Regional mining center initiative explored at conference to enhance mineral supply chains 

Regional mining center initiative explored at conference to enhance mineral supply chains 
The conference was jointly organized by KACST, the Ministry of Industry and Mineral Resources, and the Future Minerals Forum. Photo/SPA
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Updated 27 September 2023
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Regional mining center initiative explored at conference to enhance mineral supply chains 

Regional mining center initiative explored at conference to enhance mineral supply chains 

RIYADH: Saudi Arabia’s drive to establish a regional mining center of excellence aimed at meeting the increasing demand for minerals vital to diverse industries was the focal point of a conference attended by leading industry figures.  

The “Role of Centers of Excellence in Establishing Mineral Supply Chains” conference, held at the King Abdulaziz City for Science and Technology, aimed to ensure market stability, enhance industry growth, and foster development.  

The conference’s goal was the establishment of a regional mining center of excellence, with insights garnered from a ministerial roundtable at the upcoming international mining conference in January, according to the Saudi Press Agency. 

Additionally, the event looked at charting a clear path for the center’s operations, benefiting Africa, the Middle East, and Western Asia.  

It placed a significant emphasis on research, development, and innovation within the mining sector, recognizing their pivotal role in sustaining mineral supplies and overcoming regional challenges. 

The conference was jointly organized by KACST, the Ministry of Industry and Mineral Resources, and the Future Minerals Forum. 

During the opening session, Saeed Al-Shihri, KACST’s vice president for energy and industry, underscored Saudi Arabia’s commitment to the mining sector as a cornerstone of the national economy, aligning with Vision 2030’s goal of increasing the sector’s contribution to the gross domestic product.  

Al-Shihri emphasized the vital role of a regional mining center of excellence in stabilizing markets and fostering industrial growth for sectors dependent on sustainable mineral supplies. 

He further highlighted KACST’s dedication to promoting research, development, and innovation in the sector, including the establishment of an institute specializing in mining and hydrocarbon technologies. 

Ali Al-Mutairi, the Executive Director of FMF, explained that the conference serves as a preparatory step for the forum, enabling discussions with international experts to identify the region’s critical needs and cooperative mechanisms. 

The conference featured discussions among a diverse group of local and international experts and researchers.  

Topics ranged from the role of research and development in sustaining mineral supply chains to addressing the surging global market demand and exploring opportunities stemming from urbanization and increased demand for mining industries in Africa, the Middle East, and Western Asia. 


Saudi Arabia to extend voluntary cut of 1 million bpd to end of Q1 of 2024

Saudi Arabia to extend voluntary cut of 1 million bpd to end of Q1 of 2024
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Saudi Arabia to extend voluntary cut of 1 million bpd to end of Q1 of 2024

Saudi Arabia to extend voluntary cut of 1 million bpd to end of Q1 of 2024

RIYADH: Saudi Arabia will extend voluntary cut of 1 million barrels per day starting from July to the end of Q1 of 2024, Saudi Press Agency reported on Thursday.

More to follow...


Saudi Arabia Railways, Al-Jabr enter 4-year vehicle transport deal 

Saudi Arabia Railways, Al-Jabr enter 4-year vehicle transport deal 
Updated 30 November 2023
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Saudi Arabia Railways, Al-Jabr enter 4-year vehicle transport deal 

Saudi Arabia Railways, Al-Jabr enter 4-year vehicle transport deal 

RIYADH: Saudi Arabia Railways and Al-Jabr Automotive have collaborated to transport thousands of vehicles annually by train from King Abdulaziz Port in Dammam, aiming to boost operational efficiency, reduce costs, and minimize damage and carbon emissions.  

The four-year contract plays a significant role in enhancing the efficiency of operational processes, cutting expenses, and minimizing the incidence of damage related to the transportation and handling of new cars. 

Furthermore, it serves to alleviate pressure on the port, as reported by the Saudi Press Agency.  

The contract marks a pioneering milestone in the Kingdom, aligning with SAR’s strategic initiative to broaden the scope of transportation services.  

This endeavor aims to cater to diverse customer segments, showcasing the national railway company’s commitment to innovation in the sector.  

The deal also underscores SAR’s steadfast commitment to providing sustainable solutions in the transport and logistics sector. Aligned with the National Strategy for Transport and Logistics, SAR aims to reduce carbon emissions by 25 percent by 2030, in harmony with the Kingdom’s environmental initiatives. 

Looking forward to outreaching new customers to achieve a tangible impact on the environment and society, Bashar bin Khalid Al-Malik CEO of SAR pointed out that the agreement represents a milestone moment towards achieving the strategic vision of a comprehensive transformation within the transport and logistics sector. 

He said: “We are taking a significant step through this agreement. Not only we are expanding and diversifying the services provided to our customers but also offering logistical transport solutions that contribute to reducing carbon emissions and enhancing traffic safety levels,” he said. 

He further emphasized that the recent collaboration underscores their complete dedication to realizing sustainability goals and offering transportation solutions that consider the future of the nation and succeeding generations. 

