Unearthing the transformative potential of Saudi Arabia’s mining sector

Unearthing the transformative potential of Saudi Arabia’s mining sector
the establishment of a dedicated mining ministry underscores the sector’s importance and provides a direct point of contact for investors. (Shutterstock)
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Updated 01 October 2024
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Unearthing the transformative potential of Saudi Arabia’s mining sector

Unearthing the transformative potential of Saudi Arabia’s mining sector
  • Focus on economic diversification places mining sector at the forefront of national development plans

RIYADH: Saudi Arabia’s mining sector is on the cusp of a transformative era, with the Kingdom determined to become a global leader in the industry. But have you wondered what treasures lie beneath its lands?

Saudi Arabia is rich in minerals essential for various global industries. The Kingdom is transforming into a leading exporter of diverse energy types, shifting away from its traditional role as an oil producer.

It has strong potential to produce minerals that are essential for energy transition, such as aluminum, copper, and rare earth elements, as well as minerals needed for global agriculture.

The strategic focus on economic diversification has placed the mining sector at the forefront of national development plans, with the Kingdom’s mineral wealth valued at an estimated SR9.4 trillion ($2.4 trillion).

Open for business

According to the World Risk Report 2023 released by UK-based research and consultancy firm MineHutte, Saudi Arabia's mining sector reforms have seen it recognized as the fastest-growing regulatory and investment-friendly environment globally over the past five years.

The report also stated that the Kingdom has been ranked the second-best country for its licensing environment.

This comes as Saudi Arabia saw a 138 percent increase in the number of exploitation licenses issued since implementing the new Mining Investment Law in 2021.

According to Gaute Andreassen, a partner at Bain and Co.’s Advanced Manufacturing and Services and Energy and Natural Resources practices, while some resources are already being mined, there is still a significant amount that has not yet been tapped into.

“The mining sector in Saudi Arabia has for many years been primarily focused on phosphate for fertilizers and bauxite, used in the production of aluminum. These two will also in the future represent a key portion of the sector activities,” Andreassen told Arab News.

He added: “Going forward, there is evidence of additional endowment, e.g. of rare earth elements and also of copper that can be extracted. The question is whether these resources are commercially viable.”

Rabih Nassar, consulting partner for Resources and Industrial at PwC Middle East, believes that besides phosphate and bauxite, there are other key minerals that are considered particularly promising for development within Saudi Arabia's mining sector.

“At the FMF (Future Minerals Forum) 2024, it was highlighted that Saudi Arabia is rich in minerals like phosphates, gold, copper, zinc, lithium, and rare earth elements. Each of these minerals serves distinct global markets and industries,” Nassar stated.

According to Nassar, gold continues to be in high demand, not just for jewelry and investment, but also for technological applications in electronics and aerospace industries due to its excellent conductivity and resistance to corrosion.

Copper is essential in electrical engineering, electronics, construction, and new green technologies such as electric vehicles and renewable energy systems.

He also highlighted the importance of zinc, which is mainly used for galvanizing to protect steel from corrosion making it essential in the construction and automotive industries. This metal is also crucial in the production of batteries and alloy materials.

Lithium plays a pivotal role in the battery industry, especially for electric vehicles and renewable energy storage systems.

Moreover, rare earth elements are crucial for the production of permanent magnets used in wind turbines, electric vehicle motors, and various other electronics like smartphones and computers.

Attracting Investment

During FMF 2024 held in January in Riyadh, Saudi Arabia outlined its strategy to attract investment in the mining sector through regulatory reforms, competitive tax frameworks, and enhanced transparency.

Nassar told Arab News that the Kingdom is improving its geological databases and conducting extensive surveys to better map its mineral resources, thereby facilitating informed decision-making for investors.

He aligned the importance of this work with continuing to enhance regulatory frameworks in order to provide a conducive environment for investment.

