10 Alliances Seek Offshore Mining Opportunities in Saudi Arabia

Attendees as the launch of the Innovation Driven Desalination Conference in Jeddah on Monday. (Asharq Al-Awsat)
Attendees as the launch of the Innovation Driven Desalination Conference in Jeddah on Monday. (Asharq Al-Awsat)
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10 Alliances Seek Offshore Mining Opportunities in Saudi Arabia

Attendees as the launch of the Innovation Driven Desalination Conference in Jeddah on Monday. (Asharq Al-Awsat)
Attendees as the launch of the Innovation Driven Desalination Conference in Jeddah on Monday. (Asharq Al-Awsat)

Ten alliances are interested in mining the seas to extract sodium fluoride, minerals, and salts of the reverse water, announced the Governor of the Saline Water Conversion Corporation (SWCC), Abdullah al-Abdul-Karim.

Speaking to Asharq Al-Awsat on the sidelines of the Innovation Driven Desalination conference in Jeddah, al-Abdul-Karim said that the SWCC is in talks with these alliances that intend to enter the market in July.

He explained that the Corporation presents many opportunities, including locally producing reverse osmosis membranes with advanced specifications that reduce energy consumption and increase efficiency.

Al-Abdul-Karim stressed that authorities are exerting efforts to ensure water desalination is crucial in increasing the local economic output and local content and reducing the cost of desalinated water production inside and outside the Kingdom.

The Governor added that the Corporation is cooperating with the US Energy Agency in extracting lithium from reverse seawater. Lithium is a crucial element in energy storage, and the world is moving towards energy storage and batteries.

All the industries offered by the Corporation need "innovative minds and bold investors" and tenders are available now, said al-Abdul-Karim, adding: "We are dealing with more than ten local and global alliances to work and implement these initiatives."

Saudi Arabia "is on the verge of many developmental and giant projects that the next stage requires, led by the government of the Custodian of the Two Holy Mosques, and Crown Prince Mohammad bin Salman."

The Governor stated that the Kingdom must maintain its leading position, indicating that Saudi Arabia is a pioneer in desalination.

"Today, Saudi Arabia is a pioneer in mining reverse water from the seas and maximizing the benefits in the industrial and health fields," he explained.

He added that the Corporation is aiming for the innovations to positively impact the environment, increase efficiency, and reduce costs.

"We will gradually increase the reduction of carbon emissions until we reach 34 million tons per year by 2024."

Upon completion, the systems will reduce state budgets and about SR8.8 billion worth of fuel used to produce water.

SWCC organized the Innovation Driven Desalination conference to explore the latest innovations and technologies in the water desalination industry with the participation of the International Desalination Association (IDA) and specialized companies.

Minister of Environment, Water, and Agriculture Engineer Abdul Rahman al-Fadhli discussed Monday many issues in the water sector and the mechanism for benefiting from innovations.

The conference is a global platform that brings together more than 120 experts, scientists, investors, and about 30 leading organizations in water desalination.

It also provides a significant opportunity to discuss the latest achievements and innovations in the desalination industry, which will help design a roadmap for a more sustainable future for the global water sectors.

Secretary-General of the International Desalination Association (IDA) Shannon McCarthy and Director of Desalination Technologies Research Institute (DTRI) Ahmed al-Amoudi discussed during the opening session the importance of innovation and its role in developing the desalination industry and its technologies.

Secretary-General of the European Desalination Society (EDS) Miriam Balaban gave a presentation on the "Milestones of Innovation in Desalination," followed by a presentation by Bernard Koh, the Assistant CEO of the Singapore Public Utilities Board (PUB), on "Singapore's Journey in Desalination."

ACWA Power Executive Vice President Thomas Altmann and Dr. Seung-Hyun Kim presented several ideas and initiatives during the "Breaking Cost and Energy Barriers of Desalination."

Deputy Research Director at the National Center for Artificial Intelligence (NCAI) at the Saudi Data and Artificial Intelligence Authority (SDAIA) Abdulrahman Habib gave a presentation on "Innovation: Realizing the Future, Today."

The participants underscored the importance of shaping the future of the desalination industry to meet the needs of the global municipal and industrial sectors by enabling innovation and advanced sciences.



