Saudi Arabia grants $97.5m exploration licenses for first mineral belts at Jabal Sayid, Al-Hajjar

The newly awarded licenses cover two areas within the Jabal Sayid belt, which spans 2,892 sq. km and contains valuable minerals such as copper, zinc, lead, gold, and silver. File
The newly awarded licenses cover two areas within the Jabal Sayid belt, which spans 2,892 sq. km and contains valuable minerals such as copper, zinc, lead, gold, and silver. File
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Updated 19 March 2025
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Saudi Arabia grants $97.5m exploration licenses for first mineral belts at Jabal Sayid, Al-Hajjar

Saudi Arabia grants $97.5m exploration licenses for first mineral belts at Jabal Sayid, Al-Hajjar
  • Jabal Sayid and Al-Hajjar cover a combined area of 4,788 sq. km
  • Among the successful bidders, Ajlan and Bros-Norin for Mining secured the license for the southern Al-Hajjar site
  • Competition saw 14 local and international companies submit bids after passing the pre-qualification stage

JEDDAH: Saudi Arabia has granted exploration licenses worth SR366 million ($97.5 million) to local and international companies for its first mineral belts at Jabal Sayid and Al-Hajjar.

These two sites, covering a combined area of 4,788 sq. km, are part of the Ministry of Industry and Mineral Resources’ efforts to accelerate the exploration and development of the Kingdom’s estimated SR9.3 trillion ($2.48 trillion) in mineral resources.

Among the successful bidders, Ajlan and Bros-Norin for Mining secured the license for the southern Al-Hajjar site.

A consortium consisting of Artar, Gold and Minerals Ltd Co., and Jacaranda, owned by Australian company Hancock Prospecting, won the license for the northern Al-Hajjar site. Vedanta Ltd, a major Indian mining giant, received the first exploration permit for the Jabal Sayid belt, while a second license for the same site went to a consortium of Ajlan & Bros Mining and Zijin Mining, a Chinese mining giant ranked among the world’s top five.

Saudi Arabia is focused on making mining a key pillar of its economy, alongside oil and petrochemicals. The Ministry of Industry and Mineral Resources is working to unlock natural resources to diversify the economy, create jobs, and position the Kingdom as a global mining hub in alignment with Vision 2030.

The competition saw 14 companies, both local and international, submit bids after passing the pre-qualification stage. The submissions were evaluated based on technical expertise, proposed work plans, and social and environmental commitments, according to the Ministry’s statement.

The newly awarded licenses cover two areas within the Jabal Sayid belt, which spans 2,892 sq. km and contains valuable minerals such as copper, zinc, lead, gold, and silver. Additionally, two more licenses were granted for the Al-Hajjar site, covering 1,896 sq. km and rich in natural resources.

The ministry emphasized that the involvement of major international mining companies like Zijin Mining, Hancock Prospecting, and Vedanta Ltd. underscores the growing global interest in Saudi Arabia's mining sector and the opportunities it offers through exploration license competitions.

It also confirmed that the total exploration investment from the winning companies will surpass SR366 million over the next three years, with an extra SR22 million pledged for community development projects near the mining sites, aimed at creating job opportunities for local residents.

Ajlan and Bros-Norin for Mining, which secured the southern Al-Hajjar site, will invest SR209 million in exploration, which includes over 119,000 meters of drilling. Furthermore, they will allocate SR11.2 million for community-focused initiatives, such as building intermediate schools for girls in nearby provinces.

The consortium of Artar, Gold & Minerals Ltd., and Jacaranda will invest more than SR62 million in exploration at the northern Al-Hajjar site, including 52,000 meters of drilling. They will also direct SR4.2 million toward local infrastructure projects.

Vedanta Ltd., the Indian mining giant, has committed SR33 million for exploration at Jabal Sayid 1, covering 22,000 meters of drilling. In addition, they will invest SR3 million in community development projects, focusing on local employment and training programs.

The consortium of Ajlan & Bros Mining and Zijin Mining has pledged approximately SR62 million for exploration at Jabal Sayid 2, including 51,000 meters of drilling. They will also allocate SR4 million for community initiatives, particularly aimed at developing road infrastructure in the surrounding area.

