Manufacturing Egypt grants five ‘golden licences’ for $329m projects Egypt has issued golden licences to five projects with a total investment of EGP10.2 billion ($329.34 million). The first project is a 78,000 square metre recycling factory for alternative fuel and fibre, which will be built by Enviro Process in Minya at the cost of EGP73.5 million. Fayoum Company for Storage and Warehouses will build, […] July 25, 2023
Energy Saudi hunts for critical minerals in energy transition Saudi state mining giant Ma’aden and US-based Ivanhoe Electric have closed a deal to investigate 48,500 sq km of under-explored lands in the Arabian Shield for “critical minerals” that are key to powering the global energy transition. Surveys could begin as soon as September in the new joint venture, which is worth nearly $130 million. […] July 24, 2023
Manufacturing Egypt fuels private sector investment in Saudi industrial zones Private sector investment in Saudi industrial zones has spiked by nearly 25 percent in the second quarter of 2023, with Egypt the primary source market for overseas investors. The Saudi Authority for Industrial Cities and Technology Zones (Modon) announced that SAR 2.77 billion ($735.5 million) was invested in Q2 2023 — up 23.5 percent year-on-year. […] July 24, 2023
Trade Egypt finalises mining terms with UK and Canadian firms Egypt has signed agreements with UK-listed Centamin Plc and Canada’s Barrick Gold Corporation on the commercial, fiscal and legal terms for mining gold and associated minerals across several concession blocks awarded to them two years ago. All legal procedures are underway to submit the agreement to the authorities for approval, said Tarek El Molla, minister […] July 21, 2023
Development Global firms tour new Saudi mining sites A group of local and global companies took part in a tour to explore the geological potential of a number of sites in Saudi Arabia, ahead of the next round of bids for new mining licenses. The kingdom’s ministry of industry and mineral resources said it expects to receive proposals from qualified bidders for the […] July 20, 2023
Manufacturing Egypt set to issue tenders for precious metal mining Egypt will issue tenders for mining precious and basic metals between July and September 2023, according to minister of petroleum and mineral resources Tarek El Molla. The tenders will be for mining precious metals, phosphate, sulphur and potash, he added. The minister stated that the government has launched a regional geophysical survey programme, which includes […] July 19, 2023
Development Saudi Arabia awards new gold exploration licence Saudi Arabia’s ministry of industry and mineral resources has awarded a gold exploration licence to Almasane Alkobra Mining Company (Amak). The licence, which is valid until May 19 2028, covers an area of 78 sq km in Najran province in the south of the country, the Saudi Exchange-listed mining firm said in a statement. The […] July 14, 2023
Development Saudi special economic zone plot sold for $98m The master developer of King Abdullah Economic City has announced a land sale worth SAR367 million ($98 million) as Saudi Arabia presses on with plans to create further economic zones in the kingdom. Emaar The Economic City, which is listed on Tadawul, said in a filing to the Saudi stock exchange that it has sold […] July 3, 2023
Development Oman signs concession pact for potash ore mining Oman’s ministry of energy and minerals has signed a concession agreement for the exploration and mining of potash ore with local firm Sinbad Mining Resources Company. The concession area (No. 53-A) is located in the swamp area of Umm Assameem, state-owned Oman News Agency reported. The ministry announced in March that it is working on […] June 28, 2023
Trade Turkey’s trade deficit widens as exports dip in April Turkey’s trade deficit widened to $8.7 billion in April 2023, a 42.1 percent surge year-on-year (YoY), Turkish Statistical Institute (TurkStat) data showed. Exports fell 17.1 percent YoY to $19.3 billion, driven by a decline in mining, quarrying and manufacturing. Imports slipped 4.8 percent YoY to $28.1 billion, Daily Sabah newspaper reported. The country revealed a […] May 31, 2023
