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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)
    Riyadh - Fatehelrahman Yousif Youssef, Bandar Al-Mosalam
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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.

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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).
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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.

Business

Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
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Aljadaan: Emerging Markets Account for 70% of Global Growth

Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat
Al-Jadaan speaking to the attendees at the "AlUla Conference for Emerging Market Economies" (Asharq Al-Awsat

Saudi Minister of Finance Mohammed Aljadaan stressed Sunday that the world economy is going through a “profound transition,” saying emerging markets and developing economies now account for nearly 60 percent of the global Gross Domestic Product (GDP) in purchasing power terms and over 70 percent of global growth.

In his opening remarks at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla, the minister said these economies have become an increasingly important driver of global growth with their share of global economy more than doubling since 2010.

“Today, the 10 emerging economies in the G20 alone account for more than half of the world growth. Yet, they face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”

“Unfortunately, more than half of low income countries are either in or at the risk of debt distress. At the same time global trade growth has slowed at around half of what it was pre the pandemic,” Aljadaan added.

The Finance Minister stressed that the Saudi experience over the past decade has reinforced three lessons that may be relevant to the discussions at the two-day conference, which brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics.

“First, macroeconomic stability is not the enemy of growth. It is actually the foundation,” he said.

“Structural reforms deliver results only when institutions deliver. So there is no point of reforming ... if the institutions are unable to deliver,” he stated.

Finally, he said that “international cooperation matters more, not less, in a fragmented world.”

Business

Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
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Georgieva from AlUla: Growth Still Lacks Pre-pandemic Levels

Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)
Kristalina Georgieva speaking to attendees at the second edition of the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat)

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Sunday that world growth still lacks pre-pandemic levels, expressing concern as she expected more shocks amid high spending and rising debt levels in many countries.

Georgieva spoke at the AlUla Conference for Emerging Market Economies, organized by the Saudi Ministry of Finance and the IMF in AlUla.

The two-day conference brings together a select group of ministers and central bank governors, leaders of international organizations, leading investors and academics to deliberate on policies to global stability, prosperity, and multilateral collaboration.

Georgieva said that the conference was launched last year in recognition of the growing role of emerging market economies in a world of sweeping transformations.

“I came out of this gathering .... With a sense of hope for the pragmatic attitude and determination to pursue good policies and build strong institutions,” she said.

Georgieva stressed that “good policies pay off,” and said that growth rates across emerging economies reached four percent this year, exceeding by a large margin those of advanced economies that are around 1.5 percent.