Future Minerals Forum in Riyadh looks to bolster global links

Future Minerals Forum in Riyadh looks to bolster global links
Future Minerals Forum to be held next week in Riyadh will feature an unprecedented representation of 85 miming ministers. (Forum’s banner)
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Updated 13 January 2025
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Future Minerals Forum in Riyadh looks to bolster global links

Future Minerals Forum in Riyadh looks to bolster global links
  • Mining leaders from 85 countries gather next week to discuss challenges, outlook
  • The event is being organized by Saudi Arabia’s Ministry of Industry and Mineral Resources under the patronage of King Salman

RIYADH: Leading mining representatives from more than 85 countries will meet in Riyadh next week as the Future Minerals Forum discusses challenges and developments in the global mineral industries.

Key stakeholders, including governments, international organizations, business federations, investors, and sector leaders, will take part in the forum from Jan. 14-16 at the King Abdulaziz International Conference Center.

The event is being organized by Saudi Arabia’s Ministry of Industry and Mineral Resources under the patronage of King Salman.

According to the ministry, the fourth annual international ministerial meeting of mining ministers, due to take place on Jan. 14 as part of the forum, will feature its largest-ever number of government representatives and topics to be discussed.

Among the 85 countries represented will be 16 nations from the G20. At least 50 ministers and 13 deputy ministers are taking part, the ministry said.

The ministry said that over 50 official and nongovernmental organizations, along with trade unions and leading figures in the global mining industry, will attend the event, reflecting the significance of the gathering as a global platform to discuss mining and mineral industry affairs, ways to meet the growing demand for strategic and critical minerals, and new opportunities for development in mineral-producing and processing countries.

The meeting will focus on several issues, including progress made during the previous year concerning the three ministerial meeting initiatives, which include developing a strategic framework for critical minerals increasing value-added processing in mineral-producing countries, producing green minerals using modern technologies and renewable energy, and ensuring sustainability and transparency in supply chains.

Discussions will also focus on the establishment of centers of excellence in major mining regions to enable investment, build capabilities, and develop human resources.

Minister of Industry and Mineral Resources Bandar Alkhorayef will chair the meeting and deliver the opening address, highlighting Saudi Arabia’s commitment to sustainable mineral development and emphasizing its leadership role in advancing the sector’s future.

He will also discuss opportunities for global cooperation to face challenges and invest in the vast potential offered by the mineral sector.

Among the ministers attending the meeting are Italian Minister for the Environment and Energy Security Gilberto Pichetto Fratin; UK Secretary of State for Business and Trade Jonathan Reynolds; Brazilian Minister of Mines and Energy Alexandre Silveira; Indian Minister of Coal and Mines G. Kishan Reddy; South African Minister of Trade, Industry, and Competition Parks Tau; Democratic Republic of Congo Minister of Mines Kizito Pakabomba; Egyptian Minister of Petroleum and Mineral Resources Karim Badawi; Nigerian Minister of Solid Minerals Development Henry Dele Alake; and Moroccan Minister of Energy Transition and Sustainable Development Leila Benali.

Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid bin Saleh Al-Mudaifer said that the meeting represents an important step toward achieving sustainable development in the global mining and minerals sector.

He said that the international ministerial meeting provides an ideal platform for finding solutions and developing legislation on best practices in sustainable mining, exploring ways to invest in mining projects to achieve economic and social development in producing countries.

In December a report was released by the FMF stating that global mining operations will need $5.4 trillion in capital investment by 2035 if the sector is going to meet growing demand.

The release revealed that this investment represents an increase of $500 billion compared to the previous decade.

Coal, iron ore, copper, and gold, which account for over 90 percent of the mass moved in global mining operations, were central to the report’s investigations.

It found that these commodities will demand more than 70 percent of total capital investment, with nearly 75 percent allocated to maintaining existing assets.

The steel value chain alone will require an estimated $1.6 trillion in sustaining capital expenditure, underlining its central role in meeting infrastructure and industrial needs.

Regions such as Asia Pacific, India, Latin America, and Sub-Saharan Africa will require over 40 percent of total capital investment, signaling a shift in capital flows toward emerging markets.

Additionally, the report projects that by 2040, the production of cathode materials, battery cells, and battery recycling could generate around $800 billion in annual revenue.


