Samples taken indicated the presence of high-grade gold deposits of 10.4 grams per ton (g/t) gold and 20.6 g/t gold in two random drilling sites 400 meters from and under Mansourah Massarah. (Ma’aden)
Samples taken indicated the presence of high-grade gold deposits of 10.4 grams per ton (g/t) gold and 20.6 g/t gold in two random drilling sites 400 meters from and under Mansourah Massarah. (Ma’aden)
Saudi Arabian Mining Company (Ma’aden) said on Thursday it had discovered multiple gold deposits south of its existing Mansourah Massarah gold mine, indicating the potential to expand gold mining in the area.
Ma’aden said in a statement that the finds, along a 100 kilometer (62-mile) strip, were the first from an exploration program launched in 2022.
Samples taken indicated the presence of high-grade gold deposits of 10.4 grams per ton (g/t) gold and 20.6 g/t gold in two random drilling sites 400 meters from and under Mansourah Massarah, meaning a high density of gold was found in the ore tested from those locations.
In light of these results, Ma’aden planned an "aggressive escalation of planned drilling activities" in 2024 around Mansourah Massarah, according to company documents.
Maaden CEO Robert Wilt said: “Last year, Ma’aden embarked on one of the largest exploration programs in the world. These discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia, supporting the diversification of the country in line with Vision 2030 and establishing mining as the third pillar of the Saudi economy.”
“These discoveries have the potential to be the center of the world’s next gold rush and are a strong part of our growth strategy,” he added, according to the statement.
“The Arabian Shield has enormous potential for more world class discoveries, and this is the first of many we expect to make in the coming years. As Saudi Arabia’s largest mining company, we are at the forefront of development for the sector in the Kingdom and we will continue to support the growth and evolution of the sector,” he continued.
Mansourah Massarah had gold resources of almost seven million ounces at year-end 2023 and nameplate production capacity of 250,000 ounces a year, according to the statement.
Ma’aden is 67% owned by the Public Investment Fund (PIF), the kingdom's $700 billion sovereign wealth fund, and the largest miner in the Gulf. In January 2023, it announced Manara Minerals, a joint venture with PIF to invest in mining assets abroad.
Its expansion is part of larger push to wean Saudi Arabia off of oil dependency under the Vision 2030.
Experts told Asharq Al-Awsat that the new discovery is attractive to foreign companies that are seeking to directly enter the Saudi market or form coalitions with their local counterparts to exploit the huge mineral wealth in the Kingdom.
Experts believe Saudi Arabia is witnessing rapid efforts to develop the mining sector. It has set new stimulating regulations and guidelines for the sector to facilitate the entry of companies.
The mineral wealth is estimated to be worth around 5 trillion riyals (USD1.3 trillion).
Ibrahim Nazer, Head of the Federation of Saudi Chambers' National Mining Committee, told Asharq Al-Awsat that the latest discovery consolidates Saudi Arabia’s positions as a global source for natural mineral resources.
He added that the Arabian Shield, which covers an area of 630,000 kms, boasts numerous precious metals, such as gold and silver, base metals, such as copper, zinc, lead, iron, chrome, molybdenum, manganese, nickel, titanium, and rare earth elements. He said this wealth is estimated to be worth around USD1.3 trillion.
Economic expert Abdulrahman al-Jubeiri told Asharq Al-Awsat that the latest discovery will reflect positively on the Kingdom's GDP.
The Kingdom has set a mining strategy with the aim to diversify the economy so that the sector can become the third pillar of the national industry, he added.
Saudi Arabia has started developing the sector to attract all interested companies, he went on to say.
He also stressed the importance of the discovery of gold resources, which will attract foreign companies to the Saudi market.
State Revenue System Shifts Saudi Arabia to Governance and Sustainabilityhttps://english.aawsat.com/business/5296973-state-revenue-system-shifts-saudi-arabia-governance-and-sustainability
State Revenue System Shifts Saudi Arabia to Governance and Sustainability
The Saudi capital, Riyadh. Reuters
Saudi Arabia's financial system has entered a new phase of structured governance following the Cabinet's approval of the updated State Revenue System during its recent session chaired by Crown Prince and Prime Minister Mohammed bin Salman.
The legislation represents a fundamental shift in the economic philosophy of public finance management, moving beyond the traditional concept of fee collection to establish an integrated framework for strategic planning and comprehensive financial governance.
The significance of the new system extends beyond its regulatory function. It serves as a safeguard for medium- and long-term fiscal sustainability by comprehensively regulating every stage of public revenue management - from initial forecasting and estimation through to final settlement.
Expanding Coverage and Governing Sovereign Revenue Flows
The updated system places all public financial inflows under a unified regulatory framework, expanding the scope of state revenues to include a comprehensive range of structural and sovereign income sources.
These encompass natural resources and national assets - the country's most significant sovereign wealth - as well as fees, taxes, financial charges, and service revenues, which constitute the primary sources of non-oil government budget financing.