“These efforts are complemented by strong government support and streamlined processes for mining licenses and operations,” he said, adding: “These initiatives will provide extended expertise and capital, as well as promote knowledge transfer and capacity building, ensuring the sustainable development of the mining industry.”

Chris Braun, a partner at Bain and Co.’s Retail and Energy and Natural Resources practices, also shed light on what the Kingdom will do to attract both domestic and international investment to support the exploration and development of Saudi Arabia's mining resources.

“The Kingdom is already working on establishing several industries that will be off-takers for significant portions of these minerals.That is a very good start. Beyond that, Saudi firms have shown their ability to work well with international partners in pursuing mining-based opportunities,” Braun said.

He added: “Going forward, a big requirement for success is validating the country’s mineral endowment and investing in exploration.”

Braun further emphasized the importance of developing infrastructure to support mining operations, which are often located in remote areas. This includes modern transportation, housing, reliable utilities, and digital access.

“Finally, Saudi Arabia needs to ensure there is sufficient access to critical capabilities and a qualified labor force. Both non-skilled and skilled labor is critical and making sure the Kingdom educates enough mining engineers should be a key priority,” he stated.

Encouraging Private Sector and Foreign Investments

When it comes to foreign investments in Saudi Arabia, the Kingdom presents an attractive destination for those seeking long-term returns and strategic partnerships.

According to PwC, a range of new opportunities and incentives can be anticipated that the Kingdom will extend to both the private sector and foreign investors.

“The government has overhauled its mining laws to make them more investor-friendly,” Nassar said.

This includes streamlining the application and approval processes for mining licenses, ensuring transparency, and reducing regulatory limitations.

The establishment of a dedicated mining ministry underscores the sector's importance and provides a direct point of contact for investors.

Investors in the mining sector can also benefit from tax incentives, such as reduced tax rates and exemptions on import duties for mining equipment.

“The Saudi Industrial Development Fund also offers financial support such as loans with competitive interest rates to encourage investments in mining-related technologies and infrastructure,” Nassar said.

Developing state-of-the-art mining infrastructure can generate significant investments, such as the construction of rail networks, ports, and roads designed to support the mining and transport of minerals.

These developments aim to reduce logistical challenges and operational costs for mining activities.

Saudi Arabia is heavily investing in geological surveys and has made significant strides in making geological data more accessible to investors.

"This initiative, known as the Saudi Geological Survey, provides detailed and reliable data, reducing the exploration risks and costs associated with mining ventures,” the PwC Middle East consulting partner said.

Furthermore, the Kingdom encourages joint ventures between local and international firms as a central strategy.

These partnerships facilitate technology transfer, share expertise, and combine resources for exploration and development projects, making investments more attractive and feasible for foreign companies.

Additionally, the country promotes sustainable mining practices by offering incentives for projects that prioritize environmental conservation, use renewable energy, and implement green technologies in their operations.

“This aligns with global environmental standards and appeals to environmentally conscious investors. These initiatives position Saudi Arabia as a prime location for mining investments, offering extensive opportunities and support to both domestic and foreign investors,” Nassar said.

Saudi Arabia is not sitting back and waiting for the industry to come to the Kingdom. 

Minister of Industry and Mineral Resources Bandar Alkhorayef is proactive on the world stage, visiting countries he believes can benefit from the substantial growth potential the Kingdom has on offer.

Alkhorayef is currently on a South American trip - set to run from July 22 to 30 – and has already participated in a roundtable meeting hosted by the Federation of Industries in Sao Paulo, where he invited Brazilian companies to invest in Saudi Arabia’s burgeoning mining sector.

What’s next?

When asked to envision Saudi Arabia’s mining sector's future trajectory, Andreassen explained that the Kingdom is well-positioned for success due to its substantial reserves of critical minerals that are important both regionally and globally.

“Saudi Arabia sits on a lot of the levers that are likely to yield success in mining. It has access to many minerals that are critical for the region and globally in the years to come. Through a local major player in the mining sector in the Kingdom. It has the potential to become a global champion if it continues its growth trajectory,” he said.

