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SAMA Governor: Establishing UAB Regional Office in Saudi Arabia will Support the Union

SAMA Governor Ayman al-Sayari
SAMA Governor Ayman al-Sayari
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SAMA Governor: Establishing UAB Regional Office in Saudi Arabia will Support the Union

SAMA Governor Ayman al-Sayari
SAMA Governor Ayman al-Sayari

The Union of Arab Banks (UAB) conference announced on Monday the establishment of a regional office in Saudi Arabia.

Saudi Central Bank (SAMA) Governor Ayman al-Sayari confirmed the establishment of the regional office in Saudi Arabia, saying it will support the Union and provide needed services amid the recent economic developments, global political changes, and global state of uncertainty that impact the monetary policy developments.

The developments prompted many central banks to adopt strict monetary policies to curb the ongoing price rises.

Sayari explained that these strict policies led the International Monetary Fund (IMF) to reduce its expectations for global economic growth to three percent during 2023, accompanied by high fluctuations in global markets and the increasing challenges facing emerging economies.

He pointed out that global economic challenges require a rigorous follow-up and analysis of the developments to ensure the ability to deal with their effects and develop the financial and banking systems, including financial technologies.

SAMA announced the launch of the annual conference, organized by the Union of Arab Banks in Riyadh, on Monday under the patronage of the Governor of SAMA.

During the five main sessions, the panel will discuss 21 economic and financial topics and organize a technical workshop.

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Saudi Arabia Unveils Extensive Mineralized Belts for Exploration Firms

Saudi Arabia’s Ministry of Industry and Mineral Resources is inviting local and international companies to participate in the Exploration Licensing for launched mineralized belts (Reuters)
Saudi Arabia’s Ministry of Industry and Mineral Resources is inviting local and international companies to participate in the Exploration Licensing for launched mineralized belts (Reuters)
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Saudi Arabia Unveils Extensive Mineralized Belts for Exploration Firms

Saudi Arabia’s Ministry of Industry and Mineral Resources is inviting local and international companies to participate in the Exploration Licensing for launched mineralized belts (Reuters)
Saudi Arabia’s Ministry of Industry and Mineral Resources is inviting local and international companies to participate in the Exploration Licensing for launched mineralized belts (Reuters)

Saudi Arabia's Ministry of Industry and Mineral Resources has unveiled its largest mineralized belts to date, spanning 4.7 thousand square kilometers and including five new exploration licenses.
The Ministry is inviting major mining and exploration companies to participate in the current Exploration Licensing Rounds, aiming to unlock the extensive mineral wealth of these belts.
The Ministry’s spokesperson, Jarrah Al-Jarrah, emphasized that this initiative underscores Saudi Arabia’s commitment to strengthening its mining and minerals sector and creating investment opportunities.

The five available exploration licenses are part of the Ministry’s strategy to boost exploration investment and support Vision 2030 objectives, which aim to position mining as a key industry in the Kingdom.
These licenses cover significantly larger areas than previous rounds and are targeted at high-net-worth companies with developed base and precious metal mines.
Saudi Arabia is seeking investors capable of exploring and discovering large, tier-1 deposits within approximately 1,000 square kilometers of exploration licenses. The Kingdom’s infrastructure and competitive financing options make it well-positioned to develop new tier-1 sites.
The Ministry is inviting local and international companies to participate in the Exploration Licensing for the following mineralized belts:
- Jabal Sayid: Three exploration licenses covering 2,892 square kilometers. The belt contains copper, zinc, lead, gold, and silver.
- Al-Hajjar: Two exploration licenses at the Wadi Shwas VMS Belt, covering 1,896 square kilometers. This site holds deposits of gold, silver, copper, and zinc.
Al-Jarrah highlighted that Jabal Sayid and Al-Hajjar are the largest mineralized belt sites ever launched by the Kingdom.
The bidding process for the exploration licenses will be transparent and conducted in stages, beginning with pre-qualification from July to October 2024.
Qualified bidders will then submit technical proposals and social and environmental impact management plans by December 2024, with the winners announced and licenses granted in January 2025.