The framework also introduces proceeds from privatization and public-private partnerships (PPPs) as a distinct revenue category, aligning closely with the objectives of Saudi Vision 2030, which seeks to increase private sector participation in the national economy.
In addition, the system regulates revenues generated from state-owned assets through sales and leasing activities, financing and investment returns, as well as other sources including fines, penalties, compensation payments, donations, grants, bequests, endowment (waqf) income, zakat funds, and any additional revenue channels approved by the Cabinet.
Ten-Year Revenue Forecasting
One of the system's most significant structural reforms is its long-term forecasting approach, shifting budget estimation from annual planning to a broader strategic horizon.
The Ministry of Finance is now legally authorized to forecast government revenues for periods of up to ten fiscal years, relying on data, projections, and development plans submitted by various government entities.
The framework also provides flexibility for the Ministry to periodically review and revise these forecasts whenever significant domestic or international economic or financial developments occur, improving forecasting accuracy and reducing estimation gaps in the national budget.
The system further regulates revenue collection procedures by requiring government entities to collect revenues when due, record them within the relevant fiscal year, and transfer all collected revenues to the Ministry of Finance's account at the Saudi Central Bank according to timelines established in the implementing regulations.
Government Debt Collection
The system requires government entities to notify debtors on the first working day following the debt's due date. If payment is not made within 45 working days from the notification date, legal collection procedures must begin.
The legislation also introduces flexibility in handling government debts by allowing collection to be postponed for up to one year in exceptional circumstances. It affirms that government debts enjoy priority status and are not subject to statutory limitation periods.
Rules governing debt exemptions and installment arrangements have also been established. Debts not exceeding SAR1 million may be partially or fully waived under specific conditions, including verification that the debtor is genuinely unable to pay. Debts exceeding SAR1 million require approval from the Prime Minister based on the recommendation of the Minister of Finance.
The system also allows debts of up to SAR1 million to be repaid over periods of up to five years, while larger debts - or repayment terms exceeding five years - require approval from the Minister of Finance or an authorized delegate, with installment plans not exceeding 25 years.
The Saudi Cabinet was chaired by Crown Prince and Prime Minister Mohammed bin Salman on Tuesday. SPA
From Revenue Collection to Revenue Management
Experts interviewed by Asharq Al-Awsat described the new legislation as a major transformation in government resource management, shifting the focus from simply collecting revenues to establishing an integrated system covering forecasting, planning, collection, receivables management, and oversight, thereby strengthening public finance efficiency and supporting Saudi Arabia's fiscal sustainability objectives.
Dr. Abdullah Almeer, Assistant Professor of Economics at King Fahd University of Petroleum and Minerals, said the legislation represents a transition toward a more comprehensive model of government revenue management that begins with revenue forecasting and planning, continues through collection, and concludes with debt management and performance oversight.
He explained that the updated system shifts from a model focused primarily on revenue collection to one that manages the entire government revenue cycle - from estimation and planning to collection, debt management, receivables administration, and performance monitoring.
According to Almeer, one of the most significant reforms is the move toward strategic revenue management. While the previous system emphasized identifying revenue sources and collecting outstanding debts, the updated legislation introduces medium- and long-term financial planning.
He noted that allowing government entities to forecast revenues over ten-year periods - with periodic reassessments in response to economic changes - will improve revenue forecasting accuracy, enhance medium- and long-term budget preparation, and strengthen the government's ability to manage fiscal risks.
Improving Fiscal Efficiency
Almeer added that the new system is expected to improve financial efficiency by narrowing the gap between projected and actual revenues while enabling faster collection of government receivables immediately after they become due.
He noted that government entities are now required to participate in revenue forecasting and establish specialized revenue development units where needed, increasing accountability for financial resource management and improving collection efficiency.
Regarding non-oil revenues, Almeer expects the legislation to have a positive impact because it assigns government entities direct responsibility not only for collecting revenues but also for developing them.
He emphasized that increasing non-oil revenues depends not only on introducing new fees or revenue streams, but also on improving the management of existing revenues, strengthening collection mechanisms, and enhancing receivables management.
He also pointed out that government entities must now conduct studies and analyses before proposing any new fees, financial charges, or taxes, helping strike a balance between revenue growth and economic development.
Additionally, he observed that recognizing privatization proceeds as a separate revenue source is fully aligned with privatization and public-private partnership initiatives under Saudi Vision 2030.
Clearer Responsibilities and Stronger Governance
Financial and economic consultant Dr. Hussein Al-Attas described the updated legislation as a qualitative shift from revenue collection to integrated government revenue cycle management, covering revenue estimation, recording, monitoring, collection, and the treatment of overdue accounts.
According to Al-Attas, the system clearly defines the responsibilities of government entities and standardizes procedures, reducing inconsistencies in implementation while improving collection efficiency. He expects these reforms to enhance financial planning, reduce revenue leakage, and strengthen fiscal discipline.
He also stressed that strengthening non-oil revenues depends not only on creating new income sources but also on improving the management of existing revenue streams. Better collection procedures, reduced payment delays, and more effective management of government receivables will support sustainable revenue growth.