According to its website, Al-Jabr Automotive occupies a leading position in the Saudi automobile market, having 28 showrooms and 38 fully-fledged service centers across the Kingdom.  

The company offers a wide spectrum of new and used KIA Motors cars as well as quality after-sales services. It boasts a large distribution network covering major regions in Saudi Arabia.


Closing Bell: Saudi main index rises to close at 11,177 

Closing Bell: Saudi main index rises to close at 11,177 
Updated 30 November 2023
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Closing Bell: Saudi main index rises to close at 11,177 

Closing Bell: Saudi main index rises to close at 11,177 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 74.43 points, or 0.67 percent, to close at 11,177.48. 

The total trading turnover of the benchmark index was SR7.40 billion ($1.97 billion) as 124 of the listed stocks advanced, while 91 retreated.  

Similarly, the Kingdom’s parallel market Nomu also rose 153.56 points, or 0.61 percent, to close at 25,235.62. This comes as 22 of the listed stocks advanced, while as much as 30 retreated. 

The MSCI Tadawul Index saw a gain of 11.82 points, or 0.83 percent, to close at 1,442.03. 

The best-performing stock of the day was Maharah Human Resources Co. The company’s share price surged 6.31 percent to SR64. 

Other top performers included Al-Rajhi Company for Cooperative Insurance as well as Electrical Industries Co., whose share prices soared by 5.69 percent and 5.04 percent, to stand at SR171 and SR2.50 respectively. 

Other leading performers included Naseej International Trading Co. and Gulf Insurance Group. 

The worst performer was Al-Baha Investment and Development Co., whose share price dropped by 6.67 percent to SR0.14. 

Other poor performers were Saudi Pharmaceutical Industries and Medical Appliances Corp. as well as Jadwa REIT Saudi Fund, whose share prices dropped by 3.61 percent and 3.44 percent to stand at SR36.05 and SR12.36, respectively. 

Moreover, Development Works Food Co. and National Medical Care Co. also performed badly. 

On the announcements front, Saudi Cable Co. announced its annual financial results for the period ending on Dec. 31 2022. 

According to a Tadawul statement, the firm’s net profits reached SR584 million in 2022, reflecting a 201.93 percent drop when compared to 2021. 

The decline in net profits is mainly attributed to a liquidity issue that the firm was facing as a result of judicial enforcement orders filed against it by creditors and lenders. 

Consequently, during the period, the company was unable to use its bank accounts and could not execute and produce on hand orders that obtained from the market. 

On another note, on behalf of MBC Group, HSBC Saudi Arabia in its capacity as lead manager, announced the offering price range at SR23 to SR25 per share as well as the commencement of the institutional book-building period. 

A bourse filing revealed that the offering comprised the issuance of 33.25 million ordinary shares for public subscription, representing 10 percent of MBC’s share capital. 

Meanwhile, ​​Lumi Rental Co. announced that it has received a purchase order from The Royal Commission for AlUla to provide vehicle rental services based on the existing contract between the two firms. 

According to a Tadawul statement, the value of the purchase order is SR41.82 million and includes providing rental services for 264 vehicles by the company to RCU. 


Saudi Arabia studies graphite, rare earths trading platform — minister

Saudi Arabia studies graphite, rare earths trading platform — minister
Updated 30 November 2023
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Saudi Arabia studies graphite, rare earths trading platform — minister

Saudi Arabia studies graphite, rare earths trading platform — minister

LONDON: Saudi Arabia is exploring the potential launch of a new commodity trading platform for battery materials, including graphite and rare earths, its vice minister of industry and mineral resources said.

Riyadh’s efforts to build an economy that is not dependent on oil include a shift toward mining the country’s untapped mineral resources — worth about $1.33 trillion — including copper, lithium, phosphate and gold, but also investing in overseas assets.

“To be a minerals hub you have to have it all and we are studying a future minerals commodity exchange for graphite, rare earths, lithium, cobalt and even nickel, as there is no efficient commodity exchange nor price-finding mechanism for some,” Khalid bin Saleh Al-Mudaifer told Reuters in an interview.

The Kingdom has been studying setting up the trading platform for the past three months and it does not expect a decision to be made before the next six, Al-Mudaifer said.

“We don’t yet know if it would be feasible ... because the quantities are small and the specifications differ, it’s not as easy as aluminium or crude oil.”

There are currently no exchanges offering contracts for graphite or rare earth metals, both important materials for electric vehicle and the energy transition.

Lithium and cobalt can be traded on the London Metal Exchange and Chicago Mercantile Exchange.

“We are working with a number of consultants and also with the people who trade the commodities,” he said.

Saudi Arabia’s investment fund Manara Minerals, a joint venture between state-owned miner Ma’aden and the Public Investment Fund, was set up in January to buy assets overseas. It will prioritise copper, nickel, iron ore and lithium.

Its first major foray abroad was a deal to become a 10 percent shareholder in Vale’s $26 billion copper and nickel unit last July.


