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Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites
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Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

The Saudi Ministry of Industry and Mineral Resources announced on Wednesday the names of 24 companies and consortia that have won licenses in the ninth exploration licensing round, the largest in the Kingdom’s history to date.

The winning entities were awarded 172 mining sites, including 76 sites that advanced to a multi-round public auction, across three mineralized belts in the regions of Riyadh, Madinah, and Qassim, with total committed exploration spend of over SAR671 million during the first two years of their work programs.

This milestone comes as part of the ministry’s ongoing efforts to accelerate mineral exploration and development in the Kingdom, in line with the objectives of Vision 2030, which positions the mining sector as the third pillar of the national industrial economy, said the ministry in a statement.

The ninth round offered over 24,000 km2, spanning the Ad-Duwaihi/Nabitah gold belt in Riyadh Region, as well as the Nuqrah and Sukhaybirah/As-Safra gold belts in Madinah and Qassim regions. These areas are rich in strategic minerals, including gold, copper, silver, zinc, and nickel. The round witnessed strong interest and high-quality competition from leading local and international companies, reflecting growing confidence in Saudi Arabia’s mining investment environment and its attractiveness at both regional and global levels.

The list of winning companies includes several leading international firms and prominent local companies, namely: Desert EX Pty Ltd Company; Batin Alard for Gold Company; Royal Roads Arabia Company; Sierra Nevada Gold Inc. Company; Aurum Global Group; Brunswick Exploration Incorporated; EQLEED-INDOTAN Mining Company; Helderberg Limited Company; Rawafed Alola for Mining Company; Saudi Gold Refinery Limited Company; Arabian Discovery Mining Company; Al Ghazal Al Arabi Mining Company; Almasar Minerals Holding Limited Company; Al Tasnim Enterprises LLC Company; Arabian Gulf Skylark. The Distinguished Consortium Mining Company, Two Limited Company; Maaden Ivanhoe Electric Exploration and Development Limited Company.

Several newly formed consortia also emerged winners in the licensing round, such as Demir Engineering Ltd, Dahrouge Geological Consulting Ltd, and Kaz United Mining LLC Consortium; KENZ Global Resources Ltd, and Manahil Al Sharq Mining and Al Rayyan Mining Resources Co. Consortium; Maaden Barrick Technology Experts Co. and Andiamo Exploration Ltd Company; Shandong Gold (Beijing) Industrial Investment Co., Ltd., Development Co., Ltd., and Ajlan & Bros Company for Mining; Midana Exploration Pty Ltd and Saudi Arabian Mining Company (Maaden) Consortium; and McEwen Mining Inc. and Sumou Holding Company Consortium.

The ninth round saw 26 qualified companies participate via the electronic bidding platform. The round was conducted in several stages with the highest levels of transparency: prequalification, site selection via the platform, and a multi-round public auction for sites attracting more than one bidder.

The ministry further noted that the scale of investment commitments in this round supports the development of underexplored greenfield areas and helps unlock the Kingdom’s estimated mineral wealth of SAR9.4 trillion, thereby strengthening the resilience of mineral supply chains.

The ministry confirmed that licensing will continue through the 10th round, spanning 13,000 km2 across Madinah, Makkah, Riyadh, Qassim, and Hail. It will include new sites that extend the mineralized belts offered in the ninth round.

The ministry will announce additional exploration and investment opportunities for 2026 at the fifth edition of the Future Minerals Forum (FMF), scheduled to take place in Riyadh from January 13 to 15.

These efforts are part of the Kingdom’s comprehensive strategy for the mining and mineral industries, aimed at maximizing the value of mineral resources, attracting global investment, creating jobs, enhancing value-chain integration, and reinforcing Saudi Arabia’s position as a global mining hub, in line with the ambitions of Vision 2030, it stressed.

