Saudi Industry Ministry Qualifies 24 Local, International Bidders for Round 10 Exploration Licenseshttps://english.aawsat.com/business/5282186-saudi-industry-ministry-qualifies-24-local-international-bidders-round-10
Saudi Industry Ministry Qualifies 24 Local, International Bidders for Round 10 Exploration Licenses
The Saudi Ministry of Industry and Mineral Resources announced the qualification of 24 local and international bidders to participate in Round 10 of the Kingdom’s exploration license competitions. (Asharq Al-Awsat)
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Saudi Industry Ministry Qualifies 24 Local, International Bidders for Round 10 Exploration Licenses
The Saudi Ministry of Industry and Mineral Resources announced the qualification of 24 local and international bidders to participate in Round 10 of the Kingdom’s exploration license competitions. (Asharq Al-Awsat)
Saudi Arabia’s Ministry of Industry and Mineral Resources announced on Tuesday the qualification of 24 local and international bidders, including companies and consortiums, to participate in Round 10 of the Kingdom’s exploration license competitions, marking the start of the bidding phase following the completion of technical and financial evaluations.
In a statement, it said the announcement reflects the ministry’s continued efforts to accelerate mineral exploration, unlock its estimated $2.5 trillion mineral wealth while strengthening the Kingdom’s position as an attractive destination for mining investment.
Spokesperson of the Ministry of Industry and Mineral Resources Jarrah Aljarrah said that the mineralized belts offered in this round cover a total area of 13,000 km2 across five regions: Madinah, Makkah, Riyadh, Qassim, and Hail, and include new exploration sites extending from belts offered in the Round 9.
These include the Nabithah/Ad Duwayhi (Dahlat Shabeb) Belt, home to the Ad Duwayhi Mine, which produces around 180,000 ounces of gold annually; the Sukhaybarat/Al-Safra Belt, a highly prospective zone for gold, copper, silver, zinc, and nickel, hosting advanced projects such as the Sukhaybarat and Bulghah mines; and the Al-Nuqrah Belt, known for its significant gold deposits and copper- and zinc-rich volcanic massive sulfide (VMS) mineralization.
Of the 24 qualified bidders, 17 were previously pre-qualified under Round 9, while seven additional companies and consortia completed the Round 10 pre-qualification questionnaire (PQQ). The continued participation of previously qualified bidders highlights growing investor confidence in Saudi Arabia’s mining opportunities and reinforces the credibility and transparency of its licensing process.
The ministry noted that, under the exploration licensing competition guidelines, pre-qualification remains valid for one calendar year. This allows eligible bidders to participate in subsequent licensing rounds during the validity period and enables greater participation in the Kingdom’s expanding pipeline of exploration opportunities.
The seven pre-qualified bidders include: Saudi Arabian Mining Company (Maaden); PT ANTAM Tbk; Power Metallic Mines Inc.; Wildsky Resources Inc.; consortium comprising Danakali Limited and Masadar Al-Zamarda for Mining; consortium between Anaam Al Qarat for Trading and Sahara Mining Co. Ltd.; and Thurb Al-Hayya for Trading Company.
The list of bidders previously pre-qualified under Round 9 includes: Vedanta Limited; Midana Exploration Pty Ltd; Jacaranda Minerals Pty Ltd; Sierra Nevada Gold; Royal Road Arabia; The Distinguished Consortium Mining Company; Sun Peak Metals; Eqleed-Indotan Mining Company; DesertEx Pty Ltd; Helderberg Limited; Al Tasnim Enterprises LLC; Branch of China National Geological and Mining Corporation; Aurum Global Group; Batin Al Ard for Gold Company; Almasar Minerals Holding Limited; Saudi Gold Refinery (SGR); and Al Ghazal Al Arabi Mining Company.
Saudi Arabia’s exploration license competitions are conducted through a three-stage process designed to ensure transparency, competitiveness, and equal opportunity.