Saudi PIF’s assets under management rise 19% to $913bn in 2024

Saudi PIF’s assets under management rise 19% to $913bn in 2024
Updated 13 August 2025
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Saudi PIF’s assets under management rise 19% to $913bn in 2024

Saudi PIF’s assets under management rise 19% to $913bn in 2024
  • Total revenue increased by 25% year on year
  • PIF witnessed an annual average portfolio return of 7.2% since 2017

RIYADH: The total value of assets under management held by Saudi Arabia’s sovereign wealth fund reached $913 billion by the end of 2024, representing a 19 percent rise compared to the same period of the previous year. 

In its 2024 Annual Report, the Public Investment Fund said that total revenue increased by 25 percent year on year, while cash balance remained strong and broadly unchanged. 

The analysis follows Brand Finance’s recent ranking of PIF as the most valuable and fastest-growing sovereign wealth fund globally, with a brand value of $1.2 billion.

In July, a Global SWF study reported that the wealth fund had risen to fourth place globally among sovereign wealth funds, with assets exceeding $1 trillion, slightly higher than the figure in PIF’s annual report.

“PIF’s portfolio delivered year-on-year growth of assets under management of 19 percent to reach $913 billion. Capital deployment across priority sectors reached $56.8 billion in 2024, bringing cumulative investment since the beginning of 2021 to more than $171 billion,” said Yasir A. Al-Salman, chief financial officer of PIF. 

PIF witnessed an annual average portfolio return of 7.2 percent since 2017, while the fund’s cumulative real non-oil gross domestic product contribution to the Kingdom between 2021 and 2024 grew to $243 billion. 

 

 

“Throughout 2024, PIF continued to lead with long-term vision and purpose. PIF deepened its impact and continued to drive the economic transformation of Saudi Arabia, while generating sustainable returns,” said Maram Al-Johani, PIF’s acting chief of staff and secretary general to the board. 

She further said that the fund currently represents 10 percent of the Kingdom’s non-oil economy. 

“PIF’s portfolio reflects its focus on diversifying the Saudi economy. PIF continued to invest in and establish new companies, driving forward change and bringing the total number of portfolio companies at year-end to 225, of which PIF has created and established 103,” said Al-Johani. 

Al-Johani added that PIF continued to drive the development of strategic economic sectors in the Kingdom through expanding the technical capabilities of its investment portfolios, promoting localization, and encouraging innovation.

“The 2024 results highlight PIF’s transition from digital transformation to digital leadership, with artificial intelligence and automation together becoming a vital part of operations. In 2024, PIF completed 58 digital projects, launched 15 new applications and automated more than 477 processes, enabling insights, strategy and the creation of economic value,” said Al-Johani. 

PIF said that it continued to diversify funding sources, raising $9.83 billion in public debt and an additional $7 billion in private debt. 

Affirming the financial stability of PIF, global credit rating agency Moody’s upgraded the fund’s credit rating to Aa3 from A1 with a stable outlook, while Fitch affirmed its A+ rating with a stable outlook. 


Closing Bell: Saudi main index closes in red at 10,763 

Closing Bell: Saudi main index closes in red at 10,763 
Updated 13 August 2025
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Closing Bell: Saudi main index closes in red at 10,763 

Closing Bell: Saudi main index closes in red at 10,763 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Wednesday, shedding 6.21 points, or 0.06 percent, to close at 10,763.45. 

Total trading turnover on the main index reached SR4.20 billion ($1.12 billion), with 102 stocks advancing and 147 declining. 

The Kingdom’s parallel market, Nomu, gained 189.19 points to close at 26,333.30, while the MSCI Tadawul Index edged up 0.04 percent to 1,391.63. 

The best-performing stock on the main market was LIVA Insurance Co., which jumped 8.76 percent to SR13.29.  

Nice One Beauty Digital Marketing Co. rose 7.27 percent to SR24.78, while Saudi Automotive Services Co. gained 6.33 percent to SR52.40.  

Methanol Chemicals Co. posted the sharpest drop, falling 8.66 percent to SR9.70. Saudi Industrial Development Co. declined 7.21 percent to SR30.12, Nahdi Medical Co. dropped 4.81 percent to SR114.90, and Sport Clubs Co. decreased 4.30 percent to SR11.57. 

On the parallel market, Future Care Trading Co. recorded the largest gain, rising 29.71 percent to SR2.27. Balady Poultry Co. registered the steepest decline, down 5.87 percent to SR147.50.  

