Saudi Arabia pitches $2.5tn mining sector potential to Canadian firms
JEDDAH: Canadian companies have been presented with exploration opportunities in Saudi Arabia's mining sector during a roundtable in Vancouver.
Officials from the Kingdom's Ministry of Industry and Mineral Resources presented investment options to representatives from 25 firms, outlining the goals of the government's Comprehensive Mining Strategy, according to the Saudi Press Agency.
The speakers also highlighted the competitive advantages of the Kingdom's investment environment and its ongoing efforts to develop the mining sector, maximizing its contribution to economic diversification.
The initiative is part of the Ministry of Industry and Mineral Resources' ongoing efforts to attract high-quality investments to Saudi Arabia's mining sector, with the Kingdom's mineral wealth estimated at around SR9.3 trillion ($2.48 trillion).
this effort also includes the Future Minerals Forum, launched in 2022 as an annual international conference where global mining leaders collaborate, share knowledge, and tackle key industry challenges and opportunities.
The Vancouver meeting is one of a number set to be held ahead of the fifth edition of the Kingdom's Future Minerals Forum in January, and according to SPA: 'Roundtable participants reaffirmed FMF's vital role in shaping the future of the global mining sector and developing effective solutions to its challenges amid ongoing shifts in the energy and industrial landscapes.'
The report added that the ministry also held a seminar with investors in Toronto, where it also presented promising investment opportunities in the Kingdom's mining sector.
The meetings build on the momentum of high-level engagement between Canada and Saudi Arabia, including Industry Minister Bandar bin Ibrahim Alkhorayef leading a delegation to Ottawa and Toronto in October to advance bilateral cooperation following the restoration of diplomatic ties in May 2023.
The visit also highlighted Saudi Arabia's interest in Canada's expertise in digital financial technologies, geological surveying, and human capacity development, aligning with the Kingdom's efforts to build a knowledge-based, innovation-driven mining sector under Vision 2030.
In 2023, the Kingdom's non-oil exports to Canada totaled SR140 million, mainly consisting of base metals and plant products. In contrast, non-oil imports from Canada reached SR2.89 billion, including locomotives, pharmaceuticals, optical and imaging equipment, and electrical devices.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
3 hours ago
- Arab News
Second round of GCC-Japan Free Trade Agreement negotiations to take place Monday
TOKYO: Saudi Arabia is set to participate in the second round of negotiations for the Free Trade Agreement between the Gulf Cooperation Council countries and Japan from June 30 to July 4. Represented by the General Authority of Foreign Trade and led by Fareed Al-Asaly, the deputy governor for international organizations and agreements, the Kingdom along with the GCC nations and Japan will address a wide range of topics, including trade in goods and services, sanitary and phytosanitary measures, technical barriers to trade, financial services, telecommunications, the movement of natural persons, intellectual property, dispute settlement, general provisions of the agreement, rules of origin, and trade facilitation. According to the Saudi Press Agency, the negotiations were preceded by coordination meetings of the GCC technical negotiation teams on June 29. The first round of negotiations took place in Riyadh on Dec. 12 last year.
Arab News
3 hours ago
- Arab News
In Saudi Arabia's ‘Year of Handicrafts,' passion has no limits
RIYADH: Since Saudi Arabia announced 2025 as the 'Year of Handicrafts,' the industry has seen a significant focus on artisans and artisanal crafts that showcase domestic and international ventures through festivals and programs, leading to a boost in confidence for aspiring craftspeople. For artisan and entrepreneur Sheikha Al-Abdulkarim and her two sisters, their interest in pottery went from a weekend curiosity to a local cultural initiative — one of the many shaping the future of traditional crafts in Saudi Arabia. The idea behind Herfah, which means craft in Arabic, was born out of a love for the ancient clay material as a form of creativity and connection to Saudi heritage. Today, that passion has transformed into a fully fledged venture that trains aspiring artisans, sells handmade ceramic pieces, and helps preserve one of the Kingdom's oldest traditions. 'We weren't thinking about a business at first,' Al-Abdulkarim said. 'It was just something we really wanted to learn. But once we started working with our hands, we realized this was more than a hobby.' In late 2016, the sisters struggled to find pottery workshops in their area, so they contacted an American-Danish ceramic artist who they had discovered online. That decision led to their first intensive training course and sparked a vision they had not imagined: Creating a space in Saudi Arabia where others could learn, experiment and reconnect with the art of pottery. Raised in a home where heritage was part of daily life, Al-Abdulkarim credits her upbringing for planting the seed. She was surrounded by handmade textiles, traditional crafts and a family that valued artistry, but turning passion into something tangible was not easy. 