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Saudi Arabia, Chile Explore Latest Mining Technologies, Investment Opportunities

Saudi Arabia, Chile explore latest mining technologies, investment opportunities. (SPA)
Saudi Arabia, Chile explore latest mining technologies, investment opportunities. (SPA)
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Saudi Arabia, Chile Explore Latest Mining Technologies, Investment Opportunities

Saudi Arabia, Chile explore latest mining technologies, investment opportunities. (SPA)
Saudi Arabia, Chile explore latest mining technologies, investment opportunities. (SPA)

Saudi Minister of Industry and Mineral Resource Bandar bin Ibrahim Al-Khorayef explored investment opportunities in the production and processing of lithium, copper, and iron ores during his visit to major mining companies and specialized technology centers in Santiago, Chile.
He also discussed the transfer of knowledge, innovation, and advanced technologies in the mining sector, the Saudi Press agency reported on Thursday.
Minister Al-Khorayef met with Codelco chief executive Ruben Alvarado for a discussion focused on exploring investment opportunities in mineral production, particularly lithium and copper.
Codelco, founded in 1976, is a global leader in the exploration, production, and sale of copper and its byproducts. With a substantial presence in key markets across Asia, Europe, and the United States, the company mainly supplies refined copper. The Kingdom also partners with Codelco through Almar Water Solutions company, owned by Abdul Latif Jameel.
The Minister also held a series of bilateral meetings with leaders of major Chilean mining companies, including Antofagasta PLC, SQM, and Quiñenco.
The discussions explored mutual opportunities in the mining sector, focusing on copper, lithium, and iron ore. The meetings highlighted the role of Manara Minerals Investment Company (Manara) in capitalizing on these opportunities. Additionally, participants reviewed current investment prospects in mineral exploration in the Kingdom, the exploration incentives program, and licensing for mining belts.
Khorayef extended an invitation to the Chilean mining leaders to participate in the Future Minerals Forum in Riyadh next January.
Minister Al-Khorayef and officials from the Advanced Mining Technology Center (AMTC) and the mining control center of the AngloAmerican Company discussed the use of their modern technologies to enhance mining operations and improve efficiency in mining projects.
This includes adherence to global environmental standards, modern practices in remote mine management, and the application of artificial intelligence (AI) in mineral exploration.
These visits and meetings were attended by the Vice Minister for Mining affairs at the Ministry of Industry and Mineral Resources Eng. Khalid bin Saleh Al-Mudaifer, Saudi Export-Import (EXIM) Bank Chief Executive Saad Alkhalb, and leaders of the industry and mining sector.
Khorayef’s tour of the Federative Republic of Brazil and the Republic of Chile focused on investment opportunities in the Saudi mining sector. The tour began on July 22 and featured a series of meetings with major global mining companies, aiming to strengthen international partnerships and attract foreign investments to this vital sector, which is a cornerstone of Saudi Vision 2030.
The Kingdom seeks to become a global hub for mining and minerals by attracting foreign investments, developing local competencies, and adopting modern technologies. with the goal of maximizing the economic value of mineral resources, estimated at SAR 9.4 trillion, and to enhance the Kingdom’s status as a major player in the global mining market.
The Kingdom in recent years has taken several measures to improve the investment environment in the sector, including amending the mining investment bylaw and launching enablers and incentives for the mining sector. These include co-financing of 75% of capital expenditures, a 5-year tax exemption, and 100% direct foreign ownership.
The Ministry of Industry and Mineral Resources announced the Exploration Empowerment Program, allocating $182 million to mitigate investment risks in exploration.
In an endeavor to assist investors in making clear investment decisions and to adhere to transparency standards in the mining investment environment, the Kingdom provides all geological data, which is constantly updated based on the results of the General Geological Survey Program. The data is added to geological information that has been available for over 80 years and is accessible on a digital platform.
The Kingdom has made significant progress in its mineral exploration programs conducted by the Saudi Geological Survey, including geological survey and mapping projects valued at approximately SAR1 billion. The Kingdom also expedited the process of granting licenses to local and international investors in the sector and announced three global public auctions for mining licenses.
The Kingdom recently announced the establishment of the National Minerals Program, designed to serve as a powerful tool to enhance the quality and efficiency of mineral supply chains and ensure the continuous supply of minerals to local industries and major projects. The Kingdom aims to invest SAR120 billion in basic and strategic mineral industries.
Two weeks ago, the Ministry of Industry and Mineral Resources launched the Kingdom's first metalliferous belts of their kind, which include three exploration licenses in the Jabal Sayid belt in Madinah. The area contains a range of base and precious metals, including copper, zinc, lead, gold, and silver.
Two exploration licenses were issued for the Al-Hijar site located in the Shuwass Valley belt in the Asir region, which is rich in a variety of precious and base metals, including copper, zinc, gold, and silver. These belts cover a total area of 4,788 square kilometers, and this step aims to accelerate the exploration and exploitation of the Kingdom’s mineral resources.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.