Saudi Arabia to address energy transition and supply chain challenges in the minerals industry

Saudi Arabia to address energy transition and supply chain challenges in the minerals industry
The FMF is anticipated to tackle several topics, including sustainability, the future of mining, energy transition, the contribution of minerals to the development of societies, digital transformation and integrated value chains. (File)
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Updated 10 January 2023

Saudi Arabia to address energy transition and supply chain challenges in the minerals industry

Saudi Arabia to address energy transition and supply chain challenges in the minerals industry
  • Global leaders to gather in Riyadh to discuss issues facing the minerals industry

CAIRO: Saudi Arabia will host the second edition of the Future Minerals Forum from Jan. 10-12 to discuss the upcoming trends and challenges in the minerals industry.

Set to take place at the King Abdulaziz International Conference Center in Riyadh, the FMF will gather global mining leaders, including government officials and business executives.

With over 200 speakers and 13,000 attendees, the event will focus on creating responsible and resilient minerals and metals supply and value chains in Africa, Western and Central Asia.

The FMF is anticipated to tackle several topics, including sustainability, the future of mining, energy transition, the contribution of minerals to the development of societies, digital transformation and integrated value chains.

The forum will start with a ministerial roundtable on Jan. 10 to gather high-level government officials and nongovernmental organizations in the mining industry.

New frontiers

The two-day event will host leaders from over 100 countries to discuss five crucial topics: “The World Today,” “The Region,” “Decarbonizing Supply Chains,” “Digital and New Technology” and “Communities and Future Workforce.”

The “World of Today” is set to point out the region’s mineral development in a global context, the implications of war in Europe for future minerals supply and the economic, environmental and political development that will impact the region’s industry.

“The Region” will open room for a more in-depth discussion about the future of critical mineral supply and demand, exploring mineral hot spots and translating dialogue into actions.

Renewable energy, accountability, traceability and electrification of the supply chain are set to be the core of “Decarbonizing Supply Chains.”

“Digital and New Technology” will reimagine the mining sector through innovation and digitalization, while “Communities and Future Workforce” will explore the diversity, skill development and leadership in the industry.

On Jan. 11, the forum will host several fireside chats, live interviews, and panel discussions beginning with the subtheme “Lands of Opportunity: Enabling mineral development across Africa, Western and Central Asia.”

The event will then move to the second subtheme, “Reimaging minerals for the energy transition,” followed by the third and longest subtheme: “Toward creating regional centers of excellence Part 1.”

HIGHLIGHTS

• The two-day event will host leaders from over 100 countries to discuss five crucial topics: ‘The World Today,’ ‘The Region,’ ‘Decarbonizing Supply Chains,’ ‘Digital and New Technology’ and ‘Communities and Future Workforce.’

• Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef will set the scene on Jan.11 with an opening presentation on the Ministerial Roundtable discussed topic and laying the groundwork for the 2023 forum.

• Saudi Energy Minister Prince Abdulaziz bin Salman will be the guest of a live interview on Saudi Arabia’s role as a global leader in renewable energy supply.

• On Jan. 12, the forum will host two workshops and panel discussions on the importance of education in the sector.

• The event will include a mining tech zone, marketplace, think tanks and a global connect program.

• The FMF 2023 has partnered with Development Partner Institute, Clareo, Center for Energy Studies at Rice University’s Baker Institute for Public Policy, and Payne Institute to deliver dynamic insights about the sector’s development.

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef will set the scene on Jan.11 with an opening presentation on the Ministerial Roundtable discussed topic and laying the groundwork for the 2023 forum.

Minister of Investment of Saudi Arabia Khalid Al-Falih and Minister of Finance Mohammed Al-Jadaan will be joined by Tarek El-Molla, Egypt’s minister of petroleum and mineral resources, Kairbek Uskenbayev, Kazakhstan’s minister of industry and infrastructure, Antoinnette N’Samba, Congo’s minister of mines and Grant Shapps, UK’s secretary of state for business, energy and industry, in a panel discussion on the role of governments in the mineral industry.

Sustainability leadership

In a fireside chat, Saudi Energy Minister Prince Abdulaziz bin Salman will be the guest of a live interview on Saudi Arabia’s role as a global leader in renewable energy supply.

On Jan. 12, the forum will host two workshops and panel discussions on the importance of education in the sector.