The process begins with a pre-qualification phase, during which applicants are assessed based on technical and financial capabilities. This is followed by the competition and site selection phase, where qualified bidders gain access to competition guidelines and relevant technical documentation and select sites through the ministry’s digital mining platform, Taadeen.
Where multiple bidders compete for the same site, the process advances to a public multi-round bidding process, with awards determined based on competitive exploration expenditure commitments and transparent evaluation criteria.
The next phase of Round 10 will see qualified bidders select available exploration sites through the Taadeen platform, in accordance with clear criteria designed to ensure fair competition and allow companies to pursue opportunities best aligned with their technical strengths and investment strategies.
Aljarrah, the ministry’s spokesperson, said the growing participation in exploration licensing rounds reflects rising confidence in the Kingdom’s mining investment environment, supported by regulatory reform, enhanced geological data, transparent licensing mechanisms, and an expanding portfolio of high-potential exploration opportunities across Saudi Arabia.
These results reflect the impact of the Kingdom’s ongoing regulatory and legislative reforms, which continue to strengthen investor confidence and reinforce Saudi Arabia’s position as a transparent, competitive, and globally attractive mining destination aligned with the objectives of Vision 2030.
A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, US, November 11, 2022. REUTERS/Andrew Kelly/File Photo
A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, US, November 11, 2022. REUTERS/Andrew Kelly/File Photo
Wall Street stocks slipped early Thursday, after oil prices soared on reports that the United States could launch fresh attacks on Iran before key midterm elections.
The Dow Jones Industrial Average dipped 0.2 percent to 51,074.31, while the broad-based S&P 500 Index lost 0.3 percent to 7,776.28.
The tech-focused Nasdaq Composite Index retreated 0.5 percent to 27,405.11, AFP reported.
The gloomier start was "based on two factors that have been haunting the market: both oil prices rising sharply and also (bond) yields that are returning to yesterday's peak levels," said Peter Cardillo of Spartan Capital Securities.
He told AFP that these will be an "ongoing problem for the market in the near term."
Cardillo said that oil prices have jumped as US President Donald Trump said he did not want to deal with Iran.
"And now it looks as though there's been a shift in strategy from an economic squeeze on the Iranian economy to a new round of massive bombing," he warned.
After reports that Washington could open new attacks against Iran, international benchmark Brent North Sea crude rallied to $105.46 per barrel.
The main US contract, West Texas Intermediate rose to $92.82 per barrel before cooling slightly.
Meanwhile, the yield on the 10-year Treasury note advanced to 5.3 percent and that on the 30-year note was at 5.7 percent.
A Year After Riyadh Halted Rent Hikes, the Market Tests a New Balancehttps://english.aawsat.com/business/5327399-year-after-riyadh-halted-rent-hikes-market-tests-new-balance
A Year After Riyadh Halted Rent Hikes, the Market Tests a New Balance
Development work on plots during the first year of the Real Estate Balance Program in Riyadh (SPA)
A year after regulations freezing rent increases began to take effect, the rental market in Riyadh has begun to show a clear shift in the trajectory of prices. Residential rents grew by 4.5 percent in August 2026, the slowest pace of increase in more than three years, while the share of household income absorbed by rent declined to about 15 percent, from more than 17.5 percent a year earlier.
These developments point to a gradual easing of the price pressures that drove rents to high levels in recent years, but they are not enough on their own to conclude that the market has entered a sustainable equilibrium. Rental activity continues to grow, while the market still needs to absorb new supply and determine the impact of the regulations on the decisions of investors, developers and tenants.
The regulatory provisions governing the relationship between landlords and tenants in Riyadh were issued on September 25, 2025, pursuant to the directive of Crown Prince and Prime Minister Mohammed bin Salman to take measures to achieve balance in the capital’s real estate sector, with the approval of the Council of Ministers and by royal decree. The provisions were later published in the official gazette, Umm Al-Qura, and took effect on November 7 of the same year. They remain in effect for five years and provide for a freeze on annual rent increases for residential and commercial properties within Riyadh’s urban boundaries, in addition to regulating rents for vacant properties that had previously been leased and setting rules governing contract renewals and evictions.
