northwest Red Sea coast had achieved tremendous digital achievements that have transformed mining, making it ready to be a clean industry.

Speaking at the Future Minerals Forum in Riyadh on Thursday, Nadhmi Al-Nasr said that the $500 billion project is starting with “no legacy” when it comes to excavations, but has ambitions to bring “technology and innovation” to the sector.

He acknowledged that mining has a bad reputation, saying: “No matter what we do, mining perception is not good enough yet.”

Al-Nasr added: “We are digging into technology and innovation and the call for how can we bring aboard a green full chain mining from the mining field all the way to export and in-between industry.”

He went on to argue that “it is time for the mining industry to compete with the oil industry” as he called for the sector to move to “the next era.”

“Oil has made the big move to move to the next generation we need the same in the mining sector,” said Al-Nasr.

NEOM will be powered entirely by clean energy and will cover 10,000 square miles, an area 33 times the size of New York.

In other news, Modon said that the number of factories of mineral products at its industrial cities increased to more than 1,290 by the end of 2020.

The remarks were made on the sidelines of Modon’s participation in the Future Minerals Forum.

Modon reviewed the structure of mineral industries in the industrial cities, and the services and products that contribute to enhancing the role of the private sector in the economic development.

Modon CEO Eng. Khalid Al-Salem said the industrial cities that Modon supervises boast an advanced service system, and stimulating operational and procedural elements that made them an incubating environment for local and international investments of added value, as part of its strategy to empower industry and contribute to increasing the local content in line with the Saudi Vision 2030.

Al-Salem noted that the western sector, which includes 15 industrial cities, is the biggest host of mineral products factories with a total of 487 factories, including 168 factories for non-metals and 319 factories for molded minerals except machinery and equipment.

He added that the second biggest host is the central sector with 12 industrial cities that boast a total of 446 factories, including 189 for non-metals and 257 factories for molded minerals except machinery and equipment.

The third biggest host is the eastern sector with nine industrial cities that boast a total of 364 factories, including 96 for non-metals and 268 factories for molded minerals except machinery and equipment.

Al-Salem noted that the increased turnout of investment in the industrial cities is attributed to Modon’s integration with the structure of industry and mineral resources and the public and private sectors to create a comprehensive industrial community that keeps pace with the sustainable development requirements in the Kingdom.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.