Andreassen went on to say: “The fact that minerals and mining have been given such a prominent position in the Vision 2030, gives us high comfort that the Saudi government will continue to support the sector and ensure it has the right ramifications to grow profitably and fuel the economy.”

This support is expected to boost the economy through job creation and revenue from the sale of minerals and mineral-derived products like metals, fertilizers, batteries, and cars.

On another positive note, PwC has a bright outlook on Saudi Arabia’s mining sector, stating that it is poised for significant growth, supported by governmental reforms and investments.

“The main opportunities include the expansion into new minerals and the integration of cutting-edge technologies for exploration and processing,” Nassar stated.

He added: “By harnessing the potential of its abundant mineral resources and implementing strategic initiatives, the mining sector is set to become a key driver of economic diversification and sustainable development.”

Mining is pivotal in Riyadh's efforts to steer away from oil dependency, focusing on tapping into substantial reserves of phosphate, gold, copper, and bauxite.
 


MSC launches service to boost Saudi-East Asia trade

MSC launches service to boost Saudi-East Asia trade
Updated 17 March 2025
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MSC launches service to boost Saudi-East Asia trade

MSC launches service to boost Saudi-East Asia trade

JEDDAH: A new shipping service by Mediterranean Shipping Co. is set to strengthen trade links between Saudi Arabia and key ports in East Asia, bolstering the Kingdom’s global logistics network.

Saudi Ports Authority, known as Mawani, announced that MSC will launch the new “Clanga” line at the Jubail Commercial Port, adding that it will strengthen the Kingdom’s position in investment and logistics, according to the country’s official press agency.

The service will connect Jubail Commercial Port with King Abdulaziz Port in Dammam, Port of Singapore, and Port of Shanghai in China, as well as Port of Colombo in Sri Lanka, with a handling capacity of up to 6,000 twenty-foot equivalent units.

This move is expected to boost foreign investment and improve supply chain efficiency. It also aligns with Mawani’s efforts to enhance the competitiveness of Saudi ports and support national exports, as well as the National Transport and Logistics Strategy’s goal of establishing the Kingdom as a global logistics hub connecting three continents.

Mawani said in a statement that the addition of the service to the Jubail port highlights its strategic role in enhancing maritime transport and logistics while supporting economic activities in the Eastern Province.

The authority added that the port’s proximity to production hubs, coupled with advanced infrastructure, allows it to accommodate vessels of various types and sizes, further strengthening Saudi Arabia’s connectivity with global terminals. 

As a key facilitator of national exports, particularly industrial and petrochemical products from Jubail Industrial City, the port plays a crucial role in boosting the Kingdom’s global trade competitiveness, Mawani emphasized.

In August, MSC introduced the service at the King Abdulaziz Port, connecting the city with major terminals in China, including Ningbo, Shanghai, and Shekou, as well as Singapore.

Mawani announced at that time that the service would operate weekly voyages with a capacity of up to 15,000 TEU.

In a statement, MSC said the service was designed to address terminal congestion issues in the Middle East and enhance connectivity for Asia-Middle East cargo.

The shipping company, which won the “Best Shipping Line – Asia-Africa” award at the 2024 Asian Freight, Logistics, and Supply Chain Awards, further said that Clanga would offer a unique and competitive service for Saudi exports to the Far East through its direct call in Shanghai from Dammam.


Closing Bell: Saudi main index closes higher as key stocks gain

Closing Bell: Saudi main index closes higher as key stocks gain
Updated 17 March 2025
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Closing Bell: Saudi main index closes higher as key stocks gain

Closing Bell: Saudi main index closes higher as key stocks gain

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Monday, gaining 29.26 points, or 0.25 percent, to close at 11,883.04.

The total trading turnover of the benchmark index was SR5.4 billion ($1.4 billion), as 100 of the stocks advanced and 142 retreated.

