Saudi mining giant Ma’aden forms joint venture with PIF to invest and expand mining exploration

Ma’aden CEO Robert Wilt together with representatives from PIF (Supplied)
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Updated 11 January 2023
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Saudi mining giant Ma’aden forms joint venture with PIF to invest and expand mining exploration

  • New company’s initial capital set to be SR187.5 million ($50 million)
  • Ma'aden CEO says his firm needs 20,000 more workers to achieve goals

RIYADH: Saudi Arabian Mining Co. said on Wednesday it agreed to form a joint venture with the Kingdom’s sovereign wealth fund to invest in mining assets globally.  

Also known as Ma’aden, the Gulf’s largest miner will own 51 percent of the venture while the Public Investment Fund will own 49 percent, the company said in a regulatory filing.  

Ma’aden said the new venture’s strategy “will initially be to invest in the iron ore, copper, nickel and lithium sectors as a non-operating partner taking minority equity positions.”  

“This will provide physical offtake of critical minerals to ensure supply security for domestic minerals downstream sectors and positioning Saudi Arabia as a key partner in global supply-chain resilience,” it added in the filing.  

The new company’s initial paid-up capital will amount to SR187.5 million ($50 million), of which Ma’aden will finance SR96 million as its share of the investment.   

Ma’aden and PIF agreed to contribute additional funding of up to SR11.95 billion if required by way of capital increases or otherwise as the business of the new company develops.   

Ma’aden stated that its maximum contribution shall be SR6 billion unless both agree otherwise in the future.  

Yazeed Alhumied, deputy governor and Head of MENA Investments at PIF, said: “PIF and Ma’aden combine extensive investment expertise with deep sector knowledge. The new company will significantly contribute to strengthening Saudi Arabia’s strategic position as an important link in the global supply chain in line with PIF’s strategy to further grow key industries.

“As a catalyst of Vision 2030, PIF continues to drive the growth of new sectors, and companies while contributing to job creation, technology transfer and localizing knowledge to build a prosperous and sustainable economy in Saudi Arabia.”

Robert Wilt, CEO of Ma’aden, said, “This is a significant step for Ma’aden as we develop the mining sector in Saudi Arabia and position the Kingdom as a key ally in securing the metals of the future.

"The global energy transition relies on the strategic minerals needed for renewable energy and battery storage, and our focus on these will give us a foothold in the global commodity value chain, where major supply constraints are combined with growing demand.

“We are proud to be playing a leading role in the economic diversification and growth of Saudi Arabia, building the talent pool and securing the future for the country, as we help deliver Vision 2030.”




Robert Wilt, CEO of Ma’aden, speaking at the Future Minerals Forum (Screenshot)

In a separate statement, Ma’aden also said it agreed to acquire a 9.9 percent stake in American minerals exploration and development firm Ivanhoe Electric and form a separate joint venture with Ivanhoe to explore and develop mining projects in Saudi Arabia.  

Speaking at the Future Minerals Forum in Riyadh on Jan. 11, the Ma’aden CEO said that the cooperation with Ivanhoe will help Saudi Arabia to uncover the true mineral resources in the Kingdom. 

“We will have a joint venture with Ivanhoe to help unearth the potential and find out what the true mineral resources are,” said Wilt. 

In a separate press statement, Ivanhoe Electric said it had signed a heads of terms agreement with Ma’aden, on the sidelines of the FMF, to explore copper, gold, silver, and electric metals in Saudi Arabia. 

The statement further noted that the joint venture would provide the possibility of using the Typhoon technology that performs geophysical surveys. 

Ivanhoe Electric further added that the joint venture will operate through an equally constituted board of directors and technical committee. 

In a statement to Tadawul, Ma’aden said the acquisition will take place for a total amount of SR474 million ($126.4 million). 

According to the statement, the deal is expected to be finalized by the end of the first quarter of 2023, and it will be financed from Ma’aden’s resources. 

Ivanhoe Electric is a technology firm listed on the Toronto Stock Exchange and New York Stock Exchange. 

Wilt further noted that Ma’aden has inked another partnership agreement with Barrick Gold Limited, a subsidiary of Barrick Gold Corp. Under the deal, a new limited liability company will be set up in Umm Ad Damar to accelerate mineral exploration activities in the Kingdom. 

In a statement to Tadawul, Ma’aden said it would inject SR28.5 million from internal resources into the exploration activities. 

During his speech at the FMF, Wilt also added that Saudi Arabia is on a path of transformation, and the mining sector is serving as the third pillar of the Kingdom’s economy. 

In a separate panel discussion, he talked up the “talent” the Kingdom has, saying it “rivals any place I’ve worked at or heard about.”

“What we need to do is deploy them towards metals and mining," Wilt send, adding: “We need to triple the size of our workforce in order to reach our 10x goal by 2040. Which means I need to hire over 20,000 people. We (large organizations) are in a war for talent in the Kingdom.”


