Saudi Arabia Completes 90% of Arabian Shield Survey

Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
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Saudi Arabia Completes 90% of Arabian Shield Survey

Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)

Saudi Arabia is advancing its exploration of mineral resources in the Arabian Shield, a region covering 630,000 square kilometers, about a third of the country.

The Kingdom has completed 90% of the survey and released geological data covering 400,000 square kilometers, or 65% of the total survey area.

Speaking to Asharq Al-Awsat, CEO of the Saudi Geological Survey Abdullah Al-Shamrani affirmed that this aims to attract investment in the mining sector.

The Arabian Shield is crucial for Saudi Arabia, as it contains key metallic minerals such as silver, gold, zinc, and copper.

The Arabian Shield runs along the Red Sea coast and the Gulf of Aqaba, from northern Jordan to the Saudi-Yemeni border. It covers regions such as Tabuk, Madinah, Makkah, Al-Baha, Asir, and Jazan, spanning 630,000 square kilometers, or about one-third of Saudi Arabia's land.

The geological survey in this area plays a key role in developing the sector, providing accurate data to attract both local and international investments.

This supports economic growth and helps diversify income sources in line with Saudi Arabia's Vision 2030.

In a statement to Asharq Al-Awsat at the fourth edition of the world’s leading platform on minerals, the Future Minerals Forum (FMF), Al-Shamrani revealed that a new batch of geological data covering 65% of the geophysical survey in the Arabian Shield was released.

This move opens up new opportunities for mining investors.

The project started in 2021, when the survey began collecting and analyzing data on the mineral wealth in the Arabian Shield.

After nine months of work, the database now covers 400,000 square kilometers, providing detailed information to guide investment decisions in mineral exploration, according to Al-Shamrani.

These data are not just technical but are driving increased demand for mining licenses, highlighting the value of accurate information in attracting investment.

Thanks to digital tools, investors worldwide can easily access this data, supporting investment in promising mining projects. With each new update, Saudi Arabia gets closer to completing the full survey of the Arabian Shield.

Al-Shamrani explained that the data includes interconnected layers of geophysical and geochemical information, such as analysis and drilling results. Each new update provides valuable insights for investors, helping them make data-driven decisions.

He also expected that the remaining data sets would be released soon, completing all work in the Arabian Shield.

Mustafa Maki, head of the National Geological Database Initiative at the Saudi Geological Survey, told Asharq Al-Awsat that the new coverage of the airborne geophysical survey includes magnetic and radiometric data, showing a 5% increase over previous periods.

Forty-three new squares have been added, bringing the total to 164 out of 252.

The data is now being processed and will soon be available to investors and visitors through the Saudi Geological Database.

The Saudi Geological Survey has launched new coverage for the surface geochemical survey of valley sediments, adding maps showing the distribution of individual elements and their statistical data.

This expansion covers an additional 20% of the previous area, bringing the total to 10 out of 50 geological squares.

The survey includes data on 57 out of 75 chemical elements, mapped to show their distribution in the squares. Statistical information on these elements has also been released, according to Maki.

Maki emphasized that geological data is crucial for the mining industry worldwide. Investors rely on this data to decide whether to proceed with investments or detailed exploration.

He added that the data from the Saudi Geological Survey, including geophysical and geochemical surveys, provides a strong knowledge base for investors.

This, along with technical reports and other geological data, helps investors make informed decisions about mining and exploration in the Arabian Shield.

Rana Zamai, Chair of the Women’s Empowerment Committee in Mining at the Ministry of Industry and Mineral Resources, confirmed to Asharq Al-Awsat that all necessary requirements for establishing the Women in Mining Association have been completed.

The association is expected to be launched on the upcoming International Women's Day.

Zamai highlighted that a special networking event was held at the FMF, bringing together women from the public and private sectors in mining from 80 countries.

The event was attended by five female leaders from major women’s mining organizations, representing countries like the UK, South Africa, Australia, and Türkiye.

She also pointed out that a key highlight this year was the participation of 25 geology students from King Abdulaziz University, the first group of its kind in Saudi Arabia. The students are expected to graduate in three to four years.



Japan PM Reassures Markets with Fiscal Discipline in Next Year’s Budget

Japan's Prime Minister Sanae Takaichi delivers a speech at the 14th Council Meeting of the Japan Business Federation, or Keidanren, in Tokyo on December 25, 2025. (AFP)
Japan's Prime Minister Sanae Takaichi delivers a speech at the 14th Council Meeting of the Japan Business Federation, or Keidanren, in Tokyo on December 25, 2025. (AFP)
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Japan PM Reassures Markets with Fiscal Discipline in Next Year’s Budget

Japan's Prime Minister Sanae Takaichi delivers a speech at the 14th Council Meeting of the Japan Business Federation, or Keidanren, in Tokyo on December 25, 2025. (AFP)
Japan's Prime Minister Sanae Takaichi delivers a speech at the 14th Council Meeting of the Japan Business Federation, or Keidanren, in Tokyo on December 25, 2025. (AFP)

Japanese Prime Minister Sanae Takaichi sought on Thursday to ease market concerns over her expansionary fiscal policy, saying the government's draft budget maintains discipline by limiting reliance on debt.

There has been growing investor unease about fiscal expansion under Takaichi's administration, which has driven super-long government bond yields to record highs and weighed on the yen.

The budget for the year starting in April, to be finalized on Friday and submitted to parliament early in 2026, ‌will total 122.3 trillion ‌yen ($785.4 billion), Takaichi told ruling coalition executives.