Conversely, the Kingdom’s parallel market Nomu dropped 240.58 points, or 0.77 percent, to close at 31,034.69. This comes as 33 stocks advanced while 45 retreated.

The MSCI Tadawul Index increased 9.09 points, or 0.61 percent, to close at 1,503.88.

TASI’s top performer was Arabian Company for Agricultural and Industrial Investment, which surged by the 30 percent daily limit in its market debut on Monday.

Its share price jumped to SR65, significantly surpassing its initial price of SR50, which was set at the upper end of the offering range.

Other top performers included Retal Urban Development Co., whose share price rose 7.18 percent to SR15.82, as well as Astra Industrial Group, whose share price surged 4.45 percent to SR169.

Alkhorayef Water and Power Technologies Co. was also among the top performers, increasing 4.38 percent to SR166.80.

Naqi Water Co. was the worst performer with its stock price falling 4.33 percent to SR57.40.

Arabian Shield Cooperative Insurance Co. also saw its stock prices decline 3.94 percent to SR17.56. Arriyadh Development Co. also dropped to SR34.65, a 3.88 percent decrease.

On the announcements front, several major Saudi companies released their annual financial results for the period ending Dec. 31, 2024, showcasing mixed performances across industries.

Arabian Mills for Food Products Co. reported a 12.98 percent increase in revenue, reaching SR973.94 million, compared to SR862.08 million in the previous year.

This growth was primarily driven by a 39.75 percent surge in feed sales following the company’s entry into the poultry feed segment and reinforced production efforts.

Bran sales also grew by 17.91 percent, and flour revenues saw a modest rise of 4.02 percent, supported by business-to-business revenue growth of 3.19 percent and incentives in the modern trade segment.

Net profit increased by 5.93 percent to SR212.15 million, supported by improved product cost efficiency, administrative streamlining, and reduced financing costs.

Despite the growth, the company saw a 1.03 percent drop in its share price to settle at SR47.90.

The United International Transportation Co., also known as Budget Saudi, posted a significant 43.03 percent increase in revenue, reaching SR1.97 billion, up from SR1.38 billion in the prior year.

This surge was fueled by the expansion of both long-term and short-term rental fleets, alongside contributions from the acquisition of AutoWorld and the integration of revenue from the Overseas Development Co.

Net profit climbed 12.44 percent to SR311.69 million, benefiting from improved rental rates, fleet expansion, and operational synergies post-acquisition.

Budget Saudi’s share price saw a 0.26 increase to reach SR76.40.

Meanwhile, the Kingdom Holding Co. saw an 11.57 percent decline in revenue to SR2.39 billion, down from SR2.70 billion in the previous year.

The decline was primarily attributed to reduced dividend income and lower gains on investments at fair value through profit or loss.

Despite the revenue drop, net profit rose by 22.08 percent to SR1.24 billion, supported by lower financial charges, gains from the reversal of impairments, increased share of profits from equity-accounted investees, and higher income from hotel operations.

Kingdom Holding’s stock price increased by 1.64 percent to reach SR8.06.

BinDawood Holding Co. reported a modest 1.33 percent increase in revenue, reaching SR5.68 billion, compared to SR5.60 billion in the previous year.

The growth was driven by contributions from new store openings, increased sales from Jumeirah Trading Co. and Future Retail Tech, and improved point-of-sale performance.

However, this was partially offset by store closures during the year. Net profit grew by 1.88 percent to SR280.25 million, supported by stronger supplier terms, operational efficiencies, and a better product mix, though higher operating expenses related to talent acquisition and business expansion limited the increase.

BinDawood’s stock price grew 0.63 percent on Monday to reach SR6.42.


OECD predicts 3.8% economic growth for Saudi Arabia in 2025

OECD predicts 3.8% economic growth for Saudi Arabia in 2025
Updated 17 March 2025
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OECD predicts 3.8% economic growth for Saudi Arabia in 2025

OECD predicts 3.8% economic growth for Saudi Arabia in 2025

RIYADH: Saudi Arabia’s economy is poised for substantial growth, with its gross domestic product projected to increase from 1.2 percent in 2024 to 3.8 percent in 2025.

