Saudi Arabia announces the discovery of a huge wealth of gold and copper

[Corruptistan]

I read that KSA is investing heavily in its enormous mineral riches and opening up for foreign investment and foreign companies.

I would imagine that it is regulated by law in KSA that such foreign ventures must include local Saudi Arabian firms or the Saudi Arabian government. Or has this been scrapped?

Recent news

1 minute readJanuary 11, 20233:37 PM GMT+1Last Updated 8 days ago

UK to deepen collaboration on critical minerals with Saudi Arabia​

Reuters
LONDON, Jan 11 (Reuters) - The British government said on Wednesday it had agreed to deepen its collaboration with Saudi Arabia on diversifying sources of critical minerals.
Britain's Business, Energy & Industrial Strategy department said the partnership could see Saudi investment in the UK’s manufacturing and mining finance sectors, and new opportunities for UK mining firms to do business in Saudi Arabia.
The British government said it was also important "in ensuring the UK’s critical mineral supply chains are not overly reliant on any one country, with supplies currently dominated by China".

UK to deepen collaboration on critical minerals with Saudi Arabia

The British government said on Wednesday it had agreed to deepen its collaboration with Saudi Arabia on diversifying sources of critical minerals.

www.reuters.com

Saudi Arabia eyes strategic minerals with new mining fund​

State-owned mining giant announces partnership with sovereign wealth fund, joining in the global scramble for strategic minerals

Saudis shop at a jewellery shop in the Taiba gold market in the capital Riyadh, on 29 June 2020 (AFP)
By
MEE staff
Published date: 11 January 2023 18:47 UTC | Last update: 1 week 23 hours ago

Saudi Arabia eyes strategic minerals with new mining fund

State-owned mining giant announces partnership with sovereign wealth fund, joining in the global scramble for strategic minerals

www.middleeasteye.net

Saudi Arabia to seek stakes in mining assets globally​

Saudi Arabia’s sovereign wealth fund has joined forces with the country’s state-owned mining firm to create a company that invests in mining assets globally in the transition to a new generation of energy markets​

January 13, 2023
By Andrea Hotter

Saudi Arabia to seek stakes in mining assets globally - Fastmarkets

Read more about how Saudi Arabia’s sovereign wealth fund has joined forces with the country’s state-owned mining firm to create a company that invests in mining assets globally in the transition to new generation of energy markets

www.fastmarkets.com

Future Minerals Forum showcases rapidly changing face of Saudi Arabia’s mining sector​

With mining touted to be a central part of these economic diversification efforts, Saudi Arabia is hosting the second edition of the Future Minerals Forum at the King Abdulaziz International Conference Center in Riyadh. (Photo/Supplied)

Future Minerals Forum showcases rapidly changing face of Saudi Arabia’s mining sector

RIYADH: Saudi Arabia, a nation which has been dependent on oil for several decades, is now on a path of transformation as the Kingdom’s Vision 2030 aims to diversify its economy by giving importance to sectors like mineral excavation and tourism. With mining touted to be a central part of these...

www.arabnews.com

All very recent news after a quick Google search.

The Wall Street Journal announces the discovery of new wealth in Saudi Arabia, worth $1.6 trillion..

Saudi Arabia Signals It Could Provide Pakistan a $11 Billion Lifeline​

https://www.wsj.com/articles/saudi-...ine-11673374626?mod=Searchresults_pos3&page=1

 

[Mugen]

God playing favourites as usual.

 

[_NOBODY_]

God playing favourites as usual.

God likes to test different people differently. Look at Japan and Singapore, both of these nations managed to achieve incredible prosperity despite having to deal with extremely challenging times.

 

[Corruptistan]

God playing favourites as usual.

There are plenty of resource rich but failed countries out there. Having a lot of resources is just half of the recipe, you need to have capable leaders and people (population) that knows how to use those resources and wealth to grow and improve as a country.

Look at Russia. They have the most natural and mineral wealth in the world yet the average Russian is impoverished and with very few opportunities to improve if he/she is not living in Moscow, Saint Petersburg and other major Russian cities.

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

KSA has the perfect mixture of capitalism and one of the strongest welfare states out there.

Explained in this video by an American/Nigerian that grew up in KSA and the UK.

