With $1.1tn investment, Saudi Arabia to become the world’s biggest construction site: Global real estate consultancy Knight Frank

[FuturePAF]

Saudi Arabian Mining Company posts 71% jump in net profit to reach SAR 2.7 billion in Q3, 2022​

The company’s sales also registered a 50 percent rise in Q3 2022 to reach SAR 10 billion

By Staff Writer
Wed 2 Nov 2022

Image: Ma’aden

Saudi Arabian Mining Company (Ma’aden) announced a 71 percent jump in its net profit to reach SAR 2.7 billion in the third quarter of this year, over the same year-ago period.

The company’s sales also registered a 50 percent rise in Q3 2022 to reach SAR 10 billion ($ 2.7 billion).

Ma’aden said higher production volumes during the period, despite lower commodity prices helped the company to improve its bottom line in the latest quarter.

The input costs during the period also went, impacting the overall profitability of the company.

Robert Wilt, CEO of Ma’aden said during the quarter the company’s focus was to deliver long-term growth.

“We remain on track for a record year, underpinned by the company’s strong cash generation, diversified operations, and global customer base,” he said.

Wilt said this has mitigated the impact of external pressures in Q3 from lower commodity prices and higher input material costs, which have already started to normalise in Q4.

“Looking ahead, we will continue to develop our operations so that we can deliver sustained, market-leading growth while establishing mining as the third pillar of the Saudi economy,” he said.

https://twitter.com/x/status/1587375263247122432

Among the major developments this quarter, Ma’aden signed four memoranda of understanding (MoUs) with the largest fertilizer companies in India, in August, increasing the company’s access to the world’s largest export market for phosphate and ammonia.

In August, Ma’aden ended trial production and commenced commercial production at the Ammonia 3 plant, part of its third phosphate project.

The plant has a capacity of approximately 1.1 million tons annually and will strengthen Ma’aden’s position as the global leader in fertilizer production.

During the quarter, the mining major also started extracting gold from the Mansourah-Massarah site for the first time.

As Ma’aden’s largest gold project to date, the plant is expected to produce an average of 250,000 ounces per annum, increasing its current gold mining capacity by 70 percent.

https://www.arabianbusiness.com/industries/saudi-arabian-mining-company-posts-71-jump-in-net-profit-to-reach-sar-2-7-billion-in-q3-2022

Is Saudi phosphorus production enough to offset the amount lost by Russia being cut out of many global supply chains?

 

[Corruptistan]

Is Saudi phosphorus production enough to offset the amount lost by Russia being cut out of many global supply chains?

I have no idea about that one. I know that KSA has some of the largest phosphorus reserves in the world and that the mining industry in KSA is booming with a lot of internal and external investments being put into this sector.

Saudi Arabia’s real GDP grows by 8.6% in Q3 2022​

Domestically, real non-oil GDP growth expanded by 5.9 per cent, following six consecutive quarters of growth

byGulf Business
November 5, 2022

View attachment 895912

Despite a slowing economic growth outlook, Saudi Arabia registered real GDP growth of 8.6 per cent year-on-year in Q3 2022.

Inflation was also contained at 2.9 per cent – one of the lowest rates among the G20 nations, the Saudi Press Agency (SPA) reported.

These figures were published in a new report from Saudi Arabia’s Ministry of Economy and Planning (MEP).

Going forward, the report will be published quarterly by the ministry to provide a regular, accurate, and detailed update on the performance of both the global economy and the kingdom’s local market.

Domestically, real non-oil GDP growth expanded by 5.9 per cent, following six consecutive quarters of growth, a run that stretches back to the first quarter of 2021.

Manufacturing, wholesale, retail trade, restaurants and hotels, construction and transport were among the key contributors to the kingdom’s non-oil GDP growth in the third quarter of 2022, according to the report.

Despite persistent supply-chain bottlenecks clogging up global trade, the kingdom’s trade balance climbed by 87 per cent to SAR72 bn in August 2022.

Exports to China, Japan and the US increased, while India and South Korea doubled imports of Saudi Arabian goods year-on-year.

https://twitter.com/x/status/1588286150531502080

“The Ministry of Economy and Planning’s first quarterly report is a milestone in our efforts to become more transparent by providing access to the latest data and statistics on the kingdom’s economic performance,” said Faisal F Alibrahim, Minister of Economy and Planning. “The report outlines our country’s strong economic performance, continued progress toward achieving Vision 2030 and drive to deliver sustainable diversification that remains pivotal to the long-term prosperity of our people and nation.”