The projection by the Organisation for Economic Cooperation and Development comes amid global economic uncertainties, as many advanced economies are expected to face sluggish growth due to escalating trade tensions, geopolitical instability, and inflationary pressures.

This forecast signals a turnaround for the Kingdom, positioning it as one of the fastest-growing economies within the G20 in the coming years. While Saudi Arabia’s GDP growth is expected to moderate slightly to 3.6 percent in 2026, global GDP growth is projected to slow to 3.1 percent in 2025 and 3 percent in 2026.

Stable inflation

The OECD report also forecasts that Saudi Arabia’s inflation will remain low and stable, projected at 1.9 percent in 2025 and 2 percent in 2026. This stands in contrast to the higher inflation rates seen in many major economies, particularly those facing trade-related disruptions and rising labor costs.

The Kingdom’s inflation stability is noteworthy, especially within the context of the OECD’s broader inflation projections. The report highlights that G20 headline inflation is expected to stay at 3.8 percent in 2025 and 3.2 percent in 2026, with core inflation remaining above target in several advanced economies, including the US.

Oil market and OPEC+ production strategy

A key factor driving Saudi Arabia’s economic performance is its oil sector, which continues to be a vital growth pillar despite the country’s ongoing efforts to diversify its economy under Vision 2030.

The OECD report noted that OPEC+ plans to gradually “unwind production curbs” starting in April 2025, a move that could have significant implications for global oil prices.

At the same time, Saudi Arabia’s efforts to boost non-oil revenue sources under Vision 2030—through investments in technology, tourism, and infrastructure—are helping to strengthen economic resilience amid market volatility. However, the OECD also cautioned that geopolitical risks and rising protectionist policies in global trade could disrupt energy markets, potentially leading to price fluctuations.

Global economic outlook

Beyond Saudi Arabia, the OECD painted a complex outlook for the global economy. “The global economy has shown real resilience, with growth remaining steady and inflation trending downward. However, signs of weakness have emerged, driven by heightened policy uncertainty,” said OECD Secretary-General Mathias Cormann.

Global GDP growth is projected to slow from 3.2 percent in 2024 to 3.1 percent in 2025 and 3 percent in 2026, with many advanced economies experiencing lower-than-expected growth due to increased trade barriers, inflationary pressures, and policy uncertainty.

 

 

The US economy is expected to see growth slow from 2.8 percent in 2024 to 2.2 percent in 2025 and 1.6 percent in 2026, as higher interest rates and trade tensions dampen investment and consumer spending. Similarly, the eurozone’s economy is projected to grow by just 1 percent in 2025 and 1.2 percent in 2026. China’s economy is also expected to decelerate, with growth slowing from 4.8 percent in 2025 to 4.4 percent in 2026.

Trade fragmentation and geopolitical risks

A key concern highlighted by the OECD is the growing rise of trade barriers and their potential impact on global economic stability. “Increasing trade restrictions will contribute to higher costs for both production and consumption. It remains essential to maintain a well-functioning, rules-based international trading system and keep markets open,” Cormann added.

The US has raised tariffs on imports from China by 20 percentage points, prompting retaliatory actions from China. In addition, higher tariffs on steel, aluminum, and other goods are expected to disrupt supply chains and increase production costs globally.

The OECD warned that such trade fragmentation could slow global growth and push inflation higher, particularly in economies heavily dependent on international trade. The report also noted that if trade tensions escalate further, global GDP could decline by an additional 0.3 percent over the next three years, with particularly severe effects on Canada, Mexico, and key European economies.

Monetary policy and inflation pressures

The OECD’s outlook also indicated that inflation remains a significant concern in many economies. While inflation is expected to moderate, it is likely to stay above central bank targets in key economies like the US, the eurozone, and the UK through 2026.

