logo
Saudi Arabia logs SAR 1.3B in mining exploration spending in 5 yrs

Saudi Arabia logs SAR 1.3B in mining exploration spending in 5 yrs

Argaam09-02-2025
Saudi Arabia invested SAR 1.3 billion in mineral exploration over the past five years, a significant sum in the sector, according to Abdulrahman Al-Balooshi, Deputy Minister for Mineral Resources at the Ministry of Industry and Mineral Resources.
Drilling activity in the Kingdom exceeded 500,000 meters in 2023 alone, Al-Balooshi told CNBC Arabia.
The number of exploration companies surged from six to 133 between 2018 and 2023, driven by improved geological data access and ministry incentives such as financial support and land allocations.
The ministry's focus is to expand geological data availability and attract more exploration firms to meet industrial needs. Saudi Arabia's geological survey program has completed 80% of its fieldwork, with 60% of the data now accessible via the National Geological Database. Access to data, land, and financing is key for explorers and investors.
The ministry plans to offer 50,000 square kilometers of mineralized belt areas for exploration this year, including gold and copper reserves, Al-Balooshi previously told Argaam.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Al-Ansar, Al-Kholood, and Al-Zulfi football clubs offered in first wave of Saudi IPOs
Al-Ansar, Al-Kholood, and Al-Zulfi football clubs offered in first wave of Saudi IPOs

Arab News

time2 hours ago

  • Arab News

Al-Ansar, Al-Kholood, and Al-Zulfi football clubs offered in first wave of Saudi IPOs

RIYADH: Saudi Arabia's Ministry of Sport has announced the privatization of three football clubs — Al-Ansar, Al-Kholood, and Al-Zulfi — marking the first set of teams offered to the public through initial public offerings. The move represents a significant milestone in the Kingdom's initiative to open the sports sector to private investment and ownership. The IPOs also follow a broader privatization program launched last August. The ownership of the three clubs will transfer to private entities: Al-Zulfi to Nujoum Al-Salam, Al-Kholood to Harburg Group, and Al-Ansar to a joint venture between Audat Al-Biladi and Ayana. The ministry, in cooperation with the National Center for Privatization, carried out the transfers after completing regulatory requirements and corporate restructuring, the authority stated. 'The National Center for Privatization carried out the necessary procedures to establish club companies and transfer their ownership to the new owners,' the statement said. In parallel, the ministry announced that the submission window for the acquisition of Al-Nahda Club has closed, although the evaluation process is still ongoing. Some investment entities requested an extension, and the ministry confirmed it is still reviewing these proposals. The body affirmed its commitment to ensuring the success of the privatization process, stating that 'it is keen to ensure the success of the privatization process and to confirm that the submitted offers serve the interests of the clubs and their sporting future, contribute to advanced models, and achieve the strategic objectives of the project.' It also noted that 'the other entities interested in acquiring clubs (notably Al-Orobah and Al-Washm) did not meet the required procedures and conditions for acquisition.' Furthermore, the ministry announced that applications are now open for those wishing to acquire other Saudi sports clubs. Interested parties can apply via the ministry's official website, where they will undergo a multi-stage process including qualification screening, financial analysis, and competitive bidding.

Saudi Arabia privatizes three football clubs
Saudi Arabia privatizes three football clubs

Saudi Gazette

time2 hours ago

  • Saudi Gazette

Saudi Arabia privatizes three football clubs

Saudi Gazette report RIYADH — The Ministry of Sports announced Thursday the privatization of the three football clubs— Al-Ansar, Al-Kholood, and Al-Zulfi — under the Kingdom's broader sports investment and privatization initiative. Ownership of the clubs has officially been transferred to private investors following the completion of regulatory procedures and company formation by the National Center for Privatization. Al-Zulfi FC will now be owned by Najm Al-Salam Company, Al-Kholood by Harburg Group, and Al-Ansar by Awda Al-Baladi & Sons Company. This follows the August 2024 announcement of six clubs slated for privatization: Al-Ansar, Al-Okhdood, Al-Kholood, Al-Zulfi, Al-Orouba, and Al-Nahda. The three remaining clubs — Al-Nahda, Al-Okhdood, and Al-Orouba — are still under evaluation. Al-Nahda has completed its bid submission period, while the other two did not meet the qualification requirements. Minister of Sports Prince Abdulaziz bin Turki Al-Faisal hailed the milestone, saying: 'With the leadership's support, we are witnessing a historic moment in Saudi sports. This step reflects the visionary leadership of Crown Prince Mohammed bin Salman.' He also congratulated the clubs and welcomed the private sector as a key partner in driving forward the Kingdom's sports development. The ministry emphasized that future privatizations will proceed based on club readiness, investor interest, and competitive tendering. It has opened the door for further expressions of interest via its official website, aiming to continue building a competitive, professional sports sector. Privatization efforts are part of a larger push to raise operational efficiency, enhance governance, and attract private sector partnerships across Saudi sports, creating a modern sports industry aligned with the Kingdom's strategic goals.