The huge ‌spending ⁠will come ‌on top of a 21.3 trillion-yen stimulus package, compiled in November and funded by a supplementary budget for the current fiscal year, that focused on cushioning the blow to households from rising living costs.

Despite the record size, new government bond issuance for the next fiscal year will be capped at 29.6 trillion yen, staying below 30 trillion yen for a second straight year, ⁠she said.

The reliance on debt will fall to 24.2% from 24.9% in the initial fiscal 2025 ‌budget, which dipped below 30% for the ‍first time in 27 years, she said. ‍The 24.2% debt dependence ratio would be the lowest since 1998.

"We ‍believe this draft budget strikes a balance between fiscal discipline and achieving a strong economy while ensuring fiscal sustainability," Takaichi said.

In a separate speech at Japanese business lobby Keidanren, Takaichi said that her "responsible, proactive" fiscal policy means strategic spending with a long-term perspective.

"It does not mean expanding expenditures indiscriminately based solely on scale," she said.

In a report to clients, Yusuke Matsuo, ⁠Mizuho Securities' senior market economist, said Takaichi would still need to promote proactive fiscal spending to avoid alienating her political base. He added that financial markets could be reassured if the government sticks to a less aggressive stance on spending.

Signaling a shift in the government's reflationary policy push, private-sector members of a government panel on Thursday called on the government to clearly show the public how the debt-to-gross domestic product ratio can be steadily reduced under Takaichi's government.

The four private-sector members include former Bank of Japan Deputy Governor Masazumi Wakatabe and economist Toshihiro Nagahama - known as reflationist aides of Takaichi.

Their proposals were discussed at ‌the Council on Economic and Fiscal Policy (CEFP), which oversees Japan's fiscal blueprint and long-term economic policies.


Asian Shares are Mixed after US Stocks Drift to More Records

Currency dealers monitor exchange rates as a screen (R) shows South Korea's benchmark stock index in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on November 5, 2025. (Photo by Jung Yeon-je / AFP)
Currency dealers monitor exchange rates as a screen (R) shows South Korea's benchmark stock index in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on November 5, 2025. (Photo by Jung Yeon-je / AFP)
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Asian Shares are Mixed after US Stocks Drift to More Records

Currency dealers monitor exchange rates as a screen (R) shows South Korea's benchmark stock index in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on November 5, 2025. (Photo by Jung Yeon-je / AFP)
Currency dealers monitor exchange rates as a screen (R) shows South Korea's benchmark stock index in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on November 5, 2025. (Photo by Jung Yeon-je / AFP)

Asian shares were mixed Thursday in thin holiday trading, with most markets in the region and elsewhere closed for Christmas.

In Tokyo, the Nikkei 225 edged 0.1% higher to 50,407.79. It has gained nearly 30% this year.

The dollar slipped to 155.85 Japanese yen from 155.94 yen. The euro climbed to $1.1786 from $1.1780.

Markets in mainland China advanced, with the Shanghai Composite index up 0.5% at 3,959.62. Hong Kong's exchange was closed, The Associated Press said.

Investors were encouraged by a statement by the People’s Bank of China, China’s central bank, promising to ensure adequate money supply to support financing, economic growth and inflation targets. Earlier in the week, the PBOC had opted to keep its key short-term lending rates unchanged.

Shares fell in Thailand and Indonesia.

On Wednesday, the S&P 500 index rose 0.3% to 6,932.05 and the Dow Jones Industrial Average added 0.6% to close at 48,731.16. The Nasdaq composite added 0.2% to 23,613.31

Trading was extremely light as markets closed early for Christmas Eve and will be closed for Christmas on Thursday. US markets will reopen for a full day of trading on Friday, though volumes will likely remain light this week with most investors having closed out their positions for the year.

The S&P 500 is up more than 17% this year, as investors have embraced the deregulatory policies of the Trump administration and been optimistic about the future of artificial intelligence in helping boost profits for not only technology companies but also for Corporate America.

Much of the focus for investors for the next few weeks will be on where the US economy is heading and where the Federal Reserve will move interest rates. Investors are betting the Fed will hold steady on interest rates at its January meeting.

The US economy grew at a surprisingly strong 4.3% annual rate in the third quarter, the most rapid expansion in two years, driven by consumers who continue to spend despite strong inflation. There have also been recent reports showing shaky confidence among consumers worried about high prices. The labor market has been slowing and retail sales have weakened.

The number of Americans applying for unemployment benefits fell last week and remain at historically healthy levels despite some signs that the labor market is weakening.

US applications for jobless claims for the week ending Dec. 20 fell by 10,000 to 214,000 from the previous week’s 224,000, the Labor Department reported Wednesday. That’s below the 232,000 new applications forecast of analysts surveyed by the data firm FactSet.

Dynavax Technologies soared 38.2% after Sanofi said it was acquiring the California-based vaccine maker in a deal worth $2.2 billion. The French drugmaker will add Dynavax’s hepatitis B vaccines to its portfolio, as well as a shingles vaccine that is still in development.

Novo Nordisk's shares rose 1.8% after the weight-loss drug company got approval from US regulators for a pill version of its blockbuster drug Wegovy. However, Novo Nordisk shares are still down almost 40% this year as the company has faced increased competition for weight-loss medications, particularly from Eli Lilly. Shares of Eli Lilly are up 40% this year.

US crude oil closed at $58.35 a barrel and Brent crude finished at $61.80 a barrel.


Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.