Saudi Arabia has emphasised the need for a more “resilient” supply chain for minerals and metals after the Covid-19 pandemic caused significant disruption in the industry.
“The pandemic and the geopolitical tensions have shown their weaknesses and we have seen a rise in resource nationalism,” Khalid Al Mudaifer, Vice Minister for Mining Affairs at the Saudi Ministry of Industry and Mineral Resources, said during the Mines and Money London conference.
“As a consequence, we see cost spikes for some minerals up to 350 per cent.”
Demand for minerals such as graphite, lithium and cobalt could increase five-fold by 2050 to meet the growing demand for clean energy technology, the World Bank has said.
More than three billion tonnes of minerals and metals will be needed to realise the Paris Agreement's goals of achieving net-zero emissions by 2050, the global financial institution has said.
Saudi Arabia, the Arab world’s largest economy, aims to attract $170 billion in investments to its mining sector by 2030.
The kingdom is aiming to tap into growing demand for metals used to produce batteries — an integral component in electric cars.
Expanding the kingdom’s industrial and mining sectors is an important part of its Vision 2030 strategy, aimed at reducing reliance on oil and diversifying the economy.
Saudi Arabia currently accounts for nearly 38 per cent of the Middle East and North Africa’s $16 billion metals and mining market, official data shows.
“The net-zero transition cannot happen without minerals and metals,” Mr Al Mudaifer said.
“We need to scale up discoveries and we need to scale up production."
He also spoke about the progress made by Saudi Arabia in the green hydrogen sector.
In 2020, US-based Air Products signed a $5 billion agreement with Riyadh-based utility Acwa Power and Neom to build the world’s largest green hydrogen-based ammonia production facility in the kingdom's planned futuristic city.
The project, which will be owned jointly by the three parties, is expected to produce up to 250,000 tonnes of ammonia by 2026.
The global hydrogen industry is expected to be worth $183 billion by 2023, up from $129 billion in 2017, according to Fitch Solutions.
French investment bank Natixis estimates that investment in hydrogen will exceed $300 billion by 2030.
Hydrogen has the potential to cover 12 per cent of global energy demand and cut 10 per cent of carbon dioxide emissions by 2050, the International Renewable Energy Agency has said.
“We are well placed to further scale-up mining, and build integrated value chains. We have a stable government, and we have stable fiscal policies,” Mr Al Mudaifer said.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
Brief scores:
Manchester City 3
Aguero 1', 44', 61'
Arsenal 1
Koscielny 11'
Man of the match: Sergio Aguero (Manchester City)
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Remaining fixtures
- August 29 – UAE v Saudi Arabia, Hazza bin Zayed Stadium, Al Ain
- September 5 – Iraq v UAE, Amman, Jordan (venue TBC)
