- Saudi Arabia accelerates its mining investments; Cairo confronts deepening security and economic threats; Offshore oil and gas spending reaches a decade high
Saudi Arabia’s natural resources are estimated to be worth $2.5tn, making the metals and mining industry crucial to Riyadh’s Vision 2030 socioeconomic transformation strategy.
The latest issue of MEED Business Review examines how the kingdom’s Ministry of Industry & Mineral Resources is leading efforts to boost investment in the sector with a mineral exploration incentive programme valued at $182m.
In January 2023, Saudi Arabian Mining Company (Maaden) signed a joint-venture agreement with the Public Investment Fund to establish a new entity to invest in mining assets globally, known as Manara Minerals.
Amid a surge in merger and acquisition (M&A) activity in the global mining sector, the new company entered into a deal in July last year with Brazilian mining major Vale to become a 10% shareholder in its subsidiary, Vale Base Metals. The $3.4bn deal was the third-biggest M&A transaction of the year, according to a GlobalData report that puts the total value of M&A deals in the sector in 2023 at $121bn.
Meanwhile, this month’s exclusive 14-page market report highlights Egypt, which faces both political and economic trials. In an increasingly difficult fiscal position, Egypt also finds itself sitting at the centre of regional conflict, with the situation in Gaza threatening to spill over onto Egyptian soil. Renewed IMF funding promises to solve one problem for Cairo, but there are plenty more waiting.
MEED’s latest issue is packed with insight and analysis. The team examines the IMF’s downgrade of its Mena growth forecast; looks at the utility infrastructure schemes taking shape at Saudi Arabia’s Neom; and assesses the rise in military spending in the region following geopolitical instability.
In this month’s industry report on upstream oil and gas, we predict that after a record year for offshore projects in 2023, the momentum will continue this year with further robust spending.
The March issue also includes interviews with Rua Al Madinah Holding CEO Ahmed Al Juhani and Hill International CEO Raouf Ghali.