Saudi Minister of Education Yousef Al-Benyan will be interviewed on delivering a skilled workforce for the new age of minerals in the Kingdom and the region.

The second day of the forum will also host Minister of Environment, Water and Agriculture Abdulrahman Al-Fadhli, who will lay out the Kingdom’s ambition toward sustainability.

Other interesting discussions include “Innovations and initiatives for supporting the new minerals industry in Saudi Arabia” and “Toward COP28: Placing minerals on the front line against climate change.”

The FMF’s key objectives are to shape the future of mineral development and attract investment to the region through panel discussions and three workshops.

Future technologies

A considerable part of the forum will be the exhibition which will host an exclusive lineup of international and regional mining, technology, engineering, equipment and energy companies showcasing from all aspects of exploration to the processing of essential minerals.

This year’s program will also feature a new dedicated digital zone that will display the latest current and future technologies. In addition, the program will also feature an outdoor exhibition and a dedicated spot to display investment opportunities in the emerging mining region of Africa, West and Central Asia.

The event will include a mining tech zone, marketplace, think tanks and a global connect program.

“We have all it takes here at the forum to start the journey to build sustainable practices that go beyond compliance and which we can share with the region and the world,” Khalid Al-Mudaifer, vice minister for mining affairs in Saudi Arabia, said in a statement.

Launched in 2022 by Saudi Arabia’s Ministry of Industry and Mineral Resources, FMF is designed to advance and unlock mining opportunities from Africa to West and Central Asia.

The forum has partnered with several global leaders to ensure the event’s success and enable think tanks to further boost idea generation on the future of the mining sector.

The FMF 2023 has partnered with Development Partner Institute, Clareo, Center for Energy Studies at Rice University’s Baker Institute for Public Policy, and Payne Institute to deliver dynamic insights about the sector’s development.


Saudi Arabia, Miami share similarities in quality of life standards experts tell FII Priority

Saudi Arabia and Miami have a lot in common when it comes to quality of life and business opportunities, experts said
Saudi Arabia and Miami have a lot in common when it comes to quality of life and business opportunities, experts said
Updated 31 March 2023

Saudi Arabia, Miami share similarities in quality of life standards experts tell FII Priority

Saudi Arabia and Miami have a lot in common when it comes to quality of life and business opportunities, experts said
  • Kingdom made quality of life a priority in Saudi Vision 2030
  • Cities should invest in arts and culture, panelists say

MIAMI: Saudi Arabia and Miami have a lot in common when it comes to quality of life and business opportunities, experts said at the FII Priority conference in Miami on Thursday.

Both cities have, in the last few years, they said, promoted better living standards for their citizens through socio-economic policies.

“Miami had this incredibly welcoming spirit. It was set up for success from the top down,” said Jeff Zalaznick, restaurateur and managing partner of hospitality company Major Food Group. “I’ve really gotten to understand — with Vision 2030 and the things that they (Saudi Arabia) are looking for — that there are a lot of similarities between the quality of life and business (policies) in Miami and what’s happening in Saudi Arabia.”

The Kingdom made quality of life a priority in Saudi Vision 2030 and is one of the few countries in the world to have a minister dedicated to improving quality of life for its residents.

“Everything we do is based on quality of life. It is so important to the crown prince that he set up its own ministry,” said Jerry Inzerillo, group CEO of Diriyah Gate Development Authority, adding that “positivity and optimism” are the “fuel of that country.”

In the latest World Happiness Report, Saudi Arabia was ranked No. 2 in the Arab World, and 30th in the world.

Barry Sternlight, chairman and CEO of Starwood Capital Group, pointed out that cities that have not not invest in their citizens’ quality of life have seen their population decline.

“I think that quality of life is driving market share,” he said. “It’s driving the success of cities that are focused on improving the lives of their citizens.”

Sternlight observed that the parameters individuals use to determine quality of life are evolving and are no longer entirely centered on economic concerns.

“People are looking for meaning and purpose, and whether it’s sustainable development,” he said.

Sternlight added that people consider art and culture to be key aspects of quality of life in cities and emphasized that having museums, galleries, and artistic offerings as part of the fabric of a city is essential to its success.