Manufacturing Saudi and UK to strengthen supply chain for minerals The UK and Saudi Arabia have signed a declaration of intent to develop supply chains for critical minerals. The agreement aims to support the global energy transition by increasing the supply of minerals used in electric vehicles, wind turbines and solar panels. Lithium, nickel and copper are among the metals covered by the declaration, which […] May 30, 2023
Economy Saudi economic zones attract initial $13bn investments Four special economic zones launched last month by Saudi Crown Prince Mohammed bin Salman have attracted nearly $13 billion from investors. Discussions are under way for another $31 billion. Investments so far cover the maritime, mining, manufacturing and logistics and technology sectors, it was announced on Monday at a forum in Riyadh. The four zones […] May 30, 2023
Energy Saudi Arabia to invest billions in Iraq, officials say Saudi Arabia will develop an Iraq gas field and invest $3 billion across various industries in the country, Iraqi officials said on Thursday, in a further sign of improving ties between the neighbours. Riyadh has endured a fraught relationship with Baghdad over the past two decades as Iraq fell under the increasing influence of Saudi’s […] May 26, 2023
Opinion Economy China-GCC FTA will be a game changer A deal would galvanise Middle Eastern economic transformation May 25, 2023
Manufacturing Saudi Arabian Mining Co profit slumps 80% in Q1 The Middle East’s largest mining and metals company has reported an 80 percent drop in net profit for the first quarter of 2023. Saudi Arabian Mining Co, better known as Ma’aden, blamed the fall in part on increased costs related to raw materials and softer commodity prices. It posted net profit on Monday of just […] May 22, 2023
Energy Saudi mining firm exports blue ammonia to China Saudi Arabian Mining Company (Ma’aden) has exported its first shipments of low-carbon blue ammonia to China. The Saudi Exchange (Tadawul)-listed mining major signed an agreement to supply 25,000 tonnes of blue ammonia to China’s Shenghong Petrochemicals. Ma’aden is among the largest exporters of blue ammonia, having received certification for production in 2022. It will ship […] May 19, 2023
Economy Hospitality helps Tunisian economy grow 2% in Q1 The Tunisian economy grew by 2.1 percent in the first quarter of this year, although unemployment hit 16.1 percent, according to data from the National Institute of Statistics (INS). The year-on-year growth was driven by increased revenues from the communications, transport and hotels, restaurants and coffee shops sectors, which grew 4.8 percent, 5.3 percent and […] May 17, 2023
Manufacturing Ma’aden buys $126m stake in US mining firm Saudi Arabian Mining Co (Ma’aden) has bought a 9.9 percent stake in US minerals exploration company Ivanhoe Electric as part of a joint venture exploring an area in the kingdom that’s larger than Denmark. The $126 million deal includes a $66 million joint venture where Ma’aden will use Ivanhoe’s Typhoon geophysical surveying technology to mine […] May 16, 2023
Logistics Oman and UAE explore transport of minerals by rail Oman and Etihad Rail Company, the developer and operator of the UAE-Oman Rail Network, has signed an agreement with Brazilian mining firm Vale to explore transporting iron ore and its derivatives by rail. The railway line will connect Vale’s industrial complex in Sohar Port and Freezone in Oman to its planned mega-industrial complex in the […] May 14, 2023
Opinion Energy Mining the Middle East’s rich seam of copper Red metal can put a shine on the region's diversification from oil wealth April 17, 2023
Manufacturing Manufacturing sector fuels industrial success in Saudi Manufacturing activity in Saudi Arabia increased by 17 percent year-on-year in February boosting overall growth in industrial production across the kingdom, alongside improvements in mining and quarrying and electricity and gas supplies. The Saudi General Authority for Statistics (Gastat) found that in February the Industrial Production Index (IPI) rose 6 percent year-on-year. According to the […] April 13, 2023
Saudi Arabia shortlists 13 bidders for two mining sites Saudi Arabia’s Ministry of Industry and Mineral Resources has shortlisted 13 local and international companies for the second licensing stage of the Muhaddad and Ar Ridaniyah exploration sites. The Muhaddad exploration site, located in Bisha within the Asir geological terrane, covers 139 sq km and includes copper, zinc and lead ores deposits, the ministry said in a […] April 11, 2023
