Banking and Finance Oman opens bids for three mining sites Oman is seeking bids for three mining sites within the Ayoun area of the Dhofar governorate, the energy and minerals ministry said in a tweet. The bidding will comprise three mining sites, covering areas of 1.72 sq km, 1.41 sq km, and 1.87 sq km. Omani companies with experience in mining sector projects can submit […] April 10, 2023
Oman to offer new mineral exploration blocks by Q1-end Oman’s ministry of energy and minerals is working on offering new mineral exploration blocks for investments in the first quarter of 2023. The ministry is currently in the final stage of negotiations with specialised companies on several concession areas, primarily focusing on developing potash ore and evaluation of lithium ore, Dr Salah bin Hafeez Al […] March 12, 2023
UAE industrial giant pins future on net zero 2050 ambitions Emirates Global Aluminium (EGA) – the UAE’s largest industrial company outside those focused on oil and gas – is pinning its future on the country’s decarbonisation efforts as the global market for aluminium remains under pressure. The company said it is committed to producing aluminium more sustainably and, last year, produced 57,000 tonnes of CelestiAL […] March 8, 2023
Economy Saudi Crown Prince unveils strategy for Northern Borders Crown Prince Mohammed bin Salman has unveiled a plan to drive economic expansion in Saudi’s Northern Borders region. The strategic office for the Northern Borders, announced on Monday, aims to increase development across the region, which is an emerging metals and chemicals hub, and take advantage of its location next to Jordan and Iraq. The […] February 20, 2023
Manufacturing Saudi Arabia seeks foreign and local mining firms to join big dig Saudi Arabia is inviting local and international mining companies to bid for licences on five exploration sites across the kingdom. The Ministry of Industry and Mineral Resources said on Monday it had launched pre-qualification for the licensing round, as Riyadh steps up the search for foreign investors as well as efforts to explore its reserves […] February 13, 2023
Analysis Manufacturing Heavy metal and fine porcelain boost Ras Al Khaimah economy Ras Al Khaimah has been making up for its limited hydrocarbons sector by developing non-oil businesses such as quarrying, cement, ceramics and pharmaceuticals. Today RAK’s manufacturing, wholesale and retail trade, along with its construction/real estate activities amount to about 50 percent of GDP. The direct contribution of the mining and quarrying sector is currently only […] February 8, 2023
Energy Luxembourg firm commits $50m investment to Saudi mining A Luxembourg-based natural resources group is set to enter Saudi Arabia with an initial $50 million investment as the kingdom looks to attract more foreign companies to its burgeoning mining sector. Eurasian Resources Group (Erg) said there is potential to grow its Saudi investment year-on-year, adding that it will prioritise large scale, early-stage exploration for […] January 31, 2023
Analysis Retail Diamonds (from a lab) are the Gulf’s best friend Basma Chaieri began her business after watching the season two finale of Netflix’s hit series Explained. The November 2019 episode, which explored the growing popularity of lab-grown diamonds, prompted the Dubai resident to quit her travel job and enrol in gemology school to study the trade. “I thought why would anyone buy a real diamond […] January 20, 2023
Manufacturing Saudi mining firm to invest $319m to build four factories Saudi Arabia’s Astra Mining is planning to build four new factories over the next five to seven years at an investment of up to SR1.2 billion ($319 million), Arab News reported, citing CEO Ali Al-Jabrah. He stated that the company owns a land bank of 92,000 square meters that can take up to five factories. […] January 13, 2023
Analysis Agriculture Export deal with India tipped to boost Morocco’s fertiliser industry Morocco is set to sign a long-term agreement with India to export rock phosphate, a key ingredient in fertiliser. The North African country is already one of the largest producers of phosphates and fertilisers, but the India deal is expected to lead to other agreements with governments around the world, according to an industry analyst. […] January 11, 2023
Analysis Banking and Finance Gulf wealth funds look to snap up ‘cheap’ assets in West Sovereign wealth funds across the Middle East are forecast to take advantage of “limited competition” from global peers this year to pursue “cheap” assets in Europe, the US and other western markets. A sharp drop in stock and bond markets over the past year has resulted in the combined value of the world’s sovereign wealth […] January 3, 2023
