Saudi Arabia to Establish First Women's Mining Association

Saudi Arabia recently announced the discovery of mineral resources with an estimated value exceeding SAR 9.3 trillion ($2.5 trillion). (SPA)
Saudi Arabia recently announced the discovery of mineral resources with an estimated value exceeding SAR 9.3 trillion ($2.5 trillion). (SPA)
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Saudi Arabia to Establish First Women's Mining Association

Saudi Arabia recently announced the discovery of mineral resources with an estimated value exceeding SAR 9.3 trillion ($2.5 trillion). (SPA)
Saudi Arabia recently announced the discovery of mineral resources with an estimated value exceeding SAR 9.3 trillion ($2.5 trillion). (SPA)

The mining sector in Saudi Arabia has made remarkable strides since 1997, when the Kingdom first developed a strategy for the industry. However, the sector underwent a significant transformation with the introduction of Vision 2030, which aims to diversify the national economy.

Given the wealth of natural resources in Saudi Arabia’s mineral sector, efforts have been focused on expanding job opportunities while fostering an environment that encourages women's participation. In line with this vision, Saudi Arabia plans to establish its first dedicated Women in Mining Association.

Rana Zamai, Chair of the Women’s Empowerment Committee in Mining at the Ministry of Industry and Mineral Resources, revealed that the committee is currently laying the groundwork for the association. The new body will operate under the supervision of the ministry and in compliance with regulations set by the National Center for Non-Profit Sector Development.

In an interview with Asharq Al-Awsat, Zamai emphasized that the association will function as an independent, non-profit entity aimed at empowering Saudi women in the mining sector, enhancing their roles in decision-making, and creating a supportive and inclusive work environment.

The association’s focus will be on empowering women across the Kingdom, including those in remote areas near mining sites. By connecting women to private sector projects supported by the Ministry of Industry and Mineral Resources, the association aims to create sustainable income opportunities for women in these regions, she underlined.

Increasing awareness

Zamai explained that the new association will build on the work of the committee, but with greater authority and resources. This will include securing sponsorships and forging partnerships with both private and public sectors.

One of the committee’s primary initiatives is implementing an agreement signed between the ministry and the Women in Mining initiative in the UK.

Zamai emphasized that the new organization will play a crucial role in the Saudi mining sector's future. The committee also focuses on sustainability and creating new opportunities for women, encouraging them to share their experiences and raise awareness of the diverse roles available in the industry.

The mining sector is not limited to traditional extraction roles; it offers a wide variety of opportunities, supported by advancements in technology.

Zamai highlighted that the committee’s framework mirrors similar organizations in countries such as the UK, Australia, Central America, and South Africa. These international initiatives bring women together under a unified umbrella to share their successes and experiences in a relatively new and evolving industry.

She also noted that Saudi Arabia remains rich in untapped mineral resources, ready for discovery and development.

Committee structure and roles

The Women’s Empowerment Committee in Mining consists of six carefully selected members, each with expertise in various fields, including executive management, entrepreneurship in mining with private companies, human resource development, mining supervision, and regulatory systems to prevent violations at remote mining sites.

Reflecting the broader progress in women’s empowerment in Saudi Arabia, Zamai announced that the King Abdulaziz University’s Faculty of Earth Sciences in Jeddah has, for the first time, admitted 22 female students in 2024. This milestone represents a significant turning point for Saudi women in geology and mining, opening new career paths in a crucial industry.

Zamai stressed the importance of connecting theoretical knowledge with hands-on field experience. She emphasized the need for geology and mining engineering graduates to become familiar with the latest technologies, safety policies, and the social and cultural diversity of local communities.

Additionally, Zamai underlined the importance of collaboration between men and women to ensure progress and continuity in the mining sector.

Infrastructure development

In her role as Senior Director of Corporate Communication and Knowledge and Editor-in-Chief of Ardhona, the scientific journal of the Saudi Geological Survey (SGS), Zamai highlighted that the SGS is actively working on developing the infrastructure for the mining sector.

The SGS manages and maintains geological data, serving as a repository for all survey and exploration information.

She also pointed out that women are increasingly holding leadership roles in critical areas such as geological mapping, sample analysis, and cybersecurity, where they protect sensitive geological and mining data.

Saudi Arabia recently announced the discovery of mineral resources with an estimated value exceeding SAR 9.3 trillion ($2.5 trillion), a significant increase from earlier estimates in 2016, which valued the resources at SAR 5 trillion ($1.3 trillion)—reflecting a near 90% rise.



Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.