The CEO of real estate development firm Daccra, Craig Robins, said that building an ecosystem around art and culture is crucial and should include supporting artists, small galleries, and other related businesses.

He cited Miami Design District as an example, and explained that since its launch in the early 2000s, the neighborhood has become a center of creativity and a thriving hub for culture and business — not only for Miami but the world.

“The goal was to create a sense of community that people would really love — something that was different, and something that could be a resource for all,” Robins said.


Saudi Arabia, UAE ‘play critical role in space exploration’

Saudi Arabia, UAE ‘play critical role in space exploration’
Updated 31 March 2023

Saudi Arabia, UAE ‘play critical role in space exploration’

Saudi Arabia, UAE ‘play critical role in space exploration’
  • Investment firm boss Brian Hook tells forum that people and funding will drive growth
  • Panel discussion hears ‘third space revolution’ is inspiring younger generations

MIAMI: Saudi Arabia and the UAE are playing a “critical role” in the future of space exploration, the boss of a major investment firm has told a panel of industry experts in Miami.

Brian Hook, the vice-chairman of Cerberus, told the FII forum that countries like the Kingdom and the UAE had greatly accelerated a new space race. “By putting both their people and their funding behind (it), they brought into existence this sort of new space economy,” he said.

He and other panelists examined the potential for development and investment in the space industry, and spoke about the breakthroughs and dynamics that make it appealing to the general public, investors and enterprises.

Hook said that allowing the private sector into the market had gained fresh momentum, and the overall market value was expected to surpass $1 trillion in the coming years.

“Private equity and venture capital have been funding and enabling some of the most innovative companies for space exploration,” he said.

Helene Huby, CEO of The Exploration Company, which wants “affordable, sustainable and open” space exploration, said there had been a renaissance in the industry in the last few years.

“We are living in the third revolution. The first was the Apollo mission, which was about access. The second was the industrialization of space exploration with the International Space Station,” Ruby said.

“And what we see now is a revolution that is not about access, it’s not about costs and industrialization. It’s about staying in space.”

Speakers said that current enthusiasm around space exploration and increased investments would play a critical role in addressing some of the world’s most pressing challenges, including climate change, food shortages and droughts.

“One of the things that people don’t consider is the effect that human spaceflight has not only on the people that fly but also the people on the ground,” said Jane Pointer, founder of carbon-neutral spaceflight company Space Perspective.

“Space is a great contribution to humanity,” added Alan Pellegrini, CEO of Thales North America, a defense and aerospace company.

“I was young at the time but Neil Armstrong’s landing on the moon transformed my life and inspired me to a career in aerospace. And I think it is having the same effect on younger generations today.”

“Space has always been a place where you can collaborate regardless of which nation you belong to, and I really hope that that spirit continues,” he added.

 


Medina Capital founder delivers cybercrime warning at FII Priority conference

Medina Capital founder delivers cybercrime warning at FII Priority conference
Updated 31 March 2023

Medina Capital founder delivers cybercrime warning at FII Priority conference

Medina Capital founder delivers cybercrime warning at FII Priority conference
  • Basic ‘common sense stuff’ will help people protect themselves, says Manuel Medina

MIAMI: Almost half of organizations globally will have experienced a cyberattack on their software supply chains by 2025, according to analyst firm Gartner.

As Manuel Medina, founder and managing partner of Medina Capital, said: “There are only two types of enterprises and government agencies today: the ones that have been hacked and the ones that are going to be hacked.”

Speaking at the FII Priority conference in Miami, Medina highlighted the risk of cyberattacks, and said: “The internet was not designed to do what it’s doing today.”

Globalization and technological advances, such as cloud computing, mobility and virtualization, have made the internet less secure.

Companies across a host of industries are spending billions digitizing their infrastructure, but that infrastructure is difficult to protect, he said.

On an individual level, it mostly comes down to common sense, Medina added.

Social media companies do not charge users on their platforms because they are monetizing the users themselves, and by sharing copious amounts of personal information, users are only making it easier for both social media companies and potentially hackers to access their data, he said.

“They (social media companies) take your personal identity, and everything that they do is (about) how they track you in order to get commerce and sell you stuff. So, that’s totally contradictory to protecting you.”

Medina Capital, which hires “elite hackers,” has a motto of not liking people, because “people are the weak link,” Medina said.

“You are as strong as your weakest link.”

