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PIF Leads Mining Renaissance in Saudi Arabia

Aluminum refinery in Ras Al-Khair industrial City. Image from Maaden.
Aluminum refinery in Ras Al-Khair industrial City. Image from Maaden.
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PIF Leads Mining Renaissance in Saudi Arabia

Aluminum refinery in Ras Al-Khair industrial City. Image from Maaden.
Aluminum refinery in Ras Al-Khair industrial City. Image from Maaden.

Saudi Arabia’s Public Investment Fund (PIF) is prioritizing the mining sector among its thirteen key local sectors for targeted investments.

Mohammed Al-Dawood, head of industrials and mining sector for Middle East and North Africa investments at PIF, shared that the fund aims to support economic diversification by exploring investment opportunities.

Al-Dawood stressed the importance of the mining sector in Saudi Arabia, highlighting its substantial impact on various business systems and the country's supply chain.

The fund is committed to investing in mineral exploration operations locally and globally to ensure a sufficient supply of essential minerals for the Kingdom.

PIF’s goal is to contribute to the development of the mining sector, aligning with Vision 2030, to transform Saudi Arabia into a leading industrial powerhouse and a key logistical platform.

Ambitious Strategy

Maaden, the Saudi mining company, is a key player both nationally and globally in the mining sector, Al-Dawood stressed to Asharq Al-Awsat.

The fund sees its investment in Maaden as strategic to achieve its goals.

Maaden has experienced substantial growth in its phosphate and aluminum operations in the last two decades.

The company’s ambitious 2040 strategy includes increasing production capacities and ongoing investments in exploring new minerals in the Kingdom for its development.

Manara Minerals Investment Company (Manara)

Discussing global investments in mining, Al-Dawood mentioned that the Manara Minerals Investment Company (Manara) is now active in targeted investments for essential minerals.

Manara was formed by PIF in partnership with Maaden.

“The aim of the targeted investments is to ensure a steady supply of minerals that boost industrial growth in Saudi Arabia and improve supply chain efficiency,” said Al-Dawood.

“PIF also invests directly or through its companies in mineral industries undergoing transformation. For instance, recent investments include significant projects in the iron industry, like Dussur’s iron casting project,” he added.

Moreover, Al-Dawood revealed that PIF plans to invest strategically in various minerals and industries producing final products for sectors like aviation, defense, electric vehicles, renewable energy, and construction materials.

Emphasizing the role of mining in the supply chain, Al-Dawood said: “As part of its strategy, PIF aims to promote industrial development, improve supply chain efficiency, and meet the diverse needs of the new sectors it invests in.”

Many of PIF’s investments focus on future industries, especially electric vehicles.

“This industry requires a lot of minerals, about six times more than traditional cars,” explained Al-Dawood.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.