He added: “Looking ahead, our growth prospects remain strong, and investors should be bullish about the near-term performance of the economy thanks to strong energy prices, non-oil growth, robust trade and the kingdom’s growing ability to attract talent, tourism and investment. As we continue to catalyse greater flows of foreign direct investment in new areas including the broader energy transition and circular economy, we will add greater resilience to our economy at a time when the global economic landscape is affected by multiple crises.”

Covering eight categories, MEP’s quarterly economic report aims to provide a comprehensive overview of the economy across real GDP, monetary policy, fiscal measures, diversification, markets and business, households, investment and trade, and labour markets.

Data comes from a variety of government sources including the General Authority for Statistics and the Saudi Central Bank.

Saudi Arabia's real GDP grows by 8.6% in Q3 2022

Domestically, real non-oil GDP growth expanded by 5.9 per cent, following six consecutive quarters of growth

gulfbusiness.com

This is pretty insane.

https://twitter.com/x/status/1588451630235934721

Compare KSA's natural resources with their population combined with the other countries on this list. They are FAR ahead of everyone. It is not even funny.

Or the vast potential for alternative energy in KSA such as solar, wind, nuclear energy (KSA has 5-10% of all uranium reserves in the world), green and blue hydrogen etc.

Such numbers are also a good confirmation and a good sign of the industrialization process going full speed ahead.

https://twitter.com/x/status/1586434822867603456

 

[Corruptistan]

Saudi Arabia announces 13 new renewables projects in latest move towards net-zero​

Tamara Abueish, Al Arabiya English

Published: 11 November ,2022: 01:51 PM GST
Updated: 11 November ,2022: 04:33 PM GST

Thirteen new renewables projects are currently under development, the Kingdom’s Minister of Energy Prince Abdulaziz bin Salman announced as the country pushes towards its goal of achieving net-zero by 2060.

The projects have the capacity of 11.3 Gigawatts and the ability to reduce approximately 20 million tons of carbon emissions per year, he said at the Saudi Green Initiative (SGI) Forum on Friday– held in Sharm el-Sheikh in tandem with COP27.

The move comes as part of the country’s commitment to produce 50 percent of its power come from renewable sources by 2030. The past year alone, Saudi Arabia has managed to reduce emissions by about one million tons, the minister added.

https://twitter.com/x/status/1591022971543592960

Saudi Arabia’s Crown Prince Mohammed bin Salman had pledged late last year that the Kingdom would cut its carbon emissions to net-zero by 2060.

Prince Abdulaziz also announced that the Ministry of Energy and Saudi Aramco – one of the world’s largest oil producers – have partnered to establish a carbon capture and storage (CCS) hub, in the Kingdom’s latest move towards achieving net-zero by 2060.

“I’m very pleased to announce the establishment of a carbon capture and storage hub through a partnership with Aramco, which will help the Kingdom to meet its net-zero ambition by 2060. Don’t be very surprised if we achieve this net zero even before that period,” the Kingdom’s Minister of Energy Prince Abdulaziz bin Salman said at the Saudi Green Initiative (SGI) Forum on Friday– held in Sharm el-Sheikh in tandem with COP27.

“We honor our commitments and deliver them. We have to showcase that we are honorably achieving our commitments,” Prince Abdulaziz said.

The new CCS hub will be located on the east coast of Saudi Arabia in Jubail and will be able to safely store up to 9 million tons of carbon dioxide a year by 2027, Saudi Aramco’s CEO Amin Nasser at the Saudi Green Initiative (SGI) Forum on Friday.

Saudi Aramco plans to store around six million tons of its own CO2 emissions at the capture and storage unit, and three million from other companies, the CEO added.

“At Aramco, we aim to contribute around 6 million tons, and the remaining 3 million tons from other industrial sources. As overall capacity ramps up, we will start other phases of our carbon-capture sequestration process,” Nasser said.

