Future Minerals Forum’s historic Ministerial Roundtable aims to promote responsible mining in MENA

Khalid Al-Mudaifer, Saudi vice minister for mining affairs, setting out details of the Future Minerals Forum at a press conference in Riyadh on Wednesday. AN photo by Yazeed Alsamrani
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Updated 05 January 2023
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Future Minerals Forum’s historic Ministerial Roundtable aims to promote responsible mining in MENA

RIYADH: A roundtable of ministers set to kick off the Future Minerals Forum has been described as the “largest-ever gathering of its kind” by event organizers as more details of the event’s agenda were revealed.

The ministerial roundtable will analyze the ways in which global collaboration can be enhanced to unleash the mining potential of the region, and also focus on measures that can be taken to turn the Middle East and North Africa region into a future hub of “green metals.”

Representatives from more than 60 high-level government delegations and non-governmental organizations involved in the mining sector will take part in the gathering on Jan.10, before the Forum proper gets underway the next day at the King Abdulaziz International Conference Center in Riyadh.

Setting out details of the event at a press conference held in Riyadh on Wednesday, the organizers said: “This makes it the largest-ever gathering of its kind.”

This year’s FMF – the second edition of the event – is expected to attract over 13,000 in-person and virtual delegates coming from 130 countries to hear from over 200 speakers.

At the conference, Khalid Al-Mudaifer, Saudi vice minister for mining affairs, said: “FMF 2023 will be even bigger and better than last year, which set a high bar for success. Reaction to last year’s event has been overwhelmingly positive, and we look forward to welcoming even more minerals and metals industry leaders this year.”

He added: “We are keeping the high level of dialogue and opportunities to do business, while adding new features in 2023 that make FMF one of the premier events in the world.”

On Jan. 11 and 12, FMF will feature dozens of speeches and panel discussions related to various issues and challenges in the mining sector which include decarbonization, resilience, and the adoption of technology in the industry.

FMF 2023 also will feature numerous informal engagement and networking sessions to ensure that delegates can achieve their business goals. It has also established a committee devoted to enabling women in the mineral and metal industry. So far, 2,000 women have registered so far in the body, the organizers added. 

This year’s FMF will also include an Industry and Technology Exhibition, anchored by the Saudi Pavilion, which will showcase the latest trends, technologies and tools available to the minerals and metals industry.

“We are thrilled with the industry response to the exhibition and expect that it will