Saudi mining facilities hit 360 as Kingdom launches database for investors

Saudi mining facilities hit 360 as Kingdom launches database for investors
1 / 5
Saudi mining facilities hit 360 as Kingdom launches database for investors
2 / 5
Saudi mining facilities hit 360 as Kingdom launches database for investors
3 / 5
Saudi mining facilities hit 360 as Kingdom launches database for investors
4 / 5
Saudi mining facilities hit 360 as Kingdom launches database for investors
5 / 5
Short Url
Updated 04 January 2022

Saudi mining facilities hit 360 as Kingdom launches database for investors

Saudi mining facilities hit 360 as Kingdom launches database for investors

RIYADH: Saudi Arabia sees increase in mining complexes as the Kingdom launched huge database to channel more investments into the sector that is poised to become the third income source for state funds.

The number of mining complexes in Saudi Arabia has reached 360 with the Makkah region taking the lead with 72, according to data released by the Saudi Ministry of Industry and Mineral Resources on Saturday.

It said the number of mining facilities in the Riyadh region is 52 followed by 52 in the Madinah region while the rest of the complexes are scattered across the Kingdom, the Saudi Press Agency reported.

The report also said the Kingdom has 70 reserves sites for mining activities.

The ministry said these mining complexes extract gold, copper, zinc, aluminum, magnesium, iron, silica, gypsum, limestone, clay and various other industrial materials.

Limestone ore, bauxite and phosphate ore are among the minerals widely used in the Kingdom’s manufacturing industries. 

The ministry aid the mining facilities have become a steady source of jobs for Saudis and offer different positions such as quarry official, mechanical technician, electrical technician, geologist and mining engineer etc.

In January earlier this year, the Kingdom moved to capitalize on the vast wealth hidden below ground in Saudi Arabia with the establishment of a mining fund and support for geological surveys and exploration program activities.

The Saudi Industrial Development Fund is also offering 60 percent loans to investors in a bid to attract global players into the Kingdom, while the Ministry of Industry and Mineral Resources is investing $3.7 billion in the sector.

According to Khaled Al-Mudaifer, the deputy minister of industry and mineral resources,  studies have estimated $1.3 trillion in reserves of phosphates, gold, copper, zinc, nickel, rare earth metals and other minerals.

Under Vision 2030, mining is the third pillar of Saudi Arabia’s economic development, after energy and petrochemicals, as it aims to diversify the country’s economy away from dependency on oil.

The Saudi Geological Survey has announced 54 locations for exploration, with more to be revealed in the coming months that will be auctioned to investors.

The National Geological Database is being created to allow investors to find the locations of mineral deposits in a bid to increase the transparency and competitiveness of the sector in Saudi Arabia.

The Kingdom has already attracted major international investors, including US firm Alcoa Corp., which has a 25.1 percent stake in Ma’aden Bauxite and Alumina Co., and Ma’aden Aluminium Co., as part of $10.8 billion joint venture with Saudi miner Ma’aden, located in Ras Al-Khair Industrial City in the eastern province.


Adani in $10.5bn deal for Holcim India cement business

Adani in $10.5bn deal for Holcim India cement business
Updated 5 sec ago

Adani in $10.5bn deal for Holcim India cement business

Adani in $10.5bn deal for Holcim India cement business
  • The deal marks Holcim’s exit from the Indian market after 17 years and is a part of a global restructuring strategy

Indian billionaire Gautam Adani struck a $10.5 billion deal to buy Swiss cement giant Holcim’s local business, the companies said, betting on a construction boom predicted in coming decades.

In his biggest acquisition to date, the deal will give coal-to-ports magnate Adani — who vies with fellow Indian Mukesh Ambani for the title of Asia’s richest person — a controlling stake in India’s second-largest cement manufacturer.

“Our move into the cement business is yet another validation of our belief in our nation’s growth story,” Adani, 59, said in a statement late Sunday.

“Not only is India expected to remain one of the world’s largest demand-driven economies for several decades, India also continues to be the world’s second largest cement market,” he added.

The deal marks Holcim’s exit from the Indian market after 17 years and is a part of a global restructuring strategy after the Swiss cement giant’s 2015 merger with France’s Lafarge.

Once approved by regulators and shareholders, the firm will acquire Holcim’s stakes in local producers Ambuja Cements and ACC.

The acquisitions will make Adani the country’s second-biggest cement maker with a capacity of 70 million tons per year.

India, already home to 1.4 billion people, is projected by the United Nations to become the planet’s most populous nation by the middle of the decade.

The International Energy Agency said in a report last year that an estimated 270 million people will be added to India’s urban population by 2040 — the equivalent of adding a new city the size of Los Angeles each year.

This will also likely increase emissions in the world’s third-biggest polluter, since the manufacture of cement produces carbon dioxide.

Shares in Ambuja Cements were up 3.80 percent, while shares in ACC Ltd. rose six percent in Mumbai following the announcement.


Here’s what you need to know before Tadawul’s trading session on Monday

Here’s what you need to know before Tadawul’s trading session on Monday
Updated 13 min 21 sec ago

Here’s what you need to know before Tadawul’s trading session on Monday

Here’s what you need to know before Tadawul’s trading session on Monday

RIYADH: Saudi stocks reversed the prior session’s losses to start the week higher on Sunday, after oil giant Aramco beat analysts’ expectations with record profits.

The main TASI index closed 2.5 percent higher at 13,149, and the Kingdom’s parallel Nomu market was up 0.9 percent to 22,845.