In line with these efforts, the Ministry of Industry and Mineral Resources has launched the second phase of the Mining Exploration Enablement Program, in collaboration with the Ministry of Investment, to mitigate risks for companies during the early stages of mining exploration.

The Kingdom also offers incentives under the mining investment system, such as allowing foreign companies to fully own operations and providing up to 75 percent funding for capital costs through the Saudi Industrial Development Fund.

During the fourth edition of the Future Minerals Forum, held in January, the Ministry of Industry announced the offering of 50,000 sq. km of mineralized belts containing gold, copper, and zinc.

This initiative is part of the ministry’s efforts to enhance exploration and create an attractive investment environment for local and international mining companies. Applications for these opportunities can be submitted through the Taadeen platform.


Lebanon amends banking secrecy law in key reform

Lebanon amends banking secrecy law in key reform
Updated 24 April 2025
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Lebanon amends banking secrecy law in key reform

Lebanon amends banking secrecy law in key reform

BEIRUT: Lebanon’s parliament on Thursday granted regulatory bodies greater access to bank account information, a key reform demanded by international creditors before the crisis-hit country can unlock bail-out funds.

Prime Minister Nawaf Salam called parliament’s approval of changes to banking secrecy laws “a necessary step toward the desired financial reform that our government promised to achieve, and a fundamental pillar to any recovery plan.”

Adding that the decades-old culture of financial opacity was no longer the boon to investment it once was, Salam said the reform was fundamental to “restoring the rights of depositors and the confidence of citizens and the international community.”

Lebanon was once a booming regional financial hub dubbed the “Switzerland of the Middle East,” with strict banking secrecy laws a key attraction, but the economic crisis that began in 2019 shredded its fiscal reputation.

Since then, authorities have come under local and international pressure to amend the laws amid accusations that influential figures spirited large sums abroad while regular depositors were locked out of their life savings and the local currency’s value plummeted.

Lebanese rights group Legal Agenda said the amendments allow “banking supervisory and regulatory bodies” including the central bank “to request access to all banking information without linking the request to a specific objective.”

These bodies will now be able to audit customer accounts by name, access deposit details and look into possible suspicious activity, the group said.

The changes are among several major reforms Lebanon needs to make to unlock billions of dollars in aid to restart the economy after the collapse, which was widely blamed on mismanagement and corruption.

Finance Minister Yassine Jaber told local broadcaster LBC that the amendments “opened greater space” for Lebanon’s central bank to access accounts.

But “we should not think that with this law, anyone can enter a bank and demand account details” for whoever they like, added Jaber, who is in Washington with other senior officials for meetings with the IMF and the World Bank.

Alain Aoun, a member of parliament’s finance committee, said the move followed 2022 banking secrecy amendments that the IMF had viewed as “insufficient.”

Now, regulatory bodies will be able to request “the information they want” on bank accounts, he said.

The cabinet, which approved the amendment earlier this month, said it would apply retroactively for 10 years from the date of request, meaning it would cover the start of the economic crisis.


IMF to help Syria reintegrate into global economy, says Georgieva

IMF to help Syria reintegrate into global economy, says Georgieva
Updated 24 April 2025
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IMF to help Syria reintegrate into global economy, says Georgieva

IMF to help Syria reintegrate into global economy, says Georgieva

WASHINGTON: The International Monetary Fund plans to work with Syria to help it reintegrate into the global economy, IMF chief Kristalina Georgieva said on Thursday, citing a meeting on the war-scarred nation held this week.

Georgieva told reporters that Syria’s central bank governor and finance minister attended the Spring Meetings of the IMF and World Bank this week for the first time in over 20 years.

“Our intention is to, first and foremost, help them rebuild institutions so they can plug themselves in the world economy,” she said.

Officials from the IMF and World Bank met with Syrian officials and other finance ministers and key stakeholders to discuss the country’s reconstruction on the sidelines of the meetings in Washington.

The high-level Syrian government delegation’s Washington trip marked the first US visit by Syria’s new authorities since former President Bashar Al-Assad was toppled in December.

Much of Syria’s infrastructure has been left in ruins by nearly 14 years of war sparked by the government authorities’ deadly crackdown on protests against Al-Assad.

The government that took over after Al-Assad was ousted has sought to rebuild Syria’s ties in the region and further afield and to win support for reconstruction efforts.