Al-Attas added that clearly defined responsibilities among government agencies improve transparency and accountability, facilitate performance measurement, and strengthen financial governance through standardized practices for revenue estimation, collection, and receivables management.
Greater Flexibility in Managing Government Debt
Regarding government debt management, Al-Attas said the legislation strikes a balance between improving collection efficiency and considering taxpayers' circumstances by allowing structured repayment plans and installment arrangements under clearly defined rules. These measures are expected to encourage voluntary compliance while reducing defaults and disputes.
He explained that the system also provides flexibility in exceptional cases by permitting temporary deferrals of collection, as well as partial or full debt waivers under specific conditions, including verification of a debtor's ability to repay before exemption decisions are made.
Al-Attas added that the new legislation represents a modern model for government revenue management by strengthening the state's ability to collect its financial rights, reducing the accumulation of public debts, preserving economic activity, and supporting the continued growth of Saudi Arabia's non-oil economy.
SABIC, Rongsheng Petrochemical Sign PDA for Potential Strategic Investment in Advanced Materials Project in Chinahttps://english.aawsat.com/business/5296812-sabic-rongsheng-petrochemical-sign-pda-potential-strategic-investment-advanced
SABIC, Rongsheng Petrochemical Sign PDA for Potential Strategic Investment in Advanced Materials Project in China
The SABIC headquarters in Al-Jubail (SABIC website)
The Saudi Basic Industries Corporation (SABIC) signed on Thursday a Project Development Agreement (PDA) with Rongsheng Petrochemical Co. Ltd. and its wholly owned subsidiary Rongsheng New Materials (Zhoushan) Co. Ltd. to jointly advance the development of the Jintang New Materials Project in Zhoushan, China.
“Under the PDA, SABIC and Rongsheng Petrochemical are evaluating a potential equity investment by SABIC up to 50% of Rongsheng New Materials, positioning the project as a strategic collaboration between two leading global petrochemical companies,” the Saudi company said in a statement said.
The agreement also establishes a framework for project development activities towards a potential final investment decision (FID), the statement added.
SABIC CEO and Executive Board Member Dr. Faisal M. Alfaqeer said that the partnership with Rongsheng Petrochemical reflects SABIC’s vision for global footprint expansion.
“SABIC continues to prioritize innovation, portfolio advancement and sustainable value creation, strengthening its ability to serve customers worldwide,” he added.
CEO of Rongsheng Petrochemical and Executive Director of the Board Mr. Xiang Jiongjiong said: “The collaboration represents a landmark partnership and a model of win-win cooperation between Rongsheng Petrochemical and SABIC.”
He described the partnership as “a flagship outcome of two industry leaders complementing their strengths and robust capabilities to jointly research, develop and operate in advanced chemical materials.”
He said the alliance “also serves as a critical stabilizing anchor for the chemical sector, enabling us to deliver more valuable and comprehensive product solutions to our customers.”
The Jintang New Materials Project is designed to enhance production capabilities for advanced chemical materials and support growing demand from key downstream industries in China and Asia.
The project is expected to leverage world-class technologies, integrated manufacturing capabilities and operational excellence to strengthen competitiveness, foster innovation and create long-term value for all stakeholders.
Saudi Ports Authority Signs Seven Agreements Worth Over $266 Million to Develop Logistics Centershttps://english.aawsat.com/business/5296762-saudi-ports-authority-signs-seven-agreements-worth-over-266-million-develop
Saudi Ports Authority Signs Seven Agreements Worth Over $266 Million to Develop Logistics Centers
A container terminal at one of Saudi Arabia's ports. (SPA)
The Saudi Ports Authority (Mawani) has signed seven agreements to establish logistics centers in Jeddah, western Saudi Arabia, with a total value exceeding SAR 1 billion ($266 million).
The signing ceremony was attended by Minister of Transport and Logistic Services Saleh Al-Jasser and Mawani President Suliman Al-Mazroua.
Al-Mazroua said the new agreements provide for the development of logistics centers under concession terms of up to 25 years, supporting efforts to position Jeddah as a global logistics hub. He noted that two agreements were signed with international companies, while five were awarded to Saudi firms with global ambitions. Valued at more than SAR 1 billion, the projects are also expected to create additional jobs.
He said that in February, at the onset of the Strait of Hormuz crisis, the Minister issued urgent directives to prepare the Kingdom's western coast to receive supply chains serving Saudi Arabia and the Gulf region. As a result, all entities involved in the logistics ecosystem worked toward that objective.
Al-Mazroua said Mawani focused on several key areas. The first was strengthening maritime connectivity by increasing shipping services to compensate for the shortfall affecting the Kingdom's eastern region.
During the crisis, more than 27 additional shipping services were introduced on the western coast, increasing capacity by more than 200,000 TEUs (twenty-foot equivalent units) per month to offset the shortfall.
He added that the second area focused on preparing ports to handle higher volumes by streamlining procedures with the Saudi Customs Authority and terminal operators, while expanding equipment capacity. Investments in these measures exceeded SAR 640 million over a three-month period.
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