Saudi Arabia announces 13 new renewables projects in latest move towards net-zero

Thirteen new renewables projects are currently under development, the Kingdom’s Minister of Energy Prince Abdulaziz bin Salman announced as the country

english.alarabiya.net

1 minute read
November 7, 20224:55 PM GMT+1
Last Updated 5 days ago

Saudi Arabia commits $2.5 bln to Middle East green initiative - Crown Prince​

Reuters

SHARM EL SHEIKH, Egypt, Nov 7 (Reuters) - Saudi Arabia's Crown Prince Mohammed bin Salman said on Monday the kingdom would contribute $2.5 billion to a green initiative in the Middle East over the next 10 years, and host its headquarters.

The Middle East Green Initiative was launched by the crown prince last year as part of efforts to reduce regional carbon emissions.

Saudi Arabia had said last year it aimed to contribute 15% of the $10.4 billion required for the fund's clean energy projects.

The crown prince, known as MbS, also said the kingdom's Public Investment Fund, would aim for net-zero emissions by 2050.

The Middle East Green Initiative aims to reduce carbon emissions from regional hydrocarbon production by more than 60%.

It also plans to plant 50 billion trees across the Middle EAst and restore an area equivalent to 200 million hectares of degraded land. The initiative will help reduce global carbon levels by 2.5%.

Saudi Arabia plans to rely on renewables for 50% of its electricity generation by 2030, the prince said, removing 44 million tonnes of carbon emissions by 2035.

Register for free to Reuters and know the full story​

Reporting by Maha El Dahan, Aziz El Yaakoubi, Nayera Abdallah and Moaz Abd-Alaziz; Editing by Jan Harvey and Ed Osmond
Our Standards: The Thomson Reuters Trust Principles.

Saudi Arabia commits $2.5 bln to Middle East green initiative - Crown Prince

Saudi Arabia's Crown Prince Mohammed bin Salman said on Monday the kingdom would contribute $2.5 billion to a green initiative in the Middle East over the next 10 years, and host its headquarters.

www.reuters.com

Saudi Arabia progresses with its 2030 climate action plan: Energy Minister​

Participants attend the Saudi Green Initiative Forum to discuss efforts by the world's top oil exporter to tackle climate change, in Riyadh, Saudi Arabia, October 23, 2021. (Reuters)

Jennifer Bell, Al Arabiya English

Saudi Arabia on Friday unveiled its progress on its Saudi Green Initiative (SGI) under which the Kingdom plans to plant more than 600 million trees, protect 30 percent of the country’s land and sea from climate change and build the world’s green hydrogen plant.

Energy Minister Prince Abdulaziz bin Salman discussed the updates at the country’s SGI forum on the sidelines of COP27 in Sharm el-Sheikh, Egypt.

Inaugurated in October 2021 by Crown Prince Mohammed bin Salman, SGI is a roadmap for Saudi Arabia’s climate action, paving the way for the Kingdom’s plan to reach net zero emissions by 2060.

Over the past year, Saudi Arabia has accelerated the pace of its climate action.

Saudi Arabia has revealed updates on its three Saudi Green Initiative (SGI) targets on the first day of the Saudi Green Initiative (SGI) Forum– held in Sharm el-Sheikh in tandem with COP27. (Supplied)

he Kingdom has increased the number of trees its will plant to more than 150 million from the initial goal of 450 million by 2030, state news agency SPA reported Saturday.

Pledges​

The country’s pledge to reduce emissions by 278 mtpa by 2030 through the Circular Carbon Economy (CCE) approach is also on track, the forum heard.

In line with the Kingdom’s ambition to achieve 50 percent power generation capacity from renewables by 2030, 13 new renewable energy projects with a total capacity of 11.4GW, at an estimated investment value of US$ 9 billion (SAR 34 billion), are under development.

The projects, once operational, are set to reduce around 20 million tons of CO2e per year.

World’s largest hydrogen plant​

Supporting delivery of the SGI emissions reduction target and the Kingdom’s ambition to become the world’s foremost low-cost producer and exporter of clean hydrogen, the world’s largest green hydrogen plant is under construction and set to start producing up to 600 tons per day in 2026.

Aramco, SABIC and Ma’aden have received the world’s first independent certifications recognizing blue hydrogen and ammonia production, further enabling Saudi Arabia’s export infrastructure for clean fuels.

In his keynote speech Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy said: “The entire government is working in unison to deliver the Saudi Green Initiative.

“Next year, we will be finalizing the plans for developing 10 more renewable energy projects and connecting an additional 840 MW of solar PV power to our grid.”