But tough US sanctions imposed during Al-Assad’s rule remain in place.

In January, the US issued a six-month exemption for some sanctions to encourage humanitarian aid, but this has had limited effect.

Reuters reported in February that efforts to bring in foreign financing to pay public sector salaries had been hampered by uncertainty over whether this could breach US sanctions.


Closing Bell: TASI closes in green at 11,764  

Closing Bell: TASI closes in green at 11,764  
Updated 24 April 2025
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Closing Bell: TASI closes in green at 11,764  

Closing Bell: TASI closes in green at 11,764  

RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Thursday’s trading session at 11,764.39 points, marking an increase of 83.28 points or 0.71 percent. 

The total trading turnover of the benchmark index was SR6.95 billion ($1.85 billion), as 173 stocks advanced, while 67 retreated.  

The MSCI Tadawul Index also surged by 11.97 points, or 0.80 percent, to close at 1,500.71.  

The Kingdom’s parallel market, Nomu also increased, gaining 135.49 points, or 0.48 percent, to close at 28,598.60 points. This comes as 37 of the listed stocks advanced while as many as 42 retreated. 

The main index’s top performer, Saudi Paper Manufacturing Co., recorded a 9.97 percent increase in its share price, closing at SR69.50. 

Other notable gainers included Derayah Financial Co., which rose 8.22 percent to SR30.95, while Al-Baha Investment and Development Co. saw its share price climb 6.34 percent to SR3.52. 

Saudi Arabian Mining Co. also recorded a positive trajectory, with its share price rising 5.74 percent to SR47.00. Saudi Reinsurance Co. posted similar gains, increasing 5.29 percent to close at SR43.75. 

Mulkia Gulf Real Estate REIT recorded the steepest decline on TASI, with its share price slipping 4.71 percent to close at SR5.26.  

Musharaka REIT Fund followed with a 3.51 percent drop to SR4.67. Saudi Cable Co. also saw a notable decline of 3.20 percent to settle at SR139.    

On the parallel market, Hedab Alkhaleej Trading Co. was the top gainer, with its share price surging by 9.25 percent to SR44.90. 

Other top gainers on Nomu included Al Mohafaza Co. for Education, which surged 7.79 percent, or SR1.80, to close at SR24.90, and Shalfa Facilities Management Co., which rose 7.43 percent, or SR5.50, to reach SR79.50.  

Aqaseem Factory for Chemicals and Plastics Co. and Jana Medical Co. were the other top gainers on the parallel market. 

Osool and Bakheet Investment Co. posted the largest decline on Nomu, with its share price falling 8.11 percent to SR34. 

Altharwah Albashariyyah Co. fell 7.86 percent, or SR3.85, to close at SR45.15, while Meyar Co. declined 7.32 percent, or SR4.80, to settle at SR60.80 — making them among the top decliners on the parallel market. 


Saudi Arabia launches major dairy cluster in Al-Kharj

Saudi Arabia launches major dairy cluster in Al-Kharj
Updated 24 April 2025
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Saudi Arabia launches major dairy cluster in Al-Kharj

Saudi Arabia launches major dairy cluster in Al-Kharj

JEDDAH: Saudi Arabia has launched a major dairy industrial cluster in Al-Kharj, reinforcing its ambition to become the region’s leading hub for dairy production and food manufacturing.

Announced during the Saudi Dairy Forum in Al-Kharj — located approximately 90 km southeast of Riyadh — the initiative is a strategic component of the Kingdom’s broader National Industrial Strategy. The cluster spans 1 million sq. m and is equipped with advanced infrastructure tailored to support dairy manufacturing and related industries.

Minister of Industry and Mineral Resources Bandar Alkhorayef, speaking at the forum, underscored the project’s role in attracting high-value investments and enhancing the Kingdom’s food security.

He revealed that the dairy sector reached a market size of SR22 billion ($5.87 billion) in 2024, with exports totaling SR4.8 billion and imports at SR8.9 billion.

According to the IMARC Group, the market is projected to grow to $8.4 billion by 2033, with a compound annual growth rate of 3.8 percent from 2025 to 2033.

“This project aligns with the goals of the National Industrial Strategy to position Saudi Arabia as a regional hub for food industries,” Alkhorayef stated, as reported by the Saudi Press Agency.

