Saudi Arabia Collaborates with Other Countries to Explore Critical Minerals in the Region

The Minister of Industry and Mineral Resources speaking to the audience during the ministerial meeting. (Photo by: Bashir Saleh)
The Minister of Industry and Mineral Resources speaking to the audience during the ministerial meeting. (Photo by: Bashir Saleh)
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Saudi Arabia Collaborates with Other Countries to Explore Critical Minerals in the Region

The Minister of Industry and Mineral Resources speaking to the audience during the ministerial meeting. (Photo by: Bashir Saleh)
The Minister of Industry and Mineral Resources speaking to the audience during the ministerial meeting. (Photo by: Bashir Saleh)

Several ministers underlined the necessity of integrated work to explore the mining wealth in the region, including critical minerals, noting that Saudi Arabia has deployed extensive efforts in localizing and investing in this industry.

A ministerial meeting was held, on the sidelines of the third edition of the Future Minerals Forum, which kicked off on Tuesday in Riyadh under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

Flow of investments

In remarks to Asharq Al-Awsat, Minister of Industry and Mineral Resources Bandar Al-Khorayef said that the sector was facing great challenges represented by the flow of investments, in addition to defining the nature of critical minerals on the one hand, and the means to extract them with high efficiency on the other, as well as economic aspects.

He added that the government aims for the mining sector to become the third pillar of industries, pointing to several achievements in this regard, including the geological survey project. He explained that a recent assessment of mineral resources would be announced during the conference, which exceeds the previously estimated amount of SAR 5 trillion ($1.3 trillion).

The minister noted that the Kingdom, after issuing the new mining investment system, witnessed a great demand from international mining companies to enter the local market.

He stressed that the new system was considered one of the best in the world in terms of transparency and clarity, as well as the speed of issuing necessary licenses and the relevant taxes that are considered the lowest among countries in the world.

Solar energy

In turn, the Egyptian Minister of Petroleum and Mineral Resources, Eng. Tarek El-Mulla, told Asharq Al-Awsat that the African continent was rich in various and critical minerals, pointing to the importance of exploiting these resources to work on transitional and solar energy, batteries and other materials that are necessary to reduce emissions and the use of fossil fuels.

Al-Mulla revealed the signing of a memorandum of understanding with his Saudi counterpart for technical and geological cooperation in potential manufacturing operations using natural resources in both countries, and also with regard to the training, research and studies.

Libyan Minister of Industry and Minerals Ahmed Abu Hisa said that his country was following the industrial revolution in the Kingdom, stressing that Libya aspires to have a share in these investments in the field of manufacturing, innovation, research and geological development.

Supply chains

Deputy Minister of Industry and Mineral Resources for Mining Affairs Eng. Khaled Al-Mudaifer emphasized the possibility to create unprecedented opportunities out of the challenges facing the sector, with the aim to increase investments and build capabilities to meet the growing global demand.

The goal of the ministerial meeting is to support supply chains by focusing on increasing investments and capacity building, he said, stressing the need for integrated work to meet the need for building materials and infrastructure.

“We will build a global framework for minerals in order to set policies and accelerate exploration and extraction operations, as we are on the verge of a new era in the mining sector and metals industry,” Al-Mudaifer told Asharq Al-Awsat.

The Future Minerals Forum 2024, which is held on Jan. 10-11, is hosting more than 15,000 participants from 145 countries, and more than 200 speakers, including CEOs of major companies working in the mining industry, the metals and the finance sector.



China's May Fuel Oil Exports Rise 42% Year-on-year

An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
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China's May Fuel Oil Exports Rise 42% Year-on-year

An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo
An attendant holds a petrol nozzle after refuelling a car at a PetroChina gas station in Beijing, China, March 10, 2026. REUTERS/Florence Lo

China's exports of fuel oil, mainly for low-sulphur marine fuel bunkering, rose 42% year-on-year in May, customs data showed on Saturday.