“Today, we are announcing that we will launch a GHG crediting and offsetting scheme at the beginning of 2023 to support and incentivize efforts and investments in emission reduction and removal projects in all sectors in the Kingdom.”

During the SGI Forum, the Minister of Energy announced the signing of a Joint Development Agreement with Saudi Aramco for one of the largest planned Carbon Capture and Storage (CCS) hubs in the world.

The center in Jubail Industrial City will start operating by 2027 and be able to extract and store 9 million mtpa of CO2 in its first phase, supporting Saudi Arabia’s aim to extract, use and store 44 mtpa of CO2 by 2035.

Pilot projects​

At this year’s SGI Forum, the Crown Prince also witnessed the launch of three pilot projects for carbon capture and utilization led by KAUST, NEOM and SEC; Alsafwa Cement Company and Ma’aden and Gulf Cryo, to further the implementation of the circular carbon economy framework and reduce emissions in hard-to-abate sectors.

At the Forum, the Saudi Arabian Mining Company (Ma'aden), one of the world's fastest growing mining companies and the largest mining and multi-commodity metals company in the Middle East, announced its plans to export blue ammonia as it seeks to support the global transition to sustainable energy.

Ma’aden has been given accreditation for a quantity of 138,000 tons of blue ammonia, representing one of the largest quantities approved in the world to date, while the company is also seeking to decarbonize its existing operations by adopting carbon capture technologies.

During the forum, Ma'aden signed a 20-year agreement with Gulf Cryo to build and operate a carbon dioxide capture plant at the Ma'aden Phosphate Complex in Ras Al Khair Industrial City.

‘Taking climate action international’​

Also speaking on the opening morning of the SGI Forum, Abdulrahman AlFadley, Saudi Arabia’s Minister of Environment, Water and Agriculture said: “Saudi Arabia is taking environmental action on a national, regional and international level. As a global community, we have to work comprehensively and take multiple actions in parallel. In Saudi Arabia we have a clear strategy that identifies the gaps we have in our environmental policy and works to find nature-based solutions.”

Tree planting pledge​

Since the launch of the Saudi Green Initiative, over 18 million trees have planted, and 17 new initiatives launched across the country to restore natural greenery and protect against the impacts of climate change.

Out of the total, 13 million trees planted in the Kingdom this year have been mangroves.

The regeneration of Saudi Arabia’s natural wetland forests is a living barrier against shoreline erosion and a natural defense against climate change, with the trees sequestering five times more carbon than tropical forests.

In contribution to the 10 billion trees target, this year NEOM has announced that 1.5 million hectares of land will be rehabilitated, and 100 million native trees, shrubs and grasses planted by 2030.

Protecting marine biodiversity​

To protect marine biodiversity, an institution has been established to preserve coral reefs and protect the habitats of sea turtles in the Red Sea.

Saudi Arabia also announced that 60 thousand hectares of degraded land in the country have been rehabilitated.

Approximately 100 carefully chosen species of native and adaptive trees are being cultivated in dedicated nurseries before being planted in 62 approved sites around the country to restore natural vegetation cover, protect biodiversity and bind the soil to protect against dust storms.

These coordinated national measures have enabled the Kingdom to increase the size of areas under protection fourfold from what it was 2016.

Detailed information and updates on SGI initiatives are on display at the SGI Gallery in Sharm El Sheikh. Open until 18 November, the gallery will allow visitors to immerse themselves in the multitude of different projects being implemented across the country.

SGI was launched in 2021 to unify and amplify Saudi Arabia’s climate action, in line with the Kingdom’s Vision 2030. The initiatives under SGI demonstrate Saudi’s dedication to addressing climate change and regional environmental challenges including high temperatures, low rainfall, dust storms and desertification.

Saudi Arabia progresses with its 2030 climate action plan: Energy Minister

Saudi Arabia on Friday unveiled its progress on its Saudi Green Initiative (SGI) under which the Kingdom plans to plant more than 600 million trees,

english.alarabiya.net

Very positive news.

 

[Corruptistan]

Is Saudi phosphorus production enough to offset the amount lost by Russia being cut out of many global supply chains?

I found this list (2022) that shows the top producers.