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EU Chamber: Saudi Arabia Eliminated Dependence on a Single Maritime Chokepoint, Safeguarding Global Energy Markets

Yanbu Industrial Port (SPA)
Yanbu Industrial Port (SPA)
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EU Chamber: Saudi Arabia Eliminated Dependence on a Single Maritime Chokepoint, Safeguarding Global Energy Markets

Yanbu Industrial Port (SPA)
Yanbu Industrial Port (SPA)

Amid growing maritime disruptions across global shipping routes, Saudi Arabia’s export capability through the Red Sea has emerged as a strategic safeguard against a surge in global energy prices.

Kristijonas Gedvilas, Chief Executive Officer of the European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA), said the real value of the alternative corridor lies in its ability to guarantee crude flows and ease inflationary pressure on European consumers and industry. He added that cooperation exceeding €88 billion in 2025 reflects Saudi Arabia’s transformation into a strategic partner in European energy security, supported by one of the world’s most resilient logistics infrastructures.

Gedvilas told Asharq Al-Awsat that Riyadh’s success in providing an alternative maritime route through the East-West pipeline was not merely an emergency response, but a step that reinforced the Kingdom’s strategic importance globally. He said Saudi Arabia’s dual-coast export capability across both the Gulf and the Red Sea had effectively eliminated dependence on a single maritime chokepoint, ensuring continuity of supply even under conditions of acute regional tension.

Asked about the corridor’s direct impact on Europe, Gedvilas said its short-term relevance lies primarily in price stability rather than physical supply security, though its long-term significance is considerably greater, positioning Saudi Arabia as a strategic partner in Europe’s energy transition.

“The corridor’s significance for Europe extends well beyond its immediate role in securing crude oil flows. It represents a strategic shift in how Saudi Arabia connects to Europe’s future energy system as a whole,” he said.

“Emerging multi-molecule export hubs such as NEOM and Yanbu position the Kingdom at the centre of future green fuel supply chains.”

On this subject, Gedvilas explained that Saudi Arabia is exporting hydrogen and ammonia directly into the South H2 Corridor towards Italy and Germany in support of Europe’s industrial decarbonisation agenda. He added that the Saudi-Egypt electricity interconnection creates another dimension by paving the way towards integration with European grids and supporting Europe’s growing demand for diversified, low-carbon energy sources.

Kristijonas Gedvilas, CEO of the European Chamber of Commerce in Saudi Arabia (X)

Structural Contributions to European Cost Stability

Gedvilas stressed the need to define the strategic impact of the alternative corridor from a precise European perspective, noting that the European Union imports around 10 percent of its oil needs from the Gulf. “The primary consequence of Hormuz-related disruptions for Europe is not a direct supply shortage, but rather upward pressure on global oil and gas prices,” he said.

He added that “the corridor’s contribution to market continuity has a real, even if indirect, effect on European energy costs,” helping contain energy price pressures across the continent and protect industrial sectors from market volatility.

The situation recalls the severe challenges Europe faced in 2022 during the gas crisis triggered by the Russia-Ukraine war, when reduced supplies placed unprecedented pressure on companies and consumers and forced European governments to spend hundreds of billions of euros in emergency support measures. Today, the Saudi alternative corridor is helping shield European consumers from another inflationary shock.

Sovereign Reliability

Gedvilas said Saudi Arabia’s position as a leading OPEC member and one of the most consequential actors in global oil markets, with production capacity of around 12 million barrels per day, is rooted in a longstanding record of securing global supplies and moderating price fluctuations during periods of market stress. He noted that the Kingdom has largely maintained that role despite the current wave of regional disruptions testing global energy security.

“The alternative corridor reinforces this reliability in a structural way,” Gedvilas said. “By giving Saudi Arabia a dual-coast export capability across both the Gulf and the Red Sea, it eliminates dependence on a single maritime chokepoint and ensures continuity of supply even under conditions of acute regional tension.”

Yanbu Commercial Port, one of Saudi Arabia’s key maritime gateways (Mawani)

Saudi Resilience Versus European Exposure

The ECCKSA chief executive said the Kingdom’s integrated export and petrochemical infrastructure has cemented its position as one of the world’s most resilient energy partners. This strategic strength comes at a time when the energy shock caused by the war exposed Europe’s dependence on traditional supply routes, with the continent still facing volatility in diesel and jet fuel markets and difficulties achieving full energy independence.