This makes people content. Since MbS arrived they have removed their most idiotic laws (dating from the 1980’s during the sahwa era) and limited the political and societal influence of the most conservative clerics.

The most important resource are people. We have almost 250 million of them. 6.5 times the number KSA has. What are our excuses?

 

[Mugen]

God likes to test different people differently. Look at Japan and Singapore, both of these nations managed to achieve incredible prosperity despite having to deal with extremely challenging times.

What good are these test when he already knows the outcome? Ah yes, so we can know how shit we are.

 

[Corruptistan]

What good are these test when he already knows the outcome? Ah yes, so we can know how shit we are.

I have been saying for well over 15 years, that Pakistan needs a complete reset and for young educated Pakistanis with experience in the real global world (where mostly personal merit reigns supreme and not nepotism, corruption and your family name/connections) to take the leadership roles in Pakistani political and civil society.

Only this way can Pakistan break its shackles. In turn those people would serve as people worthy of being emulated and hopefully the next native Pakistani generations would learn from their practices and takeover themselves. We see this happening already under a micro level within Pakistan when it comes to the startup, IT and business sectors.

I am not saying this as some kind of insult to native Pakistanis that never left the country but the reality is that you need to engage in nepotism, corruption, have connections in the right places, the right family name etc. to reach positions of power and influence and thus you yourself get corrupted because this is how Pakistan functions. Most honest people don’t get anywhere hence the state of our country and political class.

The most important resource are people and Pakistan has been blessed with a lot of people which usually equals (eventually) great possibility of economic growth. The location of Pakistan with 2 of the future largest economies/most populous countries (China and India) around, access to the strategically important Arabian Sea, Western Asia, Central Asia, Africa across the Arabian Sea etc.

First Pakistan needs some kind of revolution or for some talented and nationalistic leader to emerge that could fundamentally change the course of Pakistan. Of course the Neutrals, their corrupt political minions (Pakistani politics by large) and the so-called business elites would vehemently fight against this change of status quo. All in our own hands regardless at the end of the day.

 

[_NOBODY_]

What good are these test when he already knows the outcome? Ah yes, so we can know how shit we are.

God is mysterious. Learning how sh*t we are is a fantastic lesson but only if we actually choose to learn this lesson. It's ok to look at ourselves and acknowledge the fact that we are indeed sh*t today; however, it is unacceptable to remain sh*t tomorrow. We must strive to make our tomorrow better than today, only then can we as a nation start walking on the path of success.

 

[VCheng]

God is mysterious. Learning how sh*t we are is a fantastic lesson but only if we actually choose to learn this lesson. It's ok to look at ourselves and acknowledge the fact that we are indeed sh*t today; however, it is unacceptable to remain sh*t tomorrow. We must strive to make our tomorrow better than today, only then can we as a nation start walking on the path of success.

Unless we are happy to be where we are.

 

[_NOBODY_]

Unless we are happy to be where we are.

You can't just insert that happy emoji after writing something so sad. This is like putting a happy emoji right after telling someone that his/her mother has died.

 

[VCheng]

You can't just insert that happy emoji after writing something so sad. This is like putting a happy emoji right after telling someone that his/her mother has died.

What can I say except that some people would be happy to inherit when their parents die. Reality is not always what we would like it to be, and only some of us have the courage to tell it like it is. No emoji here.

 

[dani191]

how much money its worth?

 

[PakFactor]

how much money its worth?

Well, with how things are going and them shitting gold, it could be in the trillions for your useless cousins.

 

[dani191]

Well, with how things are going and them shitting gold, it could be in the trillions for your useless cousins.

why useless?

 

[Corruptistan]

Speaking about Saudi Arabia, wealth and resources, I was astonished to learn that KSA is one of the biggest agricultural exporters in the world and that KSA’s agricultural exports in 2022 amounted to over 30 billion dollars!

Agriculture - Saudi Arabia | Statista Market Forecast

The Agriculture market in Saudi Arabia is projected to grow by (CAGR 2024-2029) resulting in a market volume of US$17.68bn in 2029.

www.statista.com

In comparison the top agricultural exporter in the world in 2019, was the USA, with 118 billion dollars worth of exports.