Business & Philanthropy forum to highlight inclusive approach for equitable climate solutions

Business & Philanthropy forum to highlight inclusive approach for equitable climate solutions
Updated 30 November 2023
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Business & Philanthropy forum to highlight inclusive approach for equitable climate solutions

Business & Philanthropy forum to highlight inclusive approach for equitable climate solutions

DUBAI: As global leaders converge on Dubai to attend the UN COP28 to discuss ways to mitigate the effects of climate change and strategies, there are calls for cross-border collaboration ensuring inclusivity to achieve common goals.

To effectively highlight these aspects of climate activism, the first-of-its-kind Business and Philanthropy Climate Forum has been organized with 55 sessions highlighting over 20 actionable opportunities for immediate climate and nature-centric interventions.

The forum will be attended by 1,300 business leaders and philanthropists from over 100 countries and seeks to provide a unique platform for enhanced cross-border collaboration.

In an exclusive interview with Arab News, Badr Jafar, COP28 special representative for business and philanthropy, highlighted the goals of the forum, the expected role of the private sector, and the need for an all-inclusive approach for equitable and just solutions to address climate issues.

Stressing the need for a paradigm shift, Jafar called on all stakeholders to move beyond the dichotomy of activism versus capitalism. “The climate conversation needs a new paradigm of activism that embraces dynamism, capital, and action networks of business and philanthropy,” he said.

Highlighting the global nature of environmental challenges, Jafar laid emphasis on an inclusive approach, especially with respect to the Global South. He was of the view that with 75 percent of the global population residing in these areas, they are not only at the forefront of climate change impacts but are also key players in global growth.

Almost 50 percent of the business leaders participating in the forum hail from the Global South indicating the region’s importance and underlining the commitment to ensuring their active involvement in shaping climate-related policies.

HIGHLIGHTS

  • The first-of-its-kind Business and Philanthropy Climate Forum has been organized with 55 sessions highlighting over 20 actionable opportunities for immediate climate and nature-centric interventions.
  • The forum will be attended by 1,300 business leaders and philanthropists from over 100 countries and seeks to provide a unique platform for enhanced cross-border collaboration.

“Achieving an equitable climate and nature transition by 2050 is going to require an ‘all-hands-on-deck’ response from every part of the global community,” Jafar asserts. “To deliver this just transition, we will need trillions, not billions.”

He also underscored the pivotal role of the private sector in driving climate action. With private capital markets surpassing $23 trillion, businesses can play a significant role in fixing climate finance. The forum aims to mobilize action platforms, leveraging the innovative capacity of businesses to address urgent climate needs — from breakthrough technologies to transforming food supply chains.

“The active and decisive engagement of businesses is absolutely critical to driving meaningful action on climate and nature,” said Jafar. “Private capital markets have more than doubled over the past decade, reaching over $23 trillion.”

The executive backed his arguments with concrete examples highlighting the collaboration between business and philanthropy to scale climate projects and businesses, fund innovation, and reduce emissions.

“An example is the announcement of a large-scale ‘Blended Finance Vehicle,’ to scale climate projects and businesses in emerging markets and developing economies,” he stated. “Other examples include launching of the ‘Climate and Nature Moonshots,’ an innovative venture that will fund 10 innovative projects focused on renewable energy and protection of natural habitat and biodiversity.”

As an Emirati businessperson, Jafar also discussed the role of Gulf-based companies, especially in the energy sector, in fostering sustainable practices. Calling for viewing energy and societal challenges as interconnected, he emphasized that a green and inclusive approach to development can usher in a new model of growth for emerging economies.

Achieving an equitable climate and nature transition by 2050 is going to require an ‘all-hands-on-deck’ response from every part of the global community.

Badr Jafar

COP28 special representative for business and philanthropy

“If the first Sustainable Development Goal is to eradicate extreme poverty by 2030, we must look at both energy and society’s challenges through a single lens,” Jafar remarked. “Countries can fully evaluate smart energy policies as enablers of development, especially in regions like MENA where supporting a fair and just energy evolution must also facilitate economic growth and resultant critical jobs.”

Jafar acknowledged the trust gap between industrialized and developing nations and outlined COP28’s focus on proper engagement from regions most affected by climate change. The UAE and Saudi Arabia, acting as gateways for emerging markets, present an unprecedented opportunity to showcase the transformative journey of the Global South.

“When it comes to emerging markets, we know that the Global South is going to bear the brunt of climate change,” he said.

“Issues like extreme heat, water scarcity, and poor air quality (have) already created systemic challenges, despite the fact that the richest 10 percent of the world have per capita carbon footprints 11 times higher than the poorest 50 percent.”

Jafar wants all the stakeholders to understand the interconnected nature of human development with climate goals. He emphasized the need to address the needs of the 800 million (people) without electricity and the 2.3 billion lacking access to clean cooking fuels. Initiatives discussed at the forum aim to create inclusive climate policies that provide equitable opportunities for billions worldwide.

“Ultimately, we can no longer afford to decouple the human development agenda — which encompasses 12 of the 17 UN Sustainable Development Goals — from the climate agenda, or the nature agenda for that matter,” Jafar asserted. “They are two sides of the same coin, and the edge of that coin is conducive and inclusive climate policy that embraces a greener evolution of all of our systems.”