He said it will offer investors access to fully developed industrial land, modern facilities, storage solutions, and a comprehensive support system.

In a statement on social media, Alkhorayef expressed gratitude to Riyadh Governor Prince Faisal bin Bandar for his patronage of the forum and for inaugurating the country’s first dairy industrial cluster in Al-Kharj Industrial City.

The minister noted that Saudi Arabia has achieved 129 percent self-sufficiency in dairy production, underscoring the sector’s resilience and capacity for growth. Al-Kharj alone contributes over 70 percent of the Kingdom’s total dairy output, supplying both local and regional markets.

The new cluster is part of a broader initiative by the Saudi Authority for Industrial Cities and Technology Zones to establish specialized food industry hubs throughout the Kingdom. The project is expected to foster synergies across the value chain, including animal feed, food additives, packaging, and machinery manufacturing.

The Saudi Dairy Forum, hosted by the Al-Kharj Chamber in cooperation with the National Industrial Development Center, brought together industry leaders, policymakers, and agricultural stakeholders. It was held under the patronage of Riyadh Gov, Prince Faisal bin Bandar and attended by Al-Kharj Gov. Prince Fahd bin Mohammed bin Saad bin Abdulaziz.

As Saudi Arabia accelerates its push to diversify the economy and achieve food security, the Al-Kharj dairy cluster stands as a milestone in the Kingdom’s industrial and agricultural evolution.


PIF-owned AviLease secures $1.5bn credit facility to boost global expansion

PIF-owned AviLease secures $1.5bn credit facility to boost global expansion
Updated 24 April 2025
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PIF-owned AviLease secures $1.5bn credit facility to boost global expansion

PIF-owned AviLease secures $1.5bn credit facility to boost global expansion

RIYADH: Saudi-backed AviLease has closed a $1.5 billion unsecured revolving credit facility to support its international expansion and investment in next-generation, fuel-efficient aircraft. 

The conventional three-year facility was oversubscribed, attracting commitments from 20 global banks, including eight new lenders from Europe, Asia, and North America, the company said in a release.  

Owned by Saudi Arabia’s Public Investment Fund, AviLease is central to the Kingdom’s push to diversify its economy and develop a globally competitive aviation industry under its Vision 2030 strategy.  

Edward O’Byrne, CEO of AviLease, said: “We are pleased to close this facility, noting the strong international demand. Together with our existing revolver of $750 million, it brings our immediately‑available committed facilities to $2.25 billion, spanning 25 local and global lenders.”  

He added: “This enhanced liquidity positions us to continue our expansion, investing in latest‑technology, fuel‑efficient aircraft while maintaining the conservative financial policy that underpins our strategy.”  

Headquartered in Riyadh, the firm manages a fleet of 200 aircraft — largely composed of new-technology models — leased to 48 airline customers worldwide. 

Earlier this month, AviLease signed a memorandum of understanding with Turkish Airlines for the long-term lease of eight Airbus A320neo aircraft. Two aircraft have already been delivered, with the remainder scheduled for delivery throughout 2025. 

In March, the lessor delivered three A320neo aircraft to SDH Wings, a joint venture between AviLease and China’s sovereign wealth fund, in which the Kingdom holds a 10 percent stake. 

The firm is also investing in local talent development. Earlier this year, AviLease partnered with Prince Sultan University and Riyad Bank to deliver a specialized aviation financing course to more than 150 professionals. 

At the time, the company said the initiative aimed to equip Saudi talent to lead the Kingdom’s aviation finance sector and support the human capability development goals outlined in Vision 2030. 

AviLease also stated that it will continue to create local economic value and generate both direct and indirect employment opportunities for Saudi nationals across the aviation and financial services sectors. 

In October, AviLease expanded its fleet with the acquisition of nine aircraft from global lessor Avolon, building on a previous transaction in which it purchased 13 aircraft from the same company the year before.

The deal was followed by AviLease’s first transaction with BBAM, one of the world’s leading aircraft lessors, through which it acquired a Boeing 787-9. The acquisition marked the introduction of the 787-9 to AviLease’s operating lease portfolio and added a new airline customer based in the Americas, further diversifying the company’s global client base.