Top Agricultural Producing Countries

Discover which countries produce the most agricultural products, which export the most, and what is being done to increase production.

www.investopedia.com

 

[Corruptistan]

Saudi Arabia expands its mineral exploration with 377 mining complexes​

Saudi Arabia possesses more than 20 different types of minerals, including gravel, gold, iron, copper, granite and marble. (File)

RIYADH: Saudi Arabia’s mining sector is witnessing unprecedented growth as the government is pushing to develop the industry with increased investment and upgraded laws to attract more private players.

This saw the number of mining complexes in the Kingdom as of the end of 2022 rising to 377, with an estimated area of 44,365 sq. km, according to the latest government data.

Makkah is home to the majority of 76 mining complexes last year.

This is followed by Riyadh and Madinah with 60 and 53 complexes respectively, while Asir’s complexes totaled 34, revealed the ministry.

Saudi Arabia possesses more than 20 different types of minerals, including gravel, gold, iron, copper, granite and marble, stated the Ministry of Industry and Mineral Resources in a tweet.

The Kingdom has 35 locations with specific geological formations, called mineral belts, that contain abundant mineral deposits

As of 2022, these belts represent 14 percent of the Kingdom’s size and cover 305,000 sq. km. The ministry added that the mineral deposits of these belts are around 75 percent of the Kingdom’s total mineral deposits, which have a projected value of SR5 trillion ($1.3 trillion).

Around 94 percent of the mineral belts are located in the Arabian Shield, which spans over 622,00 sq. km.

The belts are spread over the country’s administrative regions, also led by Makkah which contains nine belts, revealed the ministry data.

The remaining 26 belts are located around the Kingdom — seven in Asir, six in Riyadh, five in Tabuk, four in Madinah, two in Baha, and one each in Qassim and Najran.

Most of the mineral belts contain gold and sulfides, where the former has 16 and the latter 15. In addition, there are three belts for nickel and one belt for zinc.

The Ministry upgraded its mining investment law in 2020 to develop the mining sector and designed a long-term integrated mining system aimed at protecting both employees and the environment.

The government expects such improvements to spill over to adjacent sectors by way of providing jobs and boosting local spending in Saudi Arabia.

Saudi Arabia expands its mineral exploration with 377 mining complexes

RIYADH: Saudi Arabia’s mining sector is witnessing unprecedented growth as the government is pushing to develop the industry with increased investment and upgraded laws to attract more private players. This saw the number of mining complexes in the Kingdom as of the end of 2022 rising to 377...

www.arabnews.com

In other news:

FDI inflows jump 10.7% in Q3 of 2022​

February 07, 2023

The FDI in Saudi Arabia jumped 10.7 percent in the third quarter of 2022, according to data from the Ministry of Investment.

Saudi Gazette Report

RIYADH — The foreign direct investment (FDI) in Saudi Arabia jumped 10.7 percent in the third quarter of 2022, according to data from the Ministry of Investment.

The Ministry said in its latest monthly bulletin that the total FDI inflows during the third quarter of last year amounted to SR7.2 billion. This figure recorded an increase of 10.7 percent when compared to the flow of FDI during the third quarter of 2021 when it stood at SR6.5 billion.

The Kingdom has pushed to increase FDI in recent years as part of the Vision 2030 plan to end reliance on fossil fuels, and it is aiming for $100 billion in annual FDI by 2030.

According to UNCTAD’s World Investment Report 2021, FDI inflows in Saudi Arabia remained resilient despite the pandemic, increasing by 20 percent to $5.5 billion in 2020, up from $4.6 billion one year earlier.

The United Arab Emirates, the United States, France, Singapore, Japan, Kuwait, and Malaysia are the main investors in Saudi Arabia. The investments are mainly oriented toward the chemical industry, real estate, fossil fuels, automobiles, tourism, plastics, and machinery. In the first half of 2021, Saudi authorities reported that FDI inflows rose 33 percent from the same period in 2020.

Saudi Arabia ranked 62nd out of 190 economies in the latest World Bank's Doing Business Report, up by 30 places from the previous edition. The country was also ranked the world’s top improver on the list, mainly as a result of significant progress recorded in trading across borders and obtaining credit.

FDI inflows jump 10.7% in Q3 of 2022

The foreign direct investment (FDI) in Saudi Arabia jumped 10.7 percent in the third quarter of 2022, according to data from the Ministry of Investment.

saudigazette.com.sa