Trump Warns EU of Tariffs over Canada's Potential Associate Membership

President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)
President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)
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Trump Warns EU of Tariffs over Canada's Potential Associate Membership

President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)
President Donald Trump speaks to reporters at Charlotte Douglas International Airport, Wednesday, Sept. 16, 2026, in Charlotte, N.C. (AP Photo/Alex Brandon)

US President Donald Trump has threatened to take action against the EU if it moved forward with European Commission President Ursula von der Leyen's proposal to make Canada the bloc's first associate member.

"If they do that, if I think it's at all ⁠a hostile act, ⁠I will put very serious tariffs or stop trading with Europe on many things," Trump told reporters en route to ⁠an event in North Carolina, calling the proposal "laughable."

"And so, if they do that, if Europe does that with a bad intention, if it's a good intention, that's fine. If it's a bad intention, we'll put very heavy tariffs ⁠on ⁠Europe."

Von der Leyen announced the proposal on Wednesday during her annual State of the Union speech, attended by Canadian Prime Minister Mick Carney, as she sought to deepen ties among allies in what she called "an openly hostile world.”


Riyadh Global Medical Biotechnology Summit Concludes with Agreements Exceeding SAR5 Billion

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
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Riyadh Global Medical Biotechnology Summit Concludes with Agreements Exceeding SAR5 Billion

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)
The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday. (SPA)

The fourth edition of the Riyadh Global Medical Biotechnology Summit 2026 concluded on Wednesday with more than 40 agreements, initiatives and announcements unveiled through partnerships, programs and projects with a combined estimated value exceeding SAR5 billion.

The initiatives aim to advance biotechnology localization and strengthen its healthcare and economic impact, the Saudi Press Agency said.

The summit drew delegations and experts from more than 57 countries and more than 200 speakers. The total number of visitors and registrants exceeded 15,000.

Its program included more than 80 sessions, along with seven high-level executive sessions, covering artificial intelligence, genomics, vaccines, biomanufacturing, advanced therapies, investment, and talent development.

The Life Sciences Innovation Forum attracted five specialized investment funds that expressed readiness to invest more than $120 million in promising opportunities and companies.

Meanwhile, the Next Generation Biotechnologist Forum focused on empowering early-career researchers and scientists.

The accompanying exhibition spanned more than 6,000 square meters and featured more than 120 sponsors and exhibitors, including international pavilions from Spain, China, Japan, Germany, the United States of America, and the Republic of Korea.


Goldman Sachs Sees October Fed Hike after Hawkish Signal

FILE PHOTO: The Federal Reserve building is set against a blue sky in Washington, US, May 1, 2020. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: The Federal Reserve building is set against a blue sky in Washington, US, May 1, 2020. REUTERS/Kevin Lamarque/File Photo
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Goldman Sachs Sees October Fed Hike after Hawkish Signal

FILE PHOTO: The Federal Reserve building is set against a blue sky in Washington, US, May 1, 2020. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: The Federal Reserve building is set against a blue sky in Washington, US, May 1, 2020. REUTERS/Kevin Lamarque/File Photo

Goldman Sachs now expects the Federal Reserve to raise interest rates by another quarter point in October, making it one of the first major Wall Street banks to forecast consecutive rate hikes following the US central bank's hawkish signal on Wednesday.

The call represents a reversal of Goldman's earlier view that the US Fed had completed its tightening cycle after September's quarter-point increase.

Goldman said the Fed's updated rate projections, which showed a strong ⁠majority of policymakers ⁠expecting at least one more increase this year, pointed to a "two-hike baseline" for 2026.

The brokerage said October was the most likely timing for the next move because policymakers framed further tightening as supporting "a timelier return" to the Fed's 2% inflation target.

The ⁠Fed earlier on Wednesday raised interest rates by 25 basis points to a 3.75%-4.00% range.

Goldman said the meeting was more hawkish than expected, citing policymakers' rate projections, an upward revision to the neutral interest rate and Chair Kevin Warsh's repeated description of the move as having only "removed a dose of accommodation."

Traders see roughly 50% odds of another quarter-point Fed rate hike in October, according to CME Group's ⁠FedWatch tool, ⁠up sharply after policymakers signaled further tightening could be needed.

Goldman's revised forecast leaves Bank of America Global Research as the only other major brokerage expecting a more aggressive tightening path, with BofA projecting rate hikes in October and December, Reuters reported.

Markets will also be watching policy decisions from the Bank of England, due later in the day, and the Bank of Japan on Friday for further clues on the global interest-rate outlook.