Saudi Arabia aims to be global hub for green minerals: Saudi Vice-Minister for Mining Affairs

Khalid Al-Mudaifer, Saudi Arabia's vice-minister for mining affairs (Screenshot)
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Updated 28 October 2022
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Saudi Arabia aims to be global hub for green minerals: Saudi Vice-Minister for Mining Affairs

RIYADH: Saudi Arabia’s ambition is to be a global hub for green minerals and related technologies, according to Khalid Al-Mudaifer, the vice-minister for mining affairs. 

Speaking at the Future Investment Initiative, Al-Mudaifer warned that without minerals, there will not be the decarbonization needed to tackle climate change.

He outlined two main challenges the world needs to address to get more minerals, namely to discover and produce enough minerals and for societies to allow minerals to be produced.  

Al-Mudaifer said: “In Saudi Arabia, we have the leadership commitment, vision, minerals, energy, renewable and hydrocarbon, and the investment drive and risk taking to invest and scale up new technologies as we are doing in the green hydrogen technology.”

“Minerals now are the medicine to heal our planet,” he noted. 

Speaking about technology, he noted the sector lags behind many industries, stressing that it is in need of all types of technology.

“We need technologies in discovery and survey, and we need technologies in processing and producing green hydrogen and green minerals and to reduce the footprint for smaller mines for the future,” he said. 

Al-Mudaifer pointed out Saudi Arabia’s major transformation in the mining sector.

The Kingdom has launched the world’s largest and latest regional geological survey for 700,000 kilometers of mineral-rich Arabian Shield area, in addition to Saudi Arabia’s first version of the national geological database with 80 years of information.

Also, the vice minister added that Saudi Arabia paid almost $200 million in 2021 to incentivize digital transformations and renewable technologies. 

Al-Mudaifer said there is no one single entity that can solve the great challenges ahead, stressing that there is a need for a platform to allow a multi-stakeholder collaborative approach dialogue to bridge the gaps and have serious dialogue between all entities.

This is one of the aims of the Future Mineral Forum taking place Jan. 10-12 2023 in Riyadh, in order to look for a resilient, responsible, sufficient and secure supply of future minerals. 

The world is dependent on Saudi Arabia being a stable supplier of energy: chairman of Ivanhoe Capital Corp.

During the business forum, the founder and chairman at Ivanhoe Capital Corp., claimed that “the entire world is dependent on Saudi Arabia being a stable supplier of energy.”

Saudi Arabia has “blessings” not only in crude oil, but in copper metal, Robert Friedland explained.

He added that the world doesn’t have enough copper, which needs to be changed. 

Copper metals and copper conducts are needed, as electrical energy is better than anything.


Oman inflation at 1.6%, latest figures show

Updated 26 January 2026
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Oman inflation at 1.6%, latest figures show

RIYADH: Oman’s consumer price index rose by 1.6 percent in December compared with the same month a year earlier, reflecting moderate inflationary pressures at year’s end.

Average inflation for the January–December 2025 period increased by 1 percent, according to official data.

Figures released by the National Center for Statistics and Information showed that miscellaneous personal goods and services recorded the sharpest price increase, rising by 10 percent year on year. 

This was followed by transport at 2.8 percent, restaurants and hotels at 2.6 percent, and furniture, household equipment and routine maintenance at 2.4 percent, as well as education at 2.2 percent. 

Food and non-alcoholic beverages prices increased by 1.1 percent, while clothing and footwear rose by 0.2 percent and health by 0.1 percent. In contrast, prices in the culture and recreation group declined by 0.1 percent. 

Housing, water, electricity, gas and other fuels, as well as tobacco and communications, remained unchanged over the period. 

Within the food and non-alcoholic beverages category, December prices compared with the same month of 2024 showed notable increases in fish and seafood at 6 percent and fruits at 4 percent. 

Sugar, jam, honey and confectionery rose by 3.5 percent, milk, cheese and eggs by 2.1 percent, and non-alcoholic beverages by 0.9 percent.

Meat prices increased by 0.8 percent, bread and cereals, oils and fats by 0.7 percent, and other unclassified food products by 0.4 percent, while vegetable prices fell by 5.8 percent. 

Regionally, Al Dhahirah governorate recorded the highest inflation rate at 2.5 percent by the end of December compared with a year earlier. 

Inflation also rose by 2.1 percent in Al Dakhiliyah, 1.7 percent in Muscat and Al Buraimi, and 1.5 percent in South Al Batinah. 

South Al Sharqiyah and Musandam each posted increases of 1.1 percent, while North Al Sharqiyah and North Al Batinah rose by 0.9 percent. Al Wusta and Dhofar recorded inflation of 0.8 percent. 

The report highlights the relative importance of expenditure groups within the consumer price index basket, underscoring why movements in certain categories have a greater impact on overall inflation.

Housing, water, electricity, gas and other fuels carry the largest weight at 31.7, followed by food and non-alcoholic beverages at 20.6 and transport at 14.5.

Together, these three groups account for more than two-thirds of the CPI basket, meaning price stability in housing and utilities can significantly moderate headline inflation even when sharper increases are recorded in smaller-weight categories such as miscellaneous goods and services. 

The analysis also notes that around 56,640 individual price quotations were collected from 3,907 sources across the Sultanate during the reference period. 

In addition, rental data were gathered from a dedicated sample of 1,509 rented housing units, providing a detailed and representative measure of housing costs, which remain the most heavily weighted component of the inflation basket.