These provisions formed part of a broader package of measures aimed at restoring balance to the capital’s real estate market. The package included increasing the supply of residential land, developing the system of white land and vacant property fees, strengthening the regulation of rental relationships, and raising levels of documentation and transparency.
Development works on plots during the first year of the Real Estate Balance Program in Riyadh (SPA)
About a year after the provisions took effect, the capital’s rental market has begun to show signs of gradual repricing, with slower rent growth and a decline in the burden of rent on household income. However, the extent to which the market moves toward a more sustainable equilibrium will remain linked to the trajectory of new supply, development and financing costs, and households’ ability to afford housing.
The latest available data indicate that residential rents in Riyadh rose by 4.5 percent year-on-year in August 2026, marking the 12th consecutive month of slower growth and the lowest pace of increase in more than three years, according to an analysis based on data from the General Authority for Statistics.
Although rents continued to rise year-on-year, the slower pace reflects a gradual easing of the price pressures that the capital experienced in recent years, alongside a package of government measures aimed at restoring balance to the real estate market.
The regulation of the rental market was part of this package, which included increasing the supply of residential land, developing the system of white land and vacant property fees, as well as strengthening the regulation of rental relationships and raising levels of documentation and transparency in the market.
In an indicator directly linked to households’ ability to afford housing costs, the share of rent in household income in Riyadh declined to about 15 percent, compared with more than 17.5 percent in September 2025.
Abdullah Al-Hammad, CEO of the General Real Estate Authority, said last September that this decline was one of the initial effects measured from the real estate balance decisions in the capital.
This indicator is particularly significant because it measures the share of rent in household income, providing a clearer reading of changes in housing affordability and the impact of market movements on tenants.
This coincided with a continued slowdown in housing-related inflation across the Kingdom. The growth rate of prices in the housing, water, electricity, gas and other fuels category declined to 3.9 percent year-on-year in August, from 4.2 percent in July.
By contrast, the slowdown in price growth was not accompanied by a similar contraction in rental activity across the Kingdom. The number of rental transactions rose to about 446,300 in August, compared with 325,200 in the same month of 2025, an annual increase of 37 percent.
The value of rental transactions also increased by 32 percent to 10.62 billion riyals ($2.83 billion), compared with about 8.03 billion riyals a year earlier. The residential sector accounted for about 343,700 transactions, an increase of 36 percent, while the value of its transactions rose 28 percent to 5.59 billion riyals.
Although these figures reflect the performance of Saudi Arabia’s rental market as a whole and do not separately measure the impact of the measures implemented in Riyadh, they indicate that slower rent growth has not, so far, been accompanied by a broad contraction in rental activity.
Balance or a Transitional Phase?
A year after the regulations were implemented, the picture raises the question of whether the current indicators represent the beginning of a sustainable equilibrium in Riyadh’s rental market, or whether they reflect a transitional phase during which the market is reshaping price levels, returns, and the behavior of tenants and investors. According to real estate specialists, determining the direction of this trend will depend on developments in new supply, development and financing costs, and households’ ability to afford housing in the coming period.
Real estate expert and commentator Abdullah Al-Mousa told Asharq Al-Awsat that the current indicators reflect a tangible impact from the latest regulatory measures on Riyadh’s rental market, particularly the freeze on annual increases. He noted that slower rent growth and the decline in the burden of rent on household income reflect an easing of some of the price pressures that the capital has experienced in recent years.
He explained that this improvement cannot be attributed solely to the freeze on increases, but comes within a comprehensive package of measures that included regulating the relationship between landlords and tenants, fixing rents under specific regulations, increasing the supply of land, developing the white land fee system, and strengthening documentation and transparency in the market.