Shares of Aramco surged 4.2 percent intraday in response to an 82-percent increase in first-quarter profit to SR148 billion ($40 billion).

Bahrain’s BAX also recorded gains of 0.6 percent on Sunday, while stock indexes of Qatar and Egypt lost 2 and 1.4 percent, respectively. The Omani bourse ended the session almost flat.

In energy trading, Brent crude was priced at $109.76 a barrel, and US benchmark WTI traded at $109.04 a barrel at 9:00 a.m. Saudi time.

Stock news

Taiba Investments Co. turned into a profit of SR20 million in the first quarter, supported by post-pandemic recovery

Saudi Azm was awarded a project to provide advisory services to the ministry of communications and information technology’s digital transformation unit

Azm got its board’s approval to establish an office with a capital of SR500,000 for software development in Poland 

Insurance firm Tawuinya’s net profit before Zakat declined 49 percent to SR41 million last quarter

Saudi Steel Pipe Co. closed a deal valued at SR139 million to supply oil and gas steel pipes to Uruguay’s Tenaris Global Services

AXA Cooperative Insurance Co. got shareholders’ approval to pay out an annual cash dividend of SR1 per share

Saudi Printing and Packaging Co. narrowed losses to SR3.3 million in its quarterly earnings as general and administrative costs fell

First-quarter profit of National Medical Care Co. was down 16 percent to near SR30 million

Alinma Investment Co. said unitholders of Alinma Retail REIT Fund will receive dividends amounting to SR11.8 million for 2021

Al-Etihad Cooperative Insurance Co. saw its net profit before Zakat drop 95 percent to SR689,910 last quarter

Saudi Vitrified Clay Pipes Co.’s profit soared 452 percent to SR1.27 million during the first quarter of 2022

Arabian Cement Co. reported a profit drop of 37 percent to SR41.9 million for the first quarter of 2022

Theeb Rent a Car Co. made SR42.6 million in first-quarter profit, up 64 percent from SR26 million a year ago

Shareholders of Nayifat Finance Co. are set to receive half-year dividends of SR0.75 per share

Middle East Healthcare Co.’s profits were up nearly 70 percent last quarter to SR20.5 million

Dur Hospitality Co.  signed a deal worth SR181 million to expand and develop Rixos Jeddah resort

Calendar

May 22, 2022

Start of Amwaj International Co.’s IPO subscription

Start of Ladun Investment Co.’s IPO subscription

May 25, 2022

End of Amwaj International Co.’s IPO subscription

May 26, 2022

End of Ladun Investment Co.’s IPO subscription


Saudi energy minister says oil capacity may hit 13.4m bpd with increased output from Neutral Zone

Saudi energy minister says oil capacity may hit 13.4m bpd with increased output from Neutral Zone
Updated 21 min 34 sec ago

Saudi energy minister says oil capacity may hit 13.4m bpd with increased output from Neutral Zone

Saudi energy minister says oil capacity may hit 13.4m bpd with increased output from Neutral Zone

Saudi Energy Minister Abdulaziz bin Salman has said the Kingdom could produce between 13.2-13.4 million barrels of oil per day by the end of 2026 or beginning of 2027 thanks to increased output in divided zone.

MORE TO FOLLOW

 

 


Saudi pipe producer secures deal to supply Uruguay’s Tenaris with steel pipes

Saudi pipe producer secures deal to supply Uruguay’s Tenaris with steel pipes
Updated 28 min 10 sec ago

Saudi pipe producer secures deal to supply Uruguay’s Tenaris with steel pipes

Saudi pipe producer secures deal to supply Uruguay’s Tenaris with steel pipes

RIYADH: The Saudi Steel Pipe Co. has closed a deal to supply Uruguay’s Tenaris Global Services with oil and gas steel pipes.

With orders valued at SR139 million ($37 million), the transaction’s financial impact is expected to roll out in the second half of this year, the Saudi-based pipe manufacturer said in a bourse filing.

Back in 2019, Tenaris, a global supplier of steel tubes, acquired 47.8 percent of Saudi Steel Pipe’s shares in a $141 million deal.


Crypto Moves — Bitcoin, Ether edge up; FTX chief questions Bitcoin’s future

Crypto Moves — Bitcoin, Ether edge up; FTX chief questions Bitcoin’s future
Updated 48 min 12 sec ago

Crypto Moves — Bitcoin, Ether edge up; FTX chief questions Bitcoin’s future

Crypto Moves — Bitcoin, Ether edge up; FTX chief questions Bitcoin’s future

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Monday, up 2.06 percent to $30,373 as of 08:52 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,071, up 2.03 percent, according to data from Coindesk.

FTX chief says Bitcoin has no future as a payments network

Cryptocurrency exchange FTX’s founder has said that Bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs, the Financial Times reported on Monday.

Bitcoin, the world’s largest cryptocurrency, is created by a process called “proof of work” that requires computers to “mine” the currency by solving complex puzzles. Powering these computers needs large amounts of electricity.

An alternative to the system is called the “proof of stake” network, where participants can buy tokens that allow them to join the network. The more tokens they own, the more they can mine.

FTX Founder and Chief Executive Sam Bankman-Fried told FT that “proof of stake” networks would be required to evolve crypto as a payments network as they are cheaper and less power-hungry.

Blockchain Ethereum, which houses the second-largest cryptocurrency ether, has been working to move to this proof of stake system, which is intended to be less energy-intensive.

Bankman-Fried also said he didn’t believe Bitcoin had to go as a cryptocurrency, and it may still have a future as “an asset, a commodity and a store of value” like gold, the report said.

(With input from Reuters)