Oil Updates — crude heads to first weekly loss since April on OPEC+ supply hike prospect

Updated 59 min 2 sec ago
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Oil Updates — crude heads to first weekly loss since April on OPEC+ supply hike prospect

SINGAPORE: Oil prices dropped for a fourth consecutive session on Friday and were set for their first weekly decline in three weeks, weighed down by renewed supply pressure from another possible OPEC+ output hike in July.

Brent futures fell 31 cents, or 0.5 percent, to $64.13 a barrel by 7:12 a.m. Saudi time. US West Texas Intermediate crude futures lost 33 cents, or 0.5 percent, to $60.87.

For the week, Brent has fallen 1.9 percent, and WTI has dropped 2.5 percent, following two weeks of gains.

Both contracts touched their lowest in more than one week on Thursday after a Bloomberg News report that OPEC+ was considering another large production increase at a meeting on June 1.

Increasing output by 411,000 barrels a day (bpd) for July was among the options discussed, but no final agreement has yet been reached, the report said, citing delegates.

“The oil market is under renewed pressure as noise builds around what OPEC+ will do with their July output levels,” ING analysts wrote in a research note.

They expect that OPEC+ will go ahead with a 411,000 bpd supply increase for July and currently forecast Brent to average $59 per barrel in the fourth quarter.

OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed to increase production by nearly 1 million barrels per day in April, May and June.

The supply tailwind offset jitters earlier this week triggered by a report saying Israel is making preparations to strike Iranian nuclear facilities and new sanctions announced by the EU and Britain on Russia’s oil trade.

A large crude oil build in the US also weighed on oil prices.

As traders brace for a flood of increased supply in coming months from OPEC+, US crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger.

On Friday, the market will watch for US oil and gas rig count data from Baker Hughes that is used as an indicator for future supply.

The market is also closely watching US-Iranian nuclear negotiations which could determine the future supply of Iranian oil. The fifth round of talks will take place in Rome on Friday.


Saudi Arabia launches global platform to shape future of tourism 

Updated 22 May 2025
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Saudi Arabia launches global platform to shape future of tourism 

RIYADH: Saudi Arabia has launched TOURISE, a global platform connecting leaders in tourism, tech, investment, and sustainability, as it positions itself to shape future travel policy and innovation. 

The platform, officially introduced by Minister of Tourism Ahmed Al-Khateeb, will serve as a year-round initiative to unlock investment opportunities, address sector-wide challenges, and develop policies to guide the next phase of global tourism growth.  

The launch aligns with Saudi Arabia’s broader push to become a global tourism hub, backed by major infrastructure investments, streamlined visas, and high-profile events. In 2024, Saudi Arabia hit its Vision 2030 target of 100 million visitors — seven years early — with tourism now contributing nearly 5 percent to gross domestic product. 

Speaking during the virtual launch, Al-Khateeb said: “Tourism is one of the most dynamic, connective forces in the world’s economy, supporting one in ten jobs globally. But as the world evolves, the sector must too.”  

He added: “Whether adapting to technological disruption and changing traveler expectations, to addressing the urgent calls for sustainability and a more equitable approach to travel, TOURISE will be the much-needed platform to shape the future of tourism.”  

TOURISE will be supported by an advisory board composed of global figures from the tourism, hospitality, and technology, as well as entertainment and investment sectors. 

According to the official press release, TOURISE will also form working groups focused on key themes and will publish white papers and global indices in collaboration with international organizations. 

The first TOURISE Summit will take place in Riyadh from Nov. 11-13. The event will explore four major areas: the role of artificial intelligence in tourism, investment and business model innovation, travel experience upgrades, and inclusive and sustainable tourism practices.  

An Innovation Zone will spotlight emerging technologies from both public and private sector firms. 

An accompanying awards program will recognize destinations and organizations that demonstrate leadership in categories such as sustainability, digital transformation, cultural preservation, inclusive tourism and workforce development.  

Nominations for the awards are scheduled to open on June 2, with winners to be announced on the summit's opening day. 

“For this industry to evolve and reach its full potential, public-private sector collaboration is critical to the continued success of Travel & Tourism worldwide,” said Julia Simpson, president and CEO of the World Travel & Tourism Council and a member of the TOURISE advisory board.  


Egypt central bank cuts key interest rates by 100 basis points, statement says

Updated 22 May 2025
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Egypt central bank cuts key interest rates by 100 basis points, statement says

CAIRO: Egypt’s central bank lowered its key interest rates by 100 basis points on Thursday, its second rate cut in 2025 after keeping rates unchanged for a year.