Against this backdrop of European vulnerability, Saudi Arabia has emerged as an indispensable stabilising force, not only by securing physical supplies but also by protecting the European economy from geopolitical pressure linked to volatile international markets, according to Gedvilas.

Looking ahead, Gedvilas said Saudi Arabia’s role in stabilising global energy markets is set to expand significantly in both scale and nature. Historically regarded as a cornerstone of hydrocarbon security, the Kingdom is now playing a leading role in the global transition towards sustainable energy and green hydrogen production.

He said this forward-looking dimension ensures Riyadh will remain a cornerstone of the emerging global energy system, strengthening Saudi Arabia’s reliability as a long-term strategic partner for Europe capable of safeguarding energy security against future geopolitical pressures and market disruptions.

Business

Gold Falls as Fading Middle East Peace Hopes Lift Dollar, Oil

Gold bracelets on display at a gold shop in Istanbul's Grand Bazaar. (AFP)
Gold bracelets on display at a gold shop in Istanbul's Grand Bazaar. (AFP)
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Gold Falls as Fading Middle East Peace Hopes Lift Dollar, Oil

Gold bracelets on display at a gold shop in Istanbul's Grand Bazaar. (AFP)
Gold bracelets on display at a gold shop in Istanbul's Grand Bazaar. (AFP)

Gold fell from a three-week high on Tuesday, as slim hopes of a US-Iran peace deal drove the dollar and oil prices higher, clouding the US interest rate outlook ahead of key inflation data.

Spot gold fell 0.8% to $4,696.07 per ounce by 1117 GMT, after climbing to its highest since April 21 earlier. US gold futures for June delivery lost 0.5% to $4,703.20.

US President Donald Trump said a ceasefire with Iran was "on life support" as Tehran rejected a US proposal to end the conflict and stuck to a list of demands the US president described as "garbage", Reuters reported.

"The overall driver (for gold's decline) is rising energy prices once again lifting US bond yields ahead of today's CPI (consumer price index) print, as well as a stronger dollar," said Ole Hansen, head of commodity strategy at Saxo Bank.

Oil climbed as the key Strait of Hormuz stayed largely closed.

The April inflation data, expected later in the day, could provide clues on the Federal Reserve's monetary policy direction.

Elevated crude oil prices can stoke inflation, increasing the likelihood of higher interest rates. While gold is seen as a hedge against inflation, high rates tend to weigh on the non-yielding asset.

Benchmark 10-year US Treasury yields hit a one-week high, while the dollar gained 0.4%, making dollar-denominated commodities more expensive for holders of other currencies.

Traders have largely priced out a Fed rate cut this year, with markets now seeing a 36% chance of a hike by March 2027, according to CME Group's FedWatch tool.

Markets are also watching Trump's two-dayvisit to Chinafrom Wednesday, during which he is set to meet Chinese President Xi Jinping, with the Middle East expected to be a key part of the agenda.

"Overall, gold remains rangebound, with support established ahead of $4,500, while resistance is at the 50-day moving average, near $4,757," said Hansen.

Spot silver fell 3% to $83.50 per ounce, platinum slid 2.7% to $2,077.44, and palladium was down 1.9% at $1,479.91.

Business

US Consumer Inflation Expected to Have Increased Further in April Amid Iran War

People shop at a Lidl Supermarket on May 11, 2026 in the Crown Heights neighborhood of the Brooklyn borough in New York City. (Getty Images/AFP)
People shop at a Lidl Supermarket on May 11, 2026 in the Crown Heights neighborhood of the Brooklyn borough in New York City. (Getty Images/AFP)
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US Consumer Inflation Expected to Have Increased Further in April Amid Iran War

People shop at a Lidl Supermarket on May 11, 2026 in the Crown Heights neighborhood of the Brooklyn borough in New York City. (Getty Images/AFP)
People shop at a Lidl Supermarket on May 11, 2026 in the Crown Heights neighborhood of the Brooklyn borough in New York City. (Getty Images/AFP)

US consumer prices likely rose at a solid pace for a second straight month in April, which would result in the largest annual increase in inflation in more than 2-1/2 years and further bolster expectations the Federal Reserve would keep interest rates unchanged for a while.