“Central banks should remain vigilant given heightened uncertainty and the potential for higher trade costs to push up wage and price pressures. Provided inflation expectations remain well-anchored, and trade tensions do not intensify further, policy rate reductions should continue in economies where underlying inflation is projected to moderate or remain subdued,” the report stated.

For emerging markets, inflation presents a mixed picture. Brazil and South Africa are expected to face persistent inflationary pressures, while India and Indonesia may see inflation remain relatively contained. Countries like Turkiye and Argentina, which have dealt with extreme inflation in recent years, are projected to see a sharp decline in inflation rates as fiscal and monetary tightening measures take effect.

The role of AI, structural reforms

Beyond trade and monetary policy, the OECD report emphasized the importance of structural reforms and digital transformation in enhancing long-term economic resilience.

“Governments can help by ensuring the availability of high-speed digital infrastructure, maintaining open and competitive markets, and providing opportunities for workers to enhance their skills,” the report noted.

OECD Chief Economist Alvaro Santos Pereira highlighted that AI is poised to drive significant labor productivity growth over the next decade, with even greater potential when combined with advancements in robotics.

“Yet, the gains from AI may diminish if policies do not facilitate higher adoption rates and support labor reallocation,” Pereira warned.

Navigating uncertainty

The OECD called for stronger international cooperation to prevent further trade fragmentation and urged governments to adopt a balanced approach to fiscal and monetary policies. It cautioned that excessive tightening of monetary policy could unnecessarily slow growth, while failing to manage inflation could lead to additional economic disruptions.

The report’s key policy recommendations emphasized the importance of avoiding further tariff escalations and seeking diplomatic trade solutions. It also highlighted the need for investments in AI and digital transformation to boost productivity, while maintaining cautious monetary policies to ensure inflation remains under control. Additionally, the report stressed the importance of encouraging structural reforms to build more resilient and dynamic labor markets.


UK businesses eyeing Middle East investments amid growing regional appeal: report 

UK businesses eyeing Middle East investments amid growing regional appeal: report 
Updated 17 March 2025
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UK businesses eyeing Middle East investments amid growing regional appeal: report 

UK businesses eyeing Middle East investments amid growing regional appeal: report 
  • Europe is the leading region, with 55% of respondents naming it their primary international investment market
  • Kingdom’s regional headquarters program has emerged as a major pull for international firms

RIYADH: Interest among UK business leaders in the Middle East as a key investment hub has doubled to 36 percent, driven by the region’s economic transformation and strategic appeal, a new survey has revealed.

The study, conducted by communications consultancy Pagefield, surveyed over 200 senior figures across the finance, technology, and manufacturing sectors. 

Europe is the leading region, with 55 percent of respondents naming it their primary international investment market, yet the Middle East’s growing appeal reflects regional efforts to diversify economies and attract foreign direct investment. 

Mega projects such as Saudi Arabia’s NEOM and large-scale developments in the UAE are reshaping the landscape, promising to draw more global capital. 

NEOM’s luxury destinations on the Gulf of Aqaba coast are designed to deliver the highest standards of future living and quality of life. File/SPA

“The data shows a clear shift in UK businesses’ global outlook. While Europe remains a top priority, the sharp rise in interest in the Middle East and Asia signals a growing appetite for new, high-potential markets,” said Christopher Clark, partner at Pagefield. 

He added: “Businesses are looking beyond traditional hubs and seeking opportunities in regions that offer both economic dynamism and strategic advantages.” 

Saudi Arabia’s regional headquarters program has emerged as a major pull for international firms, including UK companies. The program offers incentives such as a 30-year exemption from corporate income tax and withholding tax on headquarters activities, alongside other benefits like discounts and support services. 

Several leading UK firms, including IHG Hotels and Resorts, PwC, and Deloitte, have already set up their regional headquarters in the Kingdom, positioning themselves to capitalize on the country’s rapid economic transformation. 

The survey also highlighted rising UK business interest in Asia, with investment focus climbing from 22 percent to 32 percent. 