Volumes totaled 1.76 million metric tons, or about 360,695 barrels per day (bpd), up 4% from April, according to General Administration of Customs data.

Some marine fuel demand had been diverted from regional hub Singapore to China's Zhoushan due to cheaper prices at Chinese ports during most of ⁠May, market sources ⁠said.

Fuel oil imports in May extended declines after plummeting last month to what was then the lowest level since customs data for them began in 2021.

Imports of fuel oil totaled 559,346 tons ⁠in May, down 43% from April and 57% from a year earlier.

The imports, mostly purchased by refineries for use as feedstock, remained capped this quarter as China's independent refineries trimmed runs amid weak domestic demand for products, market sources said, according to Reuters.


Saudi Arabia Expands Investment Prospects in Military Industries

The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
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Saudi Arabia Expands Investment Prospects in Military Industries

The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)
The Saudi pavilion reinforced the Kingdom’s position as a leading investment destination in the military industry sector. (Asharq Al-Awsat)

Saudi Arabia used the Eurosatory 2026 defense and security show to open new investment horizons, showcasing promising opportunities and a regulatory environment designed to attract capital.

The participation helped sharpen the appeal of the Kingdom’s military industries and drew the attention of major global companies seeking strategic partnerships that support Saudi localization targets.

The Saudi pavilion, held at the Paris exhibition from June 15 to 19, reinforced the Kingdom’s position as a leading investment destination in the military industry sector.

Organized by the General Authority for Military Industries (GAMI), the pavilion brought together 10 government and private entities alongside the authority.

The participation underlined Saudi Arabia’s welcome to investors from around the world seeking opportunities in the military industries sector. It also highlighted the Kingdom’s efforts to localize more than 50% of military spending by 2030.

On the sidelines of the exhibition, GAMI Governor Ahmad Al-Ohali met Patrick Pailloux, French Director General for Armament (DGA), as well as representatives of major global defense companies.

The meetings focused on ways to strengthen cooperation in military industries and exchange expertise, supporting the development of a sustainable sector, improving the readiness of military equipment, boosting self-sufficiency and contributing to the national economy.

The Saudi participation also saw the signing of several agreements and memorandums of understanding, part of GAMI’s efforts to develop military industries, strengthen supply chains and enable strategic partnerships.

The authority organized a workshop titled “Developing Supply Chains in Military Industries,” which discussed how an attractive investment environment for local and international investors can help build a diversified and prosperous economy in the sector.

The pavilion showcased the integration of government efforts, national industrial and service capabilities, and the innovative technologies presented by participating Saudi companies. It also highlighted the country’s attractive investment environment and the rapid growth of its military industries sector.

The sector’s contribution to GDP rose from 2.2 billion riyals, or about $587 million, in 2021 to 6.6 billion riyals, or about $1.76 billion, in 2024. The localization rate of military spending also climbed to nearly 25% in 2024, as the Kingdom works toward localizing more than 50% of military spending by 2030.

GAMI said the Saudi pavilion’s participation strengthened the Kingdom’s position as a trusted international partner, expanded its network of relations with major global companies and enabled national firms to showcase their capabilities while exploring opportunities for growth and expansion in global markets.


Iraq Raises Southern Oil Output to 1.75 Million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
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Iraq Raises Southern Oil Output to 1.75 Million bpd

Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)
Technicians working at the Majnoon oil field in Basra, Iraq. (Reuters)

Iraq has increased crude oil production from its southern fields by 250,000 barrels per day to around 1.75 million barrels per day as more tankers load crude from the country's ports, Iraqi oil officials told Reuters on Friday, Reuters reported.

 

The officials said Iraq plans to raise production further to two million barrels per day in the coming few days.

 

Iraq, like other Gulf oil producers, has suffered the biggest drop in oil revenue as a result of the effective closure of the Strait of Hormuz amid the US-Iran War.