'There weren't many resources,' she said. 'Finding materials, equipment, even knowledge — it was all a challenge. But honestly, that made us more determined.' In 2021, their project Herfah took a turning point when it received backing from Saudi's Cultural Development Fund, or CDF, a key initiative supporting creative projects across the Kingdom. With that funding and guidance, the sisters were able to set up a dedicated workspace in the Eastern Province, invest in tools such as kilns and clay-shaping equipment, and offer structured training programs. 'Having that kind of support changed everything,' Al-Abdulkarim said. 'It allowed us to dream bigger.' She advises any aspiring artisan to take advantage of the resources and opportunities that are now abundant in Saudi. Including CDF's support programs, the Heritage Commission's Artisan's House program offers training courses that seeks to enhance the skills of Saudi artisans, promote innovative craft designs, and encourage participation in festivals and events that attract tourists and visitors from both within and outside the region. One of the largest annual events in Riyadh is the Saudi International Handicrafts Week — known as Banan — which offers a wealth of live music, interactive experiences and artisanal works from around the world, in addition to Hail's HARFA festival. At Herfah, visitors can take part in workshops, experience hands-on pottery sessions, or simply browse handcrafted pieces that blend traditional design with modern aesthetics. Inclusion is also a priority for the studio, making sure to host sessions for visually impaired participants and encouraging people of all ages and backgrounds to explore the craft of pottery. Their journey reflects a broader movement burgeoning across the Kingdom that highlights the growing importance of cultural preservation, not only for its heritage value but for its economic potential. The local traditional crafts sector and associated industries have reached an annual market value of SR1.5 billion, according to the Saudi Cultural Development Fund, with efforts to grow that figure through investment and training. But for Al-Abdulkarim, what matters most is that more people are discovering the joy and meaning behind handmade work. What began as a search for a simple pottery class is now a mission to keep an ancient craft alive, one fired kiln at a time. 'Pottery has taught us patience, resilience and how to connect with our roots,' she said. 'Our goal now is to take Herfah further to different cities, different communities, and to show the world what Saudi hands can create.' As part of Vision 2030, the Saudi Cultural Development Fund continues to back creative businesses such as Herfah, helping to shape a sustainable ecosystem for artists, artisans and cultural entrepreneurs alike.
Arab News
3 hours ago
- Arab News
Closing Bell: Saudi TASI closes lower at 11,163 amid mixed performance
RIYADH: Saudi Arabia's Tadawul All Share Index fell 0.35 percent to close at 11,163.96 on Monday, weighed by losses in several blue-chip stocks. Trading activity remained robust, with turnover reaching SR7.3 billion ($1.9 billion), with the market recording 118 advancers versus 133 decliners. The MSCI Tadawul 30 Index slipped 0.36 percent to end at 1,428.86, while the parallel market Nomu rose 0.34 percent to finish at 27,341.63. Fawaz Abdulaziz Alhokair Co. led the main market gainers with a 9.96 percent rise to SR24.62. National Metal Manufacturing and Casting Co. followed with a 9.29 percent gain, closing at SR16.83. Other notable performers included Buruj Cooperative Insurance Co., which advanced 7.40 percent to SR18.00, and The Mediterranean and Gulf Insurance and Reinsurance Co., up 7.16 percent at SR20.06. On the downside, Al Maather REIT Fund recorded the steepest decline, falling 3.33 percent to SR9.01. Etihad Etisalat Co. dropped 3.10 percent to SR59.30, while MBC Group Co. slipped 2.99 percent to SR35.70. Rasan Information Technology Co. also retreated 2.69 percent to close at SR86.90. On the announcement front, ACWA Power Co. released details regarding its planned capital increase through a rights issue. The company set the offering price at SR210 per share, with a total of 33,928,570 new shares to be issued. Following the offering, ACWA Power's capital will rise from SR7.33 billion to SR7.66 billion, increasing the total number of shares to 766,490,498. The transaction represents 4.63 percent of the issuer's existing capital and is valued at SR7.12 billion. ACWA Power said the proceeds will support its strategy to triple the assets under management by 2030 and strengthen its financial position. Eligibility for the rights issue will apply to shareholders registered at the end of the second trading day following the date of an extraordinary general assembly. ACWA Power shares closed up 4.07 percent on Monday at SR256.00, with over 1.1 million shares traded.