Meanwhile, Alinma Capital — acting as financial adviser, book-runner, underwriter, and lead manager for the initial public offering of Marketing Home Group Co. — announced the successful completion of the book-building process for the participating parties’ tranche. 

The final offer price has been set at SR85 per share, following strong demand that resulted in 967 percent coverage of the total offered shares. 

The subscription period for retail investors will open on Aug. 19 and close at 11:59 p.m. on Aug. 20, during which up to 960,000 ordinary shares — representing 20 percent of the total offered — will be allocated to individual subscribers. 


Record sales, rents signal new growth cycle in UAE office market

Record sales, rents signal new growth cycle in UAE office market
Updated 13 August 2025
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Record sales, rents signal new growth cycle in UAE office market

Record sales, rents signal new growth cycle in UAE office market
  • Dubai sales jump 207 percent; Abu Dhabi leasing doubles

RIYADH: Office market activity in the UAE surged in the first half of 2025, with Dubai’s high-value transactions jumping 207 percent and Abu Dhabi’s leasing demand more than doubling, according to Knight Frank.

Dubai recorded 83 office sales worth over 10 million dirhams ($2.7 million) each, up from 27 in the same period last year. In Abu Dhabi, office requirements topped 50,000 sq. meters — a 110 percent year-on-year increase — as corporate expansions drove demand.

Analysts attributed the growth to strong global occupier confidence, buoyed by rising activity in business services, technology, real estate, and consulting, coupled with near-full Grade A occupancy in both cities.

Faisal Durrani, partner – head of research, MENA at Knight Frank, said: “Confidence in Dubai as a global business hub remains exceptionally strong. Indeed, this is reflected in record low vacancy rates for Grade A stock across the city, which stands in sharp contrast to many other global gateway cities.”  

He added: “The technology and trading systems sector has emerged as major driver of demand, while sustained activity from financial, real estate and business consulting firms underscores the city’s appeal to a diverse range of global occupiers.” 

Dubai leads

Downtown Dubai led the city’s office sales in the first half of 2025, with average prices topping 5,000 dirhams per sq. foot — far ahead of other submarkets. 

Business Bay ranked second, breaking the 2,000-dirham mark for the first time after posting 21.2 percent growth since 2020.

Off-plan sales gained traction, particularly in Business Bay, where 1.3 million sq. feet of office space is under development, reflecting strong investor confidence. In leasing, the Dubai International Financial Centre remained the priciest location for fitted offices at 400 dirhams per sq. foot, while Dubai Design District, The Greens, and Business Bay also saw solid rental gains.

Business services drove 38 percent of demand, followed by technology (31 percent), real estate (12 percent), and banking and finance (10 percent). Knight Frank expects 15.8 million sq. feet of new supply by 2030, pushing total stock to nearly 137.8 million sq. feet.

“The confidence in the office sector is further evidenced by the boom in high-value transactions, with the number of office sales over 10 million dirhams setting a record of 83 sales in the first half of 2025,” Durrani added.   

Abu Dhabi market 

In Abu Dhabi, business services led office demand in the first half of 2025 with a 32 percent share, followed by government entities at 9 percent. Grade-A occupancy hit record highs, driving rents higher in prime locations.

“New rental contracts in Abu Dhabi have been a primary driver of market activity this year, with transaction volumes experiencing a significant peak in January, signaling fresh demand and business expansion in the UAE capital,” said Durrani.

Musaffah recorded the strongest rental growth in the second quarter, up 68 percent, followed by Al Bateen at 64 percent and Al Hisn at 18 percent. Older districts such as Al Danah and Al Nahyan posted slight declines due to a higher share of secondary stock.

The pipeline includes Aldar’s HB Tower on Yas Island (22,171 sq. meters) and the Saas Business Tower on Al Reem Island (12,004 sq. meters), both Grade A developments aimed at meeting evolving occupier needs.


GCC asset management hits $2.2tn in 2024 as Saudi Arabia, UAE drive growth

GCC asset management hits $2.2tn in 2024 as Saudi Arabia, UAE drive growth
Updated 13 August 2025
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GCC asset management hits $2.2tn in 2024 as Saudi Arabia, UAE drive growth

GCC asset management hits $2.2tn in 2024 as Saudi Arabia, UAE drive growth

RIYADH: The Gulf Cooperation Council’s asset management industry grew to $2.2 trillion in assets under management in 2024, up 9 percent from 2023, according to Boston Consulting Group.