Top 10 Phosphate Countries by Production (Updated 2023)

Phosphate is mainly used in the form of fertilizer for crops and animal feed supplements. Only 5 percent of world phosphate production is used in other applications, such as corrosion prevention and detergents.Demand for phosphate fertilizers had created a US$63.81 billion market by 2021, and...

investingnews.com

Russia’s annual production was 14 million MT. KSA’s was 8.5 million MT.

To my surprise, according to that list at least, Morocco alone has 70% of all the world‘s proven phosphate reserves.

 

[FuturePAF]

I found this list (2022) that shows the top producers.

Top 10 Phosphate Countries by Production (Updated 2023)

Phosphate is mainly used in the form of fertilizer for crops and animal feed supplements. Only 5 percent of world phosphate production is used in other applications, such as corrosion prevention and detergents.Demand for phosphate fertilizers had created a US$63.81 billion market by 2021, and...

investingnews.com

Russia’s annual production was 14 million MT. KSA’s was 8.5 million MT.

To my surprise, according to that list at least, Morocco alone has 70% of all the world‘s proven phosphate reserves.

Thanks, so my question was incomplete. I guess it should have been, will Morocco and Saudi Arabia be able to make up the difference?

 

[Corruptistan]

Thanks, so my question was incomplete. I guess it should have been, will Morocco and Saudi Arabia be able to make up the difference?

Speaking about the devil. This article is a few days old.

Saudi Arabia targets phosphates growth​

Oil-rich kingdom looks to mining sector as it steps up diversification plans

Samer Al-Atrush in Riyadh
November 13 2022

Saudi Arabia is planning to increase its phosphate fertiliser production to capture a quarter of the global export market as it seeks to expand its mining sector and become less dependent on oil revenues, said senior officials.

The kingdom, already among the world’s leading phosphate exporters, along with China, the US, Russia and Morocco, plans to increase capacity by 50 per cent to produce 9mn tonnes of phosphate fertilisers a year, said Robert Wilt, the chief executive of the Saudi Ma’aden mining company.

Phosphate is mostly used in fertilisers, with global demand expected to grow as the population rises, and with it demand for food.

“Over the last few years, we have been working steadily to increase our production by building a new world-class phosphate complex in Saudi Arabia,” Wilt said. The new project “will serve 24 per cent of the global export market for Diammonium phosphate and Monoammonium phosphate products”.

Saudi Arabia is the world’s largest oil exporter, and its economy has historically risen or fallen based on oil prices. The kingdom now wants to diversify the economy away from oil and attract more foreign investment under a plan named Vision 2030. The government has turned to its long neglected mining sector to reach its goal.

Wilt said the new phosphate mining complex has identified reserves for 60 years of production. “With new expansions of local rail infrastructure, we were able to increase our phosphate production capacity to transport larger amounts of material from our facilities in the north to our facilities in the east,” where it is processed before export, he said.

The expansion is part of a broader plan to intensify mining and draw in foreign investors, said Bandar Alkhorayef, Saudi minister for industry and mining. “Saudi Arabia is definitely underexplored but according to our calculation we spend probably less than 20 per cent of the global average in exploration,” said Alkhorayef.

“There was a decision actually by the government in the past to focus on oil and gas and leave minerals for later, and with Vision 2030, later has come,” he said.

The ministry is also looking to explore fully the western part of Saudi Arabia, which holds a government estimated $1.3tn in mineral reserves, based on 2016 prices when the assessment was made, he said.

Alkhorayef said the country was looking to more than quadruple copper production from 90,000 to 400,000 tonnes, and increase zinc production to 60,000 tonnes by 2025. The ministry is auctioning exploration licences for copper and zinc as well as lead and iron under a new law that is meant to streamline investments.

“When we designed the new investment law we took this into account to make it simple, the investor has to deal only with us the ministry as a regulator,” he said.

Olivier Pasquier, an expert on the mining industry in Saudi Arabia, said the new law passed in late 2020 removed some of the obstacles that had deterred investors.

“It’s too early to see whether it’s working, but they have good overview of what the best practices are worldwide and they’re trying to replicate it here,” said Pasquier.

“They extended the length of mining licences. The old Saudi law allowed 30 years and now they extended it to 60 years. You also have better access to funding, because the mining sector is capital intensive.”

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www.ft.com

 

[Corruptistan]

https://www.arabianbusiness.com/latest-news/saudi-arabias-15-megaprojects

​

Insane.