Al-Rumayyan: PIF Investments in Local Content Exceed $157 Billion

Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
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Al-Rumayyan: PIF Investments in Local Content Exceed $157 Billion

Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)
Yasir Al-Rumayyan speaks to the audience in the opening speech of the Public Investment Fund Private Sector Forum (Asharq Al-Awsat)

Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund (PIF), announced that spending by the sovereign fund’s programs, initiatives, and companies on local content reached 591 billion riyals ($157 billion) between 2020 and 2024.

He added that the fund’s private sector platform has created more than 190 investment opportunities worth over 40 billion riyals ($10 billion).

Speaking at the opening of the PIF Private Sector Forum on Monday in Riyadh, Al-Rumayyan said the fund is working closely with the private sector to deepen the impact of previous achievements and build an integrated economic system that drives sustainable growth through a comprehensive investment cycle methodology.

He described the forum as the largest platform of its kind for seizing partnership and collaboration opportunities with the private sector, highlighting the fund’s success in turning discussions into tangible projects.

Since 2023, the forum has attracted 25,000 participants from both public and private sectors and has witnessed the signing of over 140 agreements worth more than 15 billion riyals, he pointed out.

Al-Rumayyan emphasized that the meeting comes at a pivotal stage of the Kingdom’s economy, where competitiveness will reach higher levels, sectors and value chains will mature, and ambitions will be raised.

PIF Private Sector Forum aims to support the fund’s strategic initiative to engage the private sector, showcase commercial opportunities across PIF and its portfolio companies, highlight potential prospects for investors and suppliers, and enhance cooperation to strengthen the local economy.


Pakistan’s Finance Minister to Asharq Al-Awsat: We Draw Inspiration from Saudi Arabia

The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
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Pakistan’s Finance Minister to Asharq Al-Awsat: We Draw Inspiration from Saudi Arabia

The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)
The Pakistani Finance Minister during his meeting with Saudi Minister of Economy and Planning Faisal Alibrahim on the sidelines of the AlUla Conference (SPA)

Pakistani Finance Minister Muhammad Aurangzeb discussed the future of his country, which has frequently experienced a boom-and-bust cycle, saying Pakistan has relied on International Monetary Fund (IMF) programs due to the absence of structural reforms.

In an interview with Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb acknowledged that Pakistan has relied on IMF programs 24 times not as a coincidence, but rather as a result of the absence of structural reforms and follow-up.

He stressed the government has decided to "double its efforts" to stay on the reform path, no matter the challenges, affirming that Islamabad not only has a reform roadmap, but also draws inspiration from "Saudi Vision 2030" as a unique model of discipline and turning plans into reality.

Revolution of Numbers

Aurangzeb reviewed the dramatic transformation in macroeconomic indicators. After foreign exchange reserves covered only two weeks of imports, current policies have succeeded in raising them to two and a half months.

He also pointed out to the government's success in curbing inflation, which has fallen from a peak of 38 percent to 10.5 percent, while reducing the fiscal deficit to 5 percent after being around 8 percent.

Aurangzeb commented on the "financial stability" principle put forward by his Saudi counterpart, Mohammed Aljadaan, considering it the cornerstone that enabled Pakistan to regain its lost fiscal space.

He explained that the success in achieving primary surpluses and reducing the deficit was not merely academic figures, but rather transformed into solid "financial buffers" that saved the country.

The minister cited the vast difference in dealing with disasters. While Islamabad had to launch an urgent international appeal for assistance during the 2022 floods, the "fiscal space" and buffers it recently built enabled it to deal with wider climate disasters by relying on its own resources, without having to search "haphazardly" for urgent external aid, proving that macroeconomic stability is the first shield to protect economic sovereignty.

Privatization and Breaking the Stalemate of State-Owned Enterprises

Aurangzeb affirmed that the Pakistani Prime Minister adopts a clear vision that "the private sector is what leads the state."

He revealed the handover of 24 government institutions to the privatization committee, noting that the successful privatization of Pakistan International Airlines in December provided a "momentum" for the privatization of other firms.

Aurangzeb also revealed radical reforms in the tax system to raise it from 10 percent to 12 percent of GDP, with the adoption of a customs tariff system that reduces local protection to make Pakistani industry more competitive globally, in parallel with reducing the size of the federal government.

Partnership with Riyadh

As for the relationship with Saudi Arabia, Aurangzeb outlined the features of a historic transformation, stressing that Pakistan wants to move from "aid and loans" to "trade and investment."

He expressed his great admiration for "Vision 2030," not only as an ambition, but as a model that achieved its targets ahead of schedule.

He revealed a formal Pakistani request to benefit from Saudi "technical knowledge and administrative expertise" in implementing economic transformations, stressing that his country's need for this executive discipline and the Kingdom's ability to manage major transformations is no less important than the need for direct financing, to ensure the building of a resilient economy led by exports, not debts.