BCG’s Global Asset Management report, “From Recovery to Reinvention,” identified Saudi Arabia and the UAE as key drivers of retail mutual fund growth, while Kuwait and Abu Dhabi’s sovereign wealth funds held the largest share of regional assets.

The GCC sector is in a strong growth phase, underpinned by sovereign fund strength, expanding retail investment, and strategic diversification. BCG notes the region is navigating global market volatility while positioning itself to compete with the world’s leading asset managers.

“The next decade’s leaders will be those who redefine their future, not just endure challenges. The region’s 9 percent AuM growth in 2024 underscores its rising prominence as a hub for institutional and retail capital,” said Lukasz Rey, managing director and partner and Middle East head of financial institutions at BCG.

He added: “With Saudi Arabia and the UAE anchoring regional momentum, the GCC’s strategic diversification and SWF dominance signal a future where local asset managers could rival global giants.”

Rey noted that recent market volatility presents an opportunity for transformation, prompting asset managers to rethink value delivery, client engagement, and operational strategies.

The report found that 2024 revenue growth was largely driven by market performance rather than new investor inflows, highlighting the sector’s sensitivity to external forces. Ongoing fee pressure, shifting investor preferences, and digital disruption are pushing firms to revamp business models, prioritize cost efficiency, and refine strategic focus.

Mohammad Khan, managing director and partner at BCG, emphasized that the region is steadily establishing itself as a global financial powerhouse.

“Saudi Arabia and the UAE are driving retail mutual fund expansion, while Kuwait and Abu Dhabi lead in sovereign wealth fund dominance,” he said.

The report highlights three global forces shaping the asset management sector. First, there is growing opportunity to develop new products in response to evolving investor demands, including active exchange-traded funds, model portfolios, and separately managed accounts.

Retail interest in private assets is also surging, with semi-liquid private funds growing more than fivefold in four years to surpass $300 billion.

Second, consolidation and digital transformation are reshaping the industry. Firms are pursuing scale, expanding offerings, and investing in technology.

Larger players can cut costs through tech partnerships, while smaller firms are adopting leaner business models to remain competitive.

Finally, a renewed focus on cost efficiency is driving adoption of artificial intelligence — particularly generative AI — to automate processes and enhance performance across front, middle, and back-office operations.

“Pension funds and SWFs, led by Saudi and Kuwaiti institutions, are quietly reshaping the region’s financial architecture,” said Nabil Saadallah, managing director and partner at BCG. 

He added: “Cost discipline is now a strategic focus, with firms prioritizing unique value creation, embracing lean practices, and investing in transformative technologies.”


Electric vehicle sales growth eases to 21% in July, research firm says

Electric vehicle sales growth eases to 21% in July, research firm says
Updated 13 August 2025
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Electric vehicle sales growth eases to 21% in July, research firm says

Electric vehicle sales growth eases to 21% in July, research firm says

LONDON: Global electric vehicle sales grew 21 percent year-on-year in July, the slowest rate since January and down from 25 percent in June, as momentum in plug-in hybrid sales in China slackened, market research firm Rho Motion said on Wednesday.

China is the world’s biggest car market and accounts for more than half of global EV sales, which in Rho Motion’s data include battery-electric vehicles and plug-in hybrids.

Its overall car sales growth slowed in July, with BYD , the world’s largest EV maker, recording its third monthly drop in registrations.

The relatively muted slowdown in overall EV sales, however, shows other markets are taking up some of the slack, with European sales, for one, benefiting from incentives aimed at speeding up decarbonization.

Global sales of battery-electric vehicles and plug-in hybrids rose to 1.6 million units in July, Rho Motion data showed.

China’s EV sales growth, which averaged 36 percent a month in the first half, eased to 12 percent in July as the previously booming market was dampened by a pause in some 2025 government subsidy schemes for EV and plug-in hybrid purchases, Rho Motion data manager Charles Lester said.

Chinese sales reached around one million vehicles. European sales surged 48 percent to about 390,000 units, while North American sales climbed 10 percent to more than 170,000. Sales in the rest of the world jumped 55 percent to more than 140,000 vehicles.

“Despite regional variations, the overall trajectory for EV adoption in 2025 remains strongly upward,” Lester said.

Chinese car sales are expected to return to strong growth from August as new funds become available for its subsidy schemes, while a cut in US tax credits for buying or leasing new EVs at the end of September will hurt demand there, Lester added.