Participants in the survey emphasized the need for greater government support as UK firms pursue international expansion. 

International companies looking for investment opportunities have established regional headquarters in the Kingdom. File/Reuters

According to the study, 83 percent of UK companies said the government must do more to support international growth, with nearly 31 percent identifying Free Trade Agreements as the most crucial mechanism. 

Other key factors influencing investment decisions among UK business leaders include economic stability, workforce quality, and a strong commitment to equality, diversity, and inclusion.

The report also noted that UK firms remain overwhelmingly optimistic about foreign direct investment, with 91 percent expressing confidence in cross-border expansion despite global economic and political challenges. 

“UK businesses are ready to invest overseas, but they need the right conditions to do so. The government should stand ready to support outward as well as inward investment, as it will strengthen UK businesses and the UK economy,” said John Alty, senior adviser at Pagefield and former permanent secretary for the Department for International Trade. 

He added: “Businesses are looking to the government to facilitate supply chains through free trade agreements and provide in-country support to boost business confidence.” 


Saudi Arabia’s Al-Jouf records 15% annual growth in commercial activity

Saudi Arabia’s Al-Jouf records 15% annual growth in commercial activity
Updated 17 March 2025
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Saudi Arabia’s Al-Jouf records 15% annual growth in commercial activity

Saudi Arabia’s Al-Jouf records 15% annual growth in commercial activity
  • Growth rate of new commercial registrations in the region reached 98%
  • SMEs recorded a 33% growth in 2024 compared to 2023

RIYADH: Saudi Arabia’s Al-Jouf province recorded a 15 percent year-on-year growth in commercial activity in 2024 thanks to successful regional economic initiatives, new data showed.

Released by the Vision Realization Office in Al-Jouf, the study also indicated a significant increase in the growth rate of new commercial registrations in the region, reaching 98 percent, the Saudi Press Agency reported.

This falls in line with promoting development and growth while encouraging private economic activity across all regions of the Kingdom, in line with Saudi Vision 2030.

The Al-Jouf region is actively fostering innovative investments through unique and pioneering projects. File/SPA

It also aligns with the region’s role as the northern gateway to the Kingdom, connecting it to Jordan and facilitating trade through the Al-Haditha land port. This terminal is the third busiest in the nation, handling $247 million in imports and exports in 2019, according to Invest Saudi.

The study monitored the growth of funded projects across the region, with 478 initiatives, and support for existing undertakings with liquidity estimated at SR22.05 million ($5.88 million).

Small and medium-sized enterprises recorded a 33 percent growth in 2024 compared to 2023, while the share of women-funded projects reached approximately 52 percent, a clear indicator of the empowerment of Saudi females.

The analysis primarily attributed these gains to the efforts and commitment of the region’s governor, Prince Faisal bin Nawaf bin Abdulaziz.

Al-Jouf saw a significant increase in the growth rate of new commercial registrations in the region. File/SPA

This comes as he worked on translating the generous directives into reality, serving the interests of citizens. He urged the branches of ministries and relevant agencies to harness all resources to overcome challenges and find appropriate solutions.

The governor also monitored the implementation of projects that serve the Al-Jouf region, its governorates, and centers, both investment- and development-oriented, as well as prevented any failures, achieving their set goals.

In March, Prince Faisal said that Saudi Arabia’s Al-Jouf province offers a fertile investment landscape due to abundant renewable energy and a robust food supply.

The Al-Jouf province offers a fertile investment landscape due to abundant renewable energy and a robust food supply. File/SPA

At the time, he highlighted that the region offers many investment opportunities and competitive advantages. He also emphasized that Al-Jouf has implemented various initiatives to overcome challenges for potential investors, with coordinated efforts across multiple government sectors.

The official also underlined at the time that the Al-Jouf region is actively fostering innovative investments through unique and pioneering projects. He emphasized that these endeavors will create future employment prospects for both male and female youth in the region and the nation at large.