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Arab News
7 days ago
- Business
- 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.
Argaam
08-07-2025
- Business
- Argaam
Calls for abandoning fossil fuels are unrealistic: Al Ghais
Calls for abandoning fossil fuels are unrealistic, as ensuring energy security for consumers remains the top priority, said Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC). Oil and gas continue to be the dominant sources in the global energy mix, accounting for 50-60% of global consumption, Al Ghais told Asharq Business today, July 8. He noted that while all forms of energy are needed, renewable sources currently contribute only 3-4% of the global energy supply. Al Ghais also highlighted that many OPEC member countries are leading the way in renewable energy development. He underscored the importance of keeping ideological considerations separate from energy discussions, in general.
Morocco World
08-07-2025
- Automotive
- Morocco World
Egypt's Blu EV Plans $100 Million Investment in Morocco's Electric Mobility Market
Rabat – Blu EV, an Egyptian electric mobility company backed by billionaire Naguib Sawiris, is preparing to enter the Moroccan market by the end of this year. The company, which specializes in converting motorcycles from gasoline to electric power, aims to invest $100 million in the country. Speaking to Asharq Business, Blu EV co-founder and Chief Executive Officer Reda Baalbaki said that the expansion into Morocco is part of a larger plan to grow gradually across North Africa and the Middle East. The company also continues to expand within Egypt, aiming to provide affordable and eco-friendly two-wheeled transportation solutions. Their electric bikes cost around 30% less to operate than traditional fuel-powered motorcycles, Baalbaki said, highlighting the company's focus on reducing pollution and offering low-cost mobility options. Blu EV was launched in 2023 and is chaired by prominent Egyptian businessman Naguib Sawiris. Sawiris invested $120 million in the company through a partnership with Orascom Investment Holding, a firm owned by the Sawiris family. Baalbaki explained that Blu EV currently operates in several Egyptian cities, including East Cairo, Alexandria, Ismailia, the North Coast, and El Gouna. It has already set up over 50 battery-swapping stations, with a focus this year on expanding further into Greater Cairo. The company plans to cover the rest of Egypt over the next five years. Blu EV's main service is converting regular motorcycles into electric ones by replacing the fuel engine with an electric motor. The company also manages a smart network of battery-swapping stations to support the use of these electric bikes. Morocco has taken several steps in recent years to support electric vehicles. The country has launched public charging stations in major cities and on highways, and local automakers have shown interest in producing EVs. In addition, Morocco is home to two major car factories that have started producing electric or hybrid models for export. Last week, Renault Tangier celebrated the production of the 2,000th Mobilize DUO, the first fully electric four-wheeled vehicle made in Morocco. However, the local use of EVs remains low due to the high cost of electric cars and the limited number of charging stations. Most EV initiatives have focused on electric cars, with little attention to motorcycles, despite their widespread use in cities like Casablanca, Marrakech, and Fez. Tags: EgyptElectric Vehiclesev
Egypt Today
29-05-2025
- Business
- Egypt Today
Egypt's pharmaceutical sector gearing up to inject $80M to bolster local production
Cairo – May 29, 2025: Egypt's pharmaceutical industry is preparing to invest approximately LE 4 billion ($80 million) this year to boost domestic production, with 20 new manufacturing lines in the pipeline. The initiative aligns with a national strategy to cut reliance on imported medicines and reinforce the country's local pharmaceutical capabilities. The expansion will bring the total number of operational pharmaceutical production lines across Egypt to 810, according to Gamal El Leithy, Chairman of the Chamber of Pharmaceutical Industry at the Federation of Egyptian Industries, speaking to Asharq Business. This increase is expected to play a key role in replacing approximately $3 billion worth of annual pharmaceutical imports with locally produced alternatives. Local manufacturers currently supply around 91 percent of the country's pharmaceutical needs. The sector has seen robust growth, with total medicine sales surging by over 40 percent last year to reach LE 307 billion. Pharmaceutical sales in January and February alone climbed to LE 62 billion, up from about LE 40 billion in the same period the previous year. The growth was largely driven by an uptick in production volume, particularly in packaged medications, according to previous comments by Ali El-Ghamrawy, head of the Egyptian Drug Authority. Looking ahead, Egypt is aiming to localize the manufacturing of high-priority and specialized medicines. El Leithy said key targets include cancer treatments, immunodeficiency drugs, medical imaging dyes, and infant formula. These efforts form part of a strategic national plan to raise pharmaceutical exports to $3 billion by 2030. Recent export data suggests that momentum is already building. In the first quarter of 2025, exports of pharmaceutical and medical products rose 25 percent year-on-year, reaching $205 million, according to figures from the General Organization for Export and Import Control.
Zawya
06-05-2025
- Business
- Zawya
Egypt poised to award new exploration rights to Chevron: Report
The Egyptian government is expected to award oil and gas exploration rights in the country's northeastern Mediterranean to US oil company Chevron, a news report said. The rights will be for the West Star area close to US oil and gas major ExxonMobil's deepwater block, Asharq Business reported, citing an unnamed source. The exploration site covers more than 11,000 square kilometres, the source said. As per the terms of the agreement, Chevron will invest no less than $120 million in exploration and development, which includes drilling an exploratory well within the first three years of the award, following the completion of seismic surveys, the report said. Last month Egypt's Ministry of Petroleum and Mineral Resources announced three new oil and gas discoveries in the Western Desert. They are estimated to produce 2,750 barrels of oil and condensates and 20 million cubic feet of gas per day. (Writing by P Deol; Editing by Anoop Menon) (
