
Saudi King Salman chairs weekly Cabinet meeting in Jeddah
In its weekly session held in Jeddah, the Council of Ministers said the growth reflects the rapid development witnessed by the tourism sector in the Kingdom.
The Cabinet also reviewed the Kingdom's positions on regional and global developments, as well as efforts that achieve mutual interests and benefits, and contribute to addressing global challenges.
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Arab News
28 minutes ago
- Arab News
Saudi Arabia attracts $32bn in mining investments amid sector reforms
RIYADH: Saudi Arabia's ongoing mining reforms have helped the Kingdom attract $32 billion in investments for projects in iron, phosphate, aluminum, and copper, a senior official said. Khalid Al-Mudaifer, vice minister of industry and mineral resources, told financial news outlet Asharq Business that the figure represents nearly one-third of the $100 billion the Kingdom aims to attract in the sector by 2030. This comes as the country's mining sector is projected to increase its contribution to gross domestic product from $17 billion in 2024 to $75 billion by 2030. The industry generated $400 million in revenue in 2023 and is now supported by a $100 billion investment roadmap targeting critical minerals by 2035. 'Saudi Arabia has attracted approximately $32 billion in investments in mining projects in iron, phosphate, aluminum, and copper, which are already under construction. This represents nearly a third of the $100 billion targeted for investment by 2030,' Al-Mudaifer said. The vice minister added that mineral exploration spending in the Kingdom has quadrupled since 2018, reaching $100 per sq. km, with an annual growth rate of 32 percent, significantly above the global average of 6 to 8 percent. He said the number of exploration firms in Saudi Arabia has grown from just six in 2019 to 138 today, with 60 percent of them being small and medium-sized enterprises. Foreign companies currently represent approximately 70 percent of all firms operating in the Kingdom's mining sector, Al-Mudaifer said. Saudi Arabia is estimated to hold SR9.37 trillion ($2.5 trillion) in mineral reserves, and the Kingdom aims to establish mining as the third pillar of its economy, after oil and petrochemicals. In January, at the Future Minerals Forum in Riyadh, Minister of Industry and Mineral Resources Bandar Alkhorayef announced upcoming exploration opportunities across 5,000 sq. km of mineralized belts in 2025, as the Kingdom continues its push to expand the sector. In March, Saudi Arabia launched a new incentive package to attract foreign direct investment into its mining industry. As part of this initiative, the Ministry of Investment is collaborating with the Ministry of Industry and Mineral Resources through an exploration enablement program designed to simplify investment procedures in the sector, according to the Saudi Press Agency. The program is part of broader efforts to enhance mineral exploration and foster an attractive environment for both local and international mining companies.


Arab News
an hour ago
- Arab News
Egypt's mineral revenues rise 131% to $446m on strong gold output, says minister
RIYADH: Egypt's revenues from mineral wealth development jumped 131 percent year on year to nearly $446 million in fiscal year 2024/2025, driven by strong growth in gold and silver production. Speaking at the Egypt Mining Forum 2025, Minister of Petroleum and Mineral Resources Karim Badawi said, gold and silver output reached 640,000 ounces during the year, a 14 percent increase from the previous period, generating $1.54 billion in sales, up 57 percent annually. The gains were attributed to higher production volumes and stronger export performance, according to his statement on Facebook. Egypt's mining sector is undergoing a major transformation under the Vision 2030 agenda, as the government seeks to position the country as a regional hub for mineral exploration while boosting its gross domestic product contribution through sustainable and environmentally responsible practices. 'Egypt is a nation distinguished by its unparalleled strategic location and expansive infrastructure. Our rich legacy of mineral resources includes gold, copper, silver, zinc, platinum, as well as a diverse range of other precious and base metals,' Badawi said. He added: 'These enormous potentials are backed by the Egyptian government's economic reform program, aimed to achieve economic stability, attract investments, and enhance market attractiveness, thus contributing to strengthening Egypt's position as a distinctive and exceptional destination for international investors and placing it on the global mining investment map, in line with the Sustainable Development Strategy.' According to the minister, ore and mineral production rose to 26 million tonnes, marking a 39 percent increase from the previous year. Egypt also exported 1.4 million tonnes of ores and mining products in 2024/2025, generating $52.5 million in export revenues. During the forum, the ministry signed two agreements with major international mining companies to boost exploration efforts. One licensing contract was signed with Centamin Central, a subsidiary of South African-based AngloGold Ashanti, for the exploration of gold and associated minerals, according to Egypt's State Information Service. The second agreement, signed with Canada-based mining giant Barrick, aims to pave the way for expanded collaboration and exploration activities in the country. 'This step clearly demonstrates the strong desire of international companies to expand their investments in the Egyptian mining sector, which serves as global proof of major international companies' confidence in Egypt's investment climate, reflecting the success of the state's policy in attracting foreign investments,' Badawi said.


Arab News
an hour ago
- Arab News
Youth-led businesses in Saudi Arabia account for over a third of all commercial registrations
RIYADH: Saudi youth-owned businesses now represent 38 percent of the Kingdom's total active commercial registrations as of the second quarter of this year, according to the Ministry of Commerce. The fastest-growing sectors among the 474,000 youth-led businesses include app development, which led the way with 28 percent annual growth resulting in 18,780 commercial permits. Artificial intelligence technologies closely followed, with a 34 percent increase, reaching 14,409 registrations. The e-gaming industry also showed remarkable progress, expanding by 32 percent to 8,260 permits, while film, video, and TV production grew by 20 percent, totaling 5,752 registrations by mid-2025. Saudi Arabia has a predominantly young population, with the latest census data indicating that individuals under the age of 30 constitute 62.8 percent of the population. Through public-private partnerships and targeted programs, the nation is equipping young Saudis with digital literacy, entrepreneurial skills, and industry-specific expertise in high-growth sectors like AI, renewable energy, and tourism. Private sector giants, including PwC, NEOM, Aramco, and Red Sea Global, are collaborating with government initiatives to equip Saudi youth with industry-relevant expertise. Programs such as PwC's Hemam training, Red Sea Global's leadership programs, and vocational training schemes ensure hands-on experience, aligning education with labor market demands. Incubators like The Garage foster startup innovation. However, challenges persist in aligning education with labor market needs, necessitating ongoing cooperation between businesses and academia to sustain this talent pipeline. PwC's Riyadh Al-Najjar emphasized in an interview with Arab News in January that an 'entrepreneurial mindset' is critical for private sector growth, while Red Sea Global's Zehar Filemban highlighted the need for adaptability in a fast-evolving job market. The government is addressing these needs through vocational training, Saudization programs, and incentives to attract and retain skilled professionals.