Saudi Arabia Allocates Sand, Landfill Site for Mining Activities

 Deputy Minister of Industry and Mineral Resources visits a national ceramic manufacturing factory in Saudi Arabia on Thursday. (Asharq Al-Awsat)
Deputy Minister of Industry and Mineral Resources visits a national ceramic manufacturing factory in Saudi Arabia on Thursday. (Asharq Al-Awsat)
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Saudi Arabia Allocates Sand, Landfill Site for Mining Activities

 Deputy Minister of Industry and Mineral Resources visits a national ceramic manufacturing factory in Saudi Arabia on Thursday. (Asharq Al-Awsat)
Deputy Minister of Industry and Mineral Resources visits a national ceramic manufacturing factory in Saudi Arabia on Thursday. (Asharq Al-Awsat)

The Saudi Ministry of Industry and Mineral Resources said on Thursday it will allocate the sand and landfill site in the Khulais Governorate, west of the Kingdom, which extends over an area of 39.6 square kilometers, for a mining complex.

The ministry is working to develop the areas adjacent to the mining sites by providing residents with job opportunities, raising the proportion of purchases from the local markets, and developing plans for effective communication, in addition to adhering to the environmental requirements necessary to preserve the wellbeing of communities.

Jarrah Al-Jarrah, the official spokesperson at the Ministry of Industry and Mineral Resources, explained that the recent decision would contribute to preserving the mining sites and protecting them from transgressions.

Meanwhile, the Ministry of Industry and Mineral Resources, in cooperation with the Custodian of the Two Holy Mosques Scholarship Program, launched the Promising Path - a program that aims to train, empower and qualify national cadres to meet the requirements of the Saudi labor market and raise the efficiency of human capital in industry and mining.

The program focuses on providing training that supports private sector institutions in promising activities, and contributes to matching the requirements of the industrial and mining market with the qualifications and skills of national cadres.

It also seeks to provide on-the-job training through scholarships, starting with employment in technical and vocational specializations, in addition to providing training programs that are not available in the Kingdom, in coordination with industrial and mining establishments.

Earlier this week, the Ministry of Industry and Mineral Resources launched the second phase of the Future Factories Program, which targets 217 factories in the first category of the program. The factories achieved an advanced level of self-assessment according to the Smart Industry Readiness Index (SIRI) at 2.4.

The Ministry had held more than 13 detailed workshops to introduce the program to the factories targeted in the first tranche. These workshops were attended by representatives of over 140 factories.

The program divides factories into four tranches by capital, led by the first tranche with capital of more than SAR 500 million. The three stages will be announced gradually in the coming period.

The Future Factories Program, which was launched in July 2022, aims to move 4,000 factories away from relying on low-skilled and low-wage workers to automation and manufacturing efficiency, in order to raise the competitiveness of the national industry and contribute to providing quality jobs for national cadres.

The program offers many development mechanisms, which can be used in all licensed factories in the Kingdom, at different levels of technical development. It also aims to provide the appropriate means to raise the competitiveness of the industrial sector, and to find alternative solutions that contribute to improving the quality of local factory products, reducing operational costs, and raising the flexibility and responsiveness of supply chains.

On a different note, Eng. Khaled Al-Mudaifer, the Deputy Minister of Industry and Mineral Resources for Mining Affairs, visited on Thursday the Saudi Ceramics Factory.

The visit aimed at expressing the ministry’s support for local industries in the mining sector, monitoring the quality of the local product, and strengthening cooperation with the various partners to enhance the quality of the national product and its ability to compete, in addition to providing market needs and improving supply.



US Treasury's Bessent Urges IMF, World Bank to Refocus on Core Missions

 Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
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US Treasury's Bessent Urges IMF, World Bank to Refocus on Core Missions

 Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)

US Treasury Secretary Scott Bessent on Wednesday called on the International Monetary Fund and World Bank to refocus on their core missions of macroeconomic stability and development, arguing that they have strayed too far into vanity projects such as climate change that have reduced their effectiveness.

Bessent, in remarks outlining his vision for US engagement with the IMF and World Bank on the sidelines of the institutions' spring meetings, said that they serve critical roles in the international financial system.

"And the Trump administration is eager to work with them - so long as they can stay true to their missions," Bessent said in prepared remarks to the Institute of International Finance.

"The IMF and World Bank have enduring value. But mission creep has knocked these institutions off course. We must enact key reforms to ensure the Bretton Woods institutions are serving their stakeholders - not the other way around," he said, calling on US allies to join the effort. "America First does not mean America alone."

Bessent said the IMF needed to focus on its key mandate and adhere to strong standards in its lending.

"The IMF was once unwavering in its mission of promoting global monetary cooperation and financial stability. Now it devotes disproportionate time and resources to work on climate change, gender, and social issues. These issues are not the IMF's mission."

"And sometimes, the IMF needs to say 'No.' The organization has no obligation to lend to countries that fail to implement reforms."

Bessent added that the World Bank must be "tech-neutral and prioritize affordability in energy investment. In most cases, this means investing in gas and other fossil fuel-based energy production."

He added that it could also finance renewable energy projects along with systems to manage energy latency in wind and solar.