The Consumer Price Index report from the Labor Department on Tuesday is also expected to show an acceleration in the monthly underlying inflation rate, though that would be because of a one-time adjustment to rent measures after last year's shutdown of the federal government prevented data collection.

It would follow on the heels of news last week of a bigger-than-anticipated increase in nonfarm payrolls in April.

The US-Israeli war with Iran has driven oil prices higher, immediately reflected in higher costs for gasoline, diesel and jet fuel.

Economists believe the second-round effects would be felt in the months ahead. Financial markets expect the US central bank to keep rates unchanged into 2027.

Back-to-back strong inflation readings would escalate political risk for President Donald Trump and his Republican party ahead of November's midterm elections.

Trump won ‌re-election in 2024 in ‌large part because of his promise to reduce inflation, but Americans have soured on his handling ‌of ⁠the economy and ⁠many blame him for the pain at the pump.

"People are now realizing that the pitch they got about lowering the cost of goods and services is a fairy tale," said Brian Bethune, an economics professor at Boston College. "They were basically treading water with their nose just above the surface, now they are being pulled down below the surface. There is no air to breathe."

The CPI likely increased 0.6% last month after jumping 0.9% in March, a Reuters survey of economists predicted. Estimates ranged from a 0.4% gain to a 0.9% rise.

The moderation after posting the largest increase since June 2022 was mostly mechanical, economists said. Oil prices shot above $100 a barrel in March following strikes against Iran, before pulling back to still-high levels after a ⁠ceasefire in early April.

Gasoline prices likely accounted for most of the increase in the CPI last month ‌after a record surge in March.

Food prices were also expected to have accelerated ‌after an unusual flat reading in March. Economists expected food prices to rise in the coming months, partly reflecting higher energy prices and fertilizer shortages amid shipping ‌disruptions in the Strait of Hormuz.

ONE-TIME BOOST FROM RENTS

In the 12 months through April, the CPI is projected to have advanced 3.7%. ‌That would be the biggest year-on-year increase since September 2023 and follow a 3.3% rise in March.

The Fed, which tracks the Personal Consumption Expenditures price indexes for its 2% inflation target, last month left its benchmark overnight interest rate in the 3.50%-3.75% range.

Excluding food and energy, the CPI is forecast to have risen 0.3% last month, with a greater chance of rounding up to 0.4%. The so-called core CPI gained 0.2% in March.

The Bureau of Labor Statistics, ‌which compiles the CPI report, is expected to make a one-time adjustment to rents and owners equivalent of rent.

The BLS splits its rent survey into six panels. Each panel is sampled ⁠every six months on a rotating ⁠basis. But because of last year's 43-day government shutdown, no data was collected in October. The BLS used a method called carry-forward imputation for rent and OER to account for the missing data, which artificially lowered the indexes.

"The April report will include hard data for that part of the shelter panel, which should lead to a significant catch-up effect," said Lou Crandall, chief economist at Wrightson ICAP. "We expect that special factor to add roughly a tenth of a percent to the increase in the core this month."

Underlying inflation was also expected to get a lift from healthcare costs after a surprise decline in March.

Core goods prices are expected to have been muted, with most economists saying the pass-through from tariffs was probably over. The US Supreme Court struck down Trump's sweeping tariffs in February.

"It's unlikely that retailers will pass on savings they are now seeing following the decline in the effective tariff rate in February, after the Supreme Court's ruling, but the pressure to raise prices further has eased," said Samuel Tombs, chief US economist at Pantheon Macroeconomics.

Core CPI inflation is expected to have increased 2.7% year-on-year in April after rising 2.6% in March. Some economists were dismissive of core CPI inflation.

"The problem is that the average person, the working people, they don't live in core CPI," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University. "They live in higher gasoline prices, they live in higher grocery prices, and they are getting hurt."