Saudi Investment Ministry Signs Deal With UK Firm To Capitalize On Kingdoms Natural Resources

RIYADH: Saudi Arabia’s investment ministry on Thursday signed an agreement with UK-based Power Metal Resources it said aims to unlock high-value investment opportunities to maximize the potential benefits offered by the Kingdom’s natural resources.

The memorandum of understanding was signed in the presence of the Saudi minister of industry and mineral resources, Bandar Alkhorayef, on the sidelines of the Future Minerals Forum in Riyadh.

In another deal, the ministry and Saudi state-owned mining company Maaden agreed to enhance cooperation, explore investment opportunities, and work to add value to the Kingdom’s mining, metals and downstream industries.

The forum, which began on Wednesday and concluded on Thursday, and was preceded by a ministerial roundtable on Tuesday, offered a showcase for the business environment in the Kingdom’s minerals and mining sector, including the investment opportunities that are available.

Minister of Investment Khalid Al-Falih took part in the second session of the event, during which he highlighted Saudi Arabia’s ability to help meet the growing demand for mineral resources, thanks to its large reserves that are valued at about $2.5 trillion.

He also emphasized the nation’s capabilities in the fields of mining and related exploratory activities across its mineral-rich region, which extends from the middle of Asia across the Middle East to Africa.

Al-Falih witnessed the signing of several memorandums of understanding at the event, which aim to support investment opportunities in copper-related industries, including mining and transformational processes, encourage cooperative projects, enhance the potential of the mining, minerals and manufacturing industries in the Kingdom, and maximize the benefits derived from the nation’s natural resources.

Eighty-nine investors reportedly expressed an interest in investment opportunities in the sector. A further 23 said they were willing to embark on economic ventures, and meetings were scheduled for them complete the procedures required for licenses to be issued.

RECENT NEWS

Oil Updates — Crude Set For Biggest Weekly Drop Since Oct On Tariff Uncertainty, Supply Gains

NEW DELHI: Oil prices were little changed on Friday but were set for their biggest weekly decline since October as the u... Read more

Franchises Boosting Saudi Economy, As Kingdom Dominates Half Of MENAs $30bn Market

JEDDAH: Franchises are proving increasingly vital to Saudi Arabia’s economic development, driving employment, governme... Read more

Saudi Multi-billion-dollar Corporations Are Driving Strategic Investments In Startup Ecosystem

RIYADH: Saudi Arabia’s corporate venture capital arms are playing a pivotal role in driving innovation and advancing e... Read more

In Speech To Congress, Trump Reassures Investors That New Visa Scheme Would Not Tax Foreign Assets

RIYADH: President Donald Trump assured that investors entering the US under the newly introduced $5 million “Gold Card... Read more

Saudi Arabias M&A Market Sees 63% Rise In Feb

RIYADH: Saudi Arabia approved 26 mergers and acquisitions applications in February, a month-on-month surge of 62.5 perc... Read more

Closing Bell: Saudi Main Index Closes In Red At 11,811

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 87.75 points, or 0.74 percent, to close at 1... Read more