Analysis Sustainability Mining for profits increases foreign investment in Oman Oman is emerging as a hub for industrial minerals with dozens of mining sites covering an area of 2,000 sq km. But experts believe the sector’s true potential will be realised over the next decade. Mining is one of the Omani government’s focuses under its economic diversification programme. It has attracted interest from both foreign […] December 21, 2022
London-listed Centamin reports higher gold reserves in Egypt London and Toronto-listed Centamin reported an increase in its Sukari gold mine reserves in Egypt by about 1.3 million ounces, representing the largest increase in the reserves in a decade. The growth represents an increase of 13 percent in proven and probable mine reserves, reaching 11.11 million ounces at the end of June 2022, compared […] December 15, 2022
EXCLUSIVE Banking and Finance Dubai entrepreneur to launch crypto community for nickel A prolific Dubai-based entrepreneur is set to launch a crypto token aimed at opening up the asset market and “shaping the future of nickel”. The Nikel token will launch in Dubai next week. Safi Qurashi, CEO of NewTek, told AGBI that it will “create a community that can help shape the future of nickel, and […] December 1, 2022
Analysis Manufacturing Saudi non-oil export orders rise at fastest pace for a year New export orders for Saudi Arabia’s non-oil sector in October increased at their fastest rate for nearly a year, the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) survey revealed on Wednesday. This demand helped the PMI, which gauges business confidence, to climb 0.6 percentage points to 57.2 in October. A reading above 50.0 shows […] November 2, 2022
Development Saudi to auction five mining exploration licences in 2023 Saudi Arabia is set to auction five new mining exploration licences next year, state news agency SPA has reported, citing Bandar bin Ibrahim AlKhorayef, the minister of industry and mineral resources. The licences, aimed at international and local investors, will include copper, zinc, lead and iron deposits and will be auctioned for sites in Bir […] October 31, 2022
Analysis Energy Aramco, Adnoc and the long road to decarbonisation As some of the world’s biggest carbon emitters, the Gulf’s national oil companies have come under considerable scrutiny in recent years. Several are now ramping up their decarbonisation efforts in response to the deepening climate crisis and tougher targets for environmental, social, and corporate governance. In October last year Saudi Aramco, the world’s largest oil-exporting […] October 28, 2022
Banking and Finance PIF launches regional entities to invest $24bn in multiple sectors Saudi Arabia’s Public Investment Fund (PIF) plans to set up five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, crown prince and fund chairman Mohammed bin Salman said in a statement. The announcement, made on the second day of Riyadh’s flagship Future Investment Initiative (FII) conference, comes after the PIF established an investment […] October 27, 2022
Analysis Development The Golden Triangle: treasures of the Eastern Desert In Ancient Egypt, real wealth was measured in grain. Temple granaries were the reserve banks of their day, with gold and silver seen as lesser commodities. “In my brother’s country, gold is as plentiful as dirt,” marvelled one foreign king in a begging letter to Pharaoh Amenhotep III. Even so, mining was a serious business. […] October 17, 2022
ANALYSIS Economy 200 billion reasons why the Gulf is China’s hottest trading partner When Deng Xiaoping, the former communist leader of China, started his modernisation drive in the late 20th century, he looked to the Middle East as the only place that could provide the enormous quantities of oil and gas that his country required to become a global powerhouse. By the end of this decade, less than […] September 22, 2022
Economy New CEO named for Saudi’s $1.3trn private sector push A new CEO has been appointed to the Private Sector Partnership Reinforcement Program which aims to facilitate investments of $1.33 trillion from Saudi private sector businesses by 2030. Abdulaziz bin Abdulrahman Al-Arifi, advisor to the Secretariat General of the Cabinet and a former CEO of finance at Jadwa Investment, has been hired to lead the […] September 21, 2022
Analysis Economy Saudi capital spending surges 38% on back of higher oil prices Capital expenditure surged in Saudi Arabia in the first half of 2022, part of a wider spending spree on the back of higher oil prices. S&P Global Ratings said capital expenditure (capex) rose by 38 percent to SR51 billion ($13.6 billion) despite this year’s initial budget statement forecasting it would fall. Revenue was up 43 […] September 20, 2022
