Int'l Conference in Riyadh Upholds Roadmap to Support Smart Mining

The Future Minerals Forum concluded in Riyadh on Thursday. (Asharq Al-Awsat)
The Future Minerals Forum concluded in Riyadh on Thursday. (Asharq Al-Awsat)
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Int'l Conference in Riyadh Upholds Roadmap to Support Smart Mining

The Future Minerals Forum concluded in Riyadh on Thursday. (Asharq Al-Awsat)
The Future Minerals Forum concluded in Riyadh on Thursday. (Asharq Al-Awsat)

The Future Minerals Forum, which concluded in Riyadh on Thursday, stressed the importance of adopting a road map to support smart mining, while reducing the costs of green hydrogen and developing the use of hydrogen to reach a carbon-free mining sector.

Participants in the conference emphasized the role assumed by Saudi Arabia to promote the sector and its endeavor to transform the region into a global center to stimulate and maximize the added value of green minerals, as well as to encourage innovation and create carbon-free minerals.

Mining strategy

Prince Sultan bin Khalid, CEO of the Saudi Industrial Development Fund (SIDF), pointed to the Kingdom’s major investments in hydrogen and solar panel facilities, pointing that the mining strategy included many initiatives that encourage sustainability.

During his participation in a session entitled, Developing and Promoting Investment in Mineral Value Chains, Prince Sultan bin Khalid noted that mining was the third pillar of the Kingdom’s Vision 2030.

He revealed that since the launch of Vision 2030, the funding dedicated to this sector has been increased to reach SAR 10 billion ($2.7 billion).

New and updated mining legislation uses a transparent regulatory framework, based on appropriate sustainability and social impact principles, the CEO of SIDF said. He noted that since its establishment in 1974, the fund has played a pivotal role in industrial finance, and contributes to supporting many sectors, including mining, logistics and energy.

Job opportunities

Farah Ismail, Undersecretary of the Saudi Ministry of Economy and Planning for Sectoral and Regional Development Affairs, highlighted the growth of major opportunities in the Kingdom’s mining industry, expecting the sector to provide more than 250,000 jobs by 2030.

Ismail said that Saudi Arabia has developed an adequate regulatory and legislative framework and launched economic and social reforms to achieve its vision, in addition to reviewing the plan to align the sector integration with its investment strategy.

For his part, Eng. Saad Alkhalb, Executive Director of Saudi EXIM Bank, pointed to the opportunities provided by the Kingdom’s mining sector and emphasized the importance of strengthening partnerships with investors, suppliers, exporters and financial institutions.

Green energy

Experts and heads of international companies in the field of mining underlined on Thursday the power of hydrogen and green minerals, the importance of using clean energy in industry, and the need for concerted efforts for discovery and exploration, as well as human capital planning.

Moreover, the participants stressed the importance of promoting research and integration across industries to reach zero emissions by 2060, and activating the role of the private sector in this context.

The conference featured two sessions on hydrogen and alternative energy: the first was entitled, The Region as a Power for Hydrogen and Green Minerals…Integration of Alternative and Renewable Energies in the Value Chain, while the second session was entitled, Hydrogen and the Value Chain.

Roadmap
The first session called for the importance of adopting a roadmap to support smart mining, while the second discussed the analysis of the commercial feasibility of hydrogen applications, costs of green hydrogen, and means to use hydrogen to decarbonize the mining sector.

Participants in a dialogue session on Thursday shed light on the need to overcome challenges facing alternative and renewable energy and supply chains in light of the current crises and the Russian-Ukrainian war. They stressed the importance of offering new solutions to revitalize and develop carbon activities, while valuing the incentives and enablers provided by the Kingdom in direction.

Green minerals

In the session titled, The Region as a Powerhouse for Hydrogen and Green Minerals…Integration of Alternative and Renewable Energies in the Value Chain, the speakers noted that the market would allow the adoption of modern technologies and activate the role of the private sector, stressing the pivotal role of governments in accelerating initial experiments of new technologies.

Participants acknowledged the importance of Saudi initiatives and their role in facilitating the mining process, in accordance with the Kingdom’s Vision 2030, starting with hydrogen production in NEOM, energy programs and activities, and the manufacture of electric vehicles.

Highlighting the potential

The second edition of the Future Minerals Forum, which concluded on Thursday, highlighted the potential of participating countries, specifically the region extending from Africa to West and Central Asia, to discover key minerals, in a way that contributes to a sustainable energy transition.

Participants pointed to the importance of using clean energy and achieving zero emissions by 2060, while activating the role of the private sector in this context.

Eng. Khaled Al-Jasser, Saudi Minister of Transport and Logistics, said that his country has an advanced infrastructure in terms of ports, railways and road networks.

For his part, Abdessalam Ould Mohamed Saleh, Mauritania’s Minister of Petroleum, Mines and Energy, stressed the importance of the conference, which he said brings together officials and major companies to highlight the possibility of countries in the region to discover their mineral wealth and achieve an energy transformation that guarantees the continuity of life on the globe.

Wealth value

For his part, Eng. Osama Al-Zamil, Deputy Minister of Industry and Mineral Resources, stated that work was underway to maximize the value of mineral resources to obtain manufactured final products through the integration of efforts, starting from mineral exploration to production and export.

He added that a quantum leap can be made in social benefits and the exploitation of existing resources, pointing to huge potentials and capabilities in the sector.

Biological base

Eng. Khalid Al-Mudaifer, Deputy Minister of Industry and Mineral Resources for Mining Affairs, stated that one of the Kingdom’s most prominent efforts was to invest $700 million in developing the national geological database that will cover the Arab Shield, which extends over an area of 700,000 square kilometers and will be completed by 2025.

He added that his country was making great efforts to enhance the legislative environment for investment in mining by introducing new laws and regulations, which take into account the interests of investors, enhance transparency, and provide access to national geological data, as well as providing incentives and infrastructure to establish a pioneering mining sector at the global level.

Al-Mudaifer added that confidence in the future of mining was important for developing a mining strategy, in addition to maintaining dialogue and cooperation to create processes that enhance the trust of local communities and ensure environmental protection.



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)
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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)
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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
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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.