Al-Mousa said it was too early to consider the rental market to have reached “full equilibrium,” saying that what is currently taking place is closer to a transition from a period of rapidly rising prices toward stability, repricing and testing new levels of equilibrium.
He added that sustainable equilibrium is not measured by slower prices alone, but by the market’s ability to provide sufficient supply, maintain affordable housing costs relative to household income, and keep occupancy rates stable while ensuring that investment in the rental sector remains attractive.
Regarding the impact of the regulations on the behavior of landlords and tenants, Al-Mousa noted that their effect may be behavioral and contractual as much as it is related to prices. They give tenants greater ability to anticipate their future obligations and limit sudden increases, which could encourage them to remain in a unit for longer periods.
At the same time, the regulations may encourage landlords to place greater priority on tenant stability and regular payment rather than relying on raising rents at every renewal.
He noted that the regulations have also reshaped the way units are priced and negotiated, particularly for properties entering the market for the first time, where the initial rent becomes more important in determining the subsequent course of the contract. This is prompting owners and developers to study pricing more carefully and link it to the unit’s location, quality, level of services and the value it provides to the tenant.
Al-Mousa considered that this shift could, over the long term, move competition in the rental market away from focusing on raising prices and toward improving the quality of real estate products and retaining tenants for longer periods. This would reflect a market moving toward greater competition over value and stability, rather than price alone.
Reshaping Investment Economics
Real estate expert and marketer Saqr Al-Zahrani told Asharq Al-Awsat that rental regulations are likely to reshape the economics of investment in the residential sector, rather than simply limiting investment activity. He explained that limited growth in rental revenues, alongside rising land, financing and construction costs, will push investors to scrutinize target returns more closely and focus on assets capable of generating stable cash flows and achieving greater operational efficiency.
He added that the next phase could see a greater shift by institutional investors toward towers and integrated, professionally managed residential complexes, benefiting from economies of scale in reducing operating costs, improving occupancy efficiency, and diversifying products and services. At the same time, standalone residential units may become less attractive as rental assets, as a larger share of them shifts toward ownership by end users.
According to Al-Zahrani, demand for housing in Riyadh will not necessarily decline, but it may become more selective, with tenants paying greater attention to balancing price, location, space, product quality and services. Landlords, meanwhile, will rely more heavily on asset quality and sustainable occupancy rather than relying solely on rent growth.
He noted that among the key indicators that should be monitored over the next two years are rent growth rates, the volume of new supply, occupancy and vacancy rates, net investment returns, the movement of households from renting to homeownership, the length of time units remain on the market, and the ratio of housing costs to household income.
Al-Zahrani said one of the most significant potential shifts is the movement of some investment away from individual residential units toward integrated residential assets, particularly as projects capable of relying on actual local demand and generating stable cash flows become increasingly important.
At the same time, he warned that continued increases in development costs, combined with limited rent growth, could prompt some investors to reduce the supply allocated for rental or redirect capital toward homeownership projects.
Conversely, improved homeownership affordability could gradually encourage some tenants to shift from bearing rental costs toward building homeownership, potentially reshaping the pattern of demand in the capital’s housing market.
Maersk Raises Emergency Fuel Surcharge Due to Middle East Conflicthttps://english.aawsat.com/business/5327326-maersk-raises-emergency-fuel-surcharge-due-middle-east-conflict
FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
Maersk Raises Emergency Fuel Surcharge Due to Middle East Conflict
FILE PHOTO: A truck transports a Maersk container at APM Terminals at the Port of Los Angeles, California, US, March 4, 2026. REUTERS/Mike Blake/File Photo
Danish shipping group Maersk said on Thursday it was increasing its emergency fuel surcharge (EFS) on all export collections and import deliveries due to the ongoing conflict in the Middle East.
Oil prices rose on Thursday on worries about supply from the Middle East region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz, while the US cut output as a hurricane menaced offshore production.
Maersk said in a statement it was increasing its EFS to 20% as of October 12, and that it would continue to review the surcharge regularly.
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