Closing Bell: Saudi main index ends lower at 11,188

Updated 22 May 2025
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Closing Bell: Saudi main index ends lower at 11,188

  • MSCI Tadawul 30 Index lost 12.2 points to close at 1,428.81
  • Parallel market Nomu declined by 156.89 points to end at 27,260.73

RIYADH: Saudi Arabia’s Tadawul All Share Index closed in the red on Thursday, falling 114.94 points, or 1.02 percent, to settle at 11,188.74.

The total trading turnover reached SR4.4 billion ($1.17 billion), with 76 stocks advancing and 165 declining.

The MSCI Tadawul 30 Index also dropped, losing 12.2 points, or 0.85 percent, to close at 1,428.81.

The Kingdom’s parallel market Nomu declined by 156.89 points, or 0.57 percent, to close at 27,260.73, with 29 stocks gaining and 49 retreating.

The best-performing stock of the day was Saudi Reinsurance Co., rising 3.70 percent to SR49.

Other top gainers included Al-Rajhi Company for Cooperative Insurance, whose share price rose 3.65 percent to SR119.2, and Umm Al-Qura Cement Co., which gained 3.42 percent to SR17.54.

The day’s largest decline was seen in SHL Finance Co., with its share price dipping 4.93 percent to SR19.30.

Al-Etihad Cooperative Insurance Co. saw its shares drop 3.86 percent to SR13.44, while Saudi Arabian Oil Co. declined 3.64 percent to SR25.15.

The best performer on the Kingdom’s parallel market was Enma AlRawabi Co., with its share price surging by 7.77 percent to reach SR24.98.

Lamasat Co.’s share price increased by 7.58 percent to reach SR7.1, and Natural Gas Distribution Co. reached SR47, increasing by 6.82 percent.

Albattal Factory for Chemical Industries Co. was the worst performer on the parallel market, declining 16.83 percent to reach SR42.


Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

Updated 22 May 2025
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Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

  • Energy, banking, and telecommunications represent nearly 74% of the total brand value in the rankings
  • Dairy producer Almarai is recognized as the Kingdom’s third strongest brand

RIYADH: Saudi Arabia’s top 100 brands reached a combined valuation of $116.8 billion as of January, up 14 percent year on year, led by energy giant Aramco and telecom operator stc, according to a new report.

Marketing consultancy firm Brand Finance said Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year, with a valuation of $41.7 billion.

The company’s strength stems from its global oil production capabilities and investments in low-carbon technologies. 

Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year. Shutterstock

The Kingdom’s economy remains heavily influenced by its core sectors — energy, banking, and telecommunications — which together represent nearly 74 percent of the total brand value in the rankings. This sector concentration underscores Saudi Arabia’s ongoing economic diversification efforts as part of its Vision 2030 strategy. 

Andrew Campbell, managing director, Brand Finance Middle East, said: “Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future.” 

He added: “From long-standing powerhouses like Aramco and stc to fast-rising brands like Saudia and Almarai, there’s a real sense of momentum across sectors. These brands are not only contributing to the Kingdom’s economic transformation but also setting new benchmarks for excellence in the region and beyond.” 

The report further revealed that stc ranked as the Kingdom’s second most valuable brand in 2025, with a valuation of $41.7 billion, up 16 percent year on year. 

This growth is primarily linked to the successful implementation of its Masterbrand strategy, which facilitated expansion into sectors like banking, cybersecurity, B2B, and IT services through strategic mergers and acquisitions. 

stc ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. File/Reuters

The report by the London-based brand valuation consultancy showed that stc is also ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. Its continued investment in 5G infrastructure and digital financial services has solidified its position as a telecom leader. 

An AAA rating is the highest possible credit or brand strength rating, indicating robust reliability, quality, and performance. 

With brand value up 20 percent to $4.7 billion, Dairy producer Almarai is recognized as the Kingdom’s third strongest brand, earning a Brand Strength Index score of 85.5 out of 100 and an AAA brand strength rating. 

Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance. Almarai

This follows the brand’s collaboration with Google Cloud, launched in November, which is driving its digital transformation and enhancing operational efficiency. 

Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance, underscoring its strong commitment to ethical business practices, sustainable farming, and reducing carbon emissions. 

As for Saudia, its brand value surged by 34 percent to reach $1.1 billion in January, making it the fastest-growing Saudi brand and marking its first time crossing the billion-dollar milestone. 

Saudia’s brand value surged by 34 percent to reach $1.1 billion in January. Wikipedia

This achievement is largely attributed to the airline’s bold rebranding, along with advances in AI-driven customer service and infrastructure upgrades, which have significantly boosted its global brand visibility. 

The report further revealed that ROSHN Group, with a brand value of $1.1 billion, is the highest-ranked new entrant in the Kingdom this year. It also became the most valuable real estate brand in the country and secured a place among the top 20 brands overall. This debut reflects the company’s strong financial performance and ambitious expansion strategy. 

“Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future. It’s particularly exciting to see new entrants like ROSHN Group make such a strong debut, showing that diversification and ambition are paying off,” Campbell added.