He added: “You can have the best software and the best systems,” but “human weakness” is the reason for the collapse of a security system.

Cybercriminals do not need weapons, politics or strategy; all they need is a laptop and a network connection, and governments need to evolve and cooperate to tackle this kind of criminal, Medina said.

Prosecuting cybercriminals is difficult because of globalization and innovation whereby it is possible for some evidence or information to be stored on a server located in a different country than the one where the criminal is being prosecuted, he said.

“The system today is the same system that it was 80 years ago. So, one of the things that we need to do is bring ourselves up to date.”

Individuals, too, need to do some basic “common sense stuff” to protect themselves, such as using multifactor authentication and storing their passwords in a secure digital wallet, he said.

“You have to sacrifice a little bit of convenience in order for you to be able to sleep better at night.”


GCC banks to see ‘limited impact’ from global banking worries prompted by SVB collapse: Kamco

GCC banks to see ‘limited impact’ from global banking worries prompted by SVB collapse: Kamco
Updated 31 March 2023

GCC banks to see ‘limited impact’ from global banking worries prompted by SVB collapse: Kamco

GCC banks to see ‘limited impact’ from global banking worries prompted by SVB collapse: Kamco

RIYADH: Banks in the Gulf Cooperation Council region are set to see a limited impact from the banking crisis hitting the US and Europe, according to a report from Kamco Invest.

The investment banking subsidiary of Kuwait Projects Company argues that financial institutions in the GCC had limited exposure to Silicon Valley Bank – the US firm that collapsed in March prompting concerns of contagion sweeping across the world in the manner of the 2008 global crash.

The report says balance sheets of the banks in the region remain strong, and in the final quarter of 2022 both aggregate lending and customer deposits remained strong.

“The broader GCC banking sector is expected to see only a limited indirect impact from the ongoing banking sector crisis in the US and Europe,” said the report, adding: “Shares of banks globally and in the region, especially, were affected due to fears of a contagion as the collapse of SVB was the biggest lender failure since the global financial crisis of 2008. 

“However, the collapse had only marginal impact with minimal exposure of banks only in the UAE, while most of the other countries in the GCC remained unaffected. 

“The bulk of the exposure was from various startups and VCs that had accounts with SVB that may now bank with local banks, although under increased scrutiny.”

The report also shows that rising interest rates in the US and its almost full replication by most GCC central banks during 2022 resulted in higher aggregate net interest margin for the region’s banking sector. 

NIM for GCC banks averaged at a multi-year high of over 3 percent during the fourth quarter of 2022, despite partially reflecting the higher interest rates as bulk of the rate hikes were made during the second half of the year. 

Saudi Arabia’s banks reported the highest average margin of 3.2 percent during the quarter followed by UAE and Qatari banks with margins also above the 3 percent mark after several quarters.

Aggregate lending in the GCC remained strong during the final quarter of 2022, with  central bank data showing Qatari banks experienced the strongest lending growth during, while Bahrain and the UAE banks showed a slight decline. 

Customer deposits bounced back to a stronger growth over the same period, with a quarter-on-quarter increase of 2.5 percent to reach $2.2 trillion 


Riyadh chosen to host Global Real Estate Summit

Riyadh chosen to host Global Real Estate Summit
Updated 31 March 2023

Riyadh chosen to host Global Real Estate Summit

Riyadh chosen to host Global Real Estate Summit

RIYADH: Saudi Arabia will host the 42nd edition of the Global Real Estate Summit next December in Riyadh, it has been announced.

The summit is considered the industry's largest annual gathering, and sees real estate leaders and CEOs from all over the globe coming together, according to the Saudi Press Agency.

The event will address the Saudi real estate sector in light of the Kingdom's Vision 2030 and its successes achieved to date.

Workshops, meetings, and lectures aiming to deal with the challenges of the real estate industry as well as available investment opportunities will be held throughout the event. 

There will also be discussions on the role of the industry's leaders in creating revolutionary ideas through best international practices and the mechanism of their application in the region.

A visit to prominent major projects will also occur during the summit.

The Kingdom’s achievement in hosting this global summit comes after the World Real Estate Federation meeting in Cannes, France, held on March 15, with the participation of Eye of Riyadh, the media partner of the international real estate event MIPIM, held between March 14 to 17.