Saudi-Syrian Investment Forum 2025 Aims for Lasting Economic Partnership
Saudi-Syrian Investment Forum 2025 Aims for Lasting Economic Partnership

Asharq Al-Awsat

time6 hours ago

  • Asharq Al-Awsat

Saudi-Syrian Investment Forum 2025 Aims for Lasting Economic Partnership

Saudi Arabia's growing role in Syria's post-war reconstruction took a major step on Thursday with the launch of the 2025 Saudi-Syrian Investment Forum in Damascus, underscoring Crown Prince Mohammed bin Salman's push to anchor Riyadh's influence in shaping Syria's future economy. Held under the Crown Prince's directive, the forum marks a significant political and economic milestone, signaling the Kingdom's intent to forge a sustainable partnership with the Syrian government and position itself as a key driver of reconstruction and development in the war-ravaged country. High-Level Delegation and Billion-Dollar Deals A Saudi delegation led by Investment Minister Khalid Al-Falih arrived in Damascus on Wednesday, accompanied by more than 120 investors. The high-level visit, expected to result in the signing of dozens of agreements worth billions of dollars, was met with an official reception by Syria's ministers of economy, energy, and telecommunications. Also greeting the delegation were Saudi Ambassador to Syria Faisal Al-Mujfel, embassy officials, and figures from both public and private sectors. The forum, announced earlier by Saudi Arabia's Ministry of Investment, aims to deepen bilateral economic ties and identify joint investment opportunities across key sectors. Saudi Investment on the Ground During the visit, Al-Falih laid the foundation stone for the ''Fayhaa'' white cement factory in Adra Industrial City, northeast of Damascus. The facility, slated for completion within months, is among the first major Saudi investments in Syria following a series of exploratory business visits. Speaking to reporters at the site, Al-Falih said dozens of Saudi companies were ready to invest in Syria across construction, energy, agriculture, IT, and industrial sectors. 'We will announce tomorrow the planned investment volumes for the Syrian market,' he added. The white cement plant is valued at around 100 million riyals ($27 million) with a projected annual output of 150,000 tons. It is expected to create 130 direct jobs and more than 1,000 indirect positions. Reviving a War-Torn Economy The forum comes as the Syrian government, now led by President Ahmed Al-Sharaa following the ouster of Bashar al-Assad late last year, seeks to attract international investors to help rebuild a country devastated by 14 years of war. While UN estimates put Syria's reconstruction needs at $400 billion, Damascus says the actual cost could reach $600 billion. Riyadh has also led high-level diplomatic efforts to ease Western sanctions on Syria. The campaign culminated in US President Donald Trump's decision to lift certain restrictions during his recent visit to Riyadh, following discussions with the Saudi Crown Prince. "Start of a New Chapter" Issam Zuhair Al-Ghreiwati, Deputy Chairman of the Syrian Chambers of Commerce and head of Damascus's Chamber of Commerce, called the Saudi delegation 'the largest and most significant from any Arab country.' 'This is the most important economic event in Syria since the liberation and the relaunch of our economy,' Al-Ghreiwati told Asharq Al-Awsat. He said Saudi investors were returning after 14 years of absence, marking a 'new era of cooperation' between the two countries. 'Syria was off the investment map due to the previous regime,' he said. 'Now, with the rise of a new government and the immense financial surpluses in Saudi Arabia looking for emerging markets, we are entering what could become the largest Arab economic partnership.' Al-Ghreiwati said Syria had reformed investment laws, liberalized foreign exchange controls, and modernized trade regulations, rapidly shifting toward a free-market economy. 'We now have one of the most attractive investment landscapes in the region,' he said. Saudi Commitment Seen as Transformational He added that the most critical takeaway from the forum was Saudi Arabia's confidence in Syria's recovery. 'This isn't just about money; it's about belief in Syria's future,' he said. 'The Kingdom sees Syria as a nation rebounding from crisis, not a liability. There's no turning back.' The private sector, he said, sees this event as 'the official green light for reconstruction, with Saudi Arabia leading the economic charge.' Challenges Remain Despite the optimism, experts warn that Syria's fragile economy faces major hurdles, including inflation, currency volatility, and limited purchasing power. Mohammad Al-Hallak, deputy head of the Economic Sciences Association and former vice president of Damascus's Chamber of Commerce, said the focus now must be on restoring industrial output and job creation. 'We need to restart the production cycle quickly,' Al-Hallak told Asharq Al-Awsat. 'This forum must go beyond talks. We need actionable partnerships.' He urged Saudi Arabia to support Syrian exports through specialized exhibitions and to foster demand for Syrian products. 'Increased demand drives production, which creates jobs and strengthens purchasing power,' he said. Al-Hallak also called for the creation of a Saudi-Syrian joint bank to facilitate cross-border financial transactions and investment flows. 'That would be the most practical first step to convert goodwill into real momentum,' he said. 'Syria Is Thirsty for Investment' 'There are enormous investment opportunities here—in tourism, trade, industry, agriculture, insurance, banking, and the stock market,' Al-Hallak said. 'Syria is one of the most investment-hungry nations in the world right now.' He emphasized that Riyadh's leadership sees Syria not through a lens of transactional interest but as a country to support and integrate into a shared economic future. 'Crown Prince Mohammed bin Salman is not dealing with Syria as an equal party in negotiation,' he said. 'He sees it as a responsibility—Saudi Arabia is stepping in to help rebuild, not to exploit.' When asked if there was an estimate of the total investment Syria needs in the next phase, Al-Hallak replied: 'There's no ceiling. Syria will absorb every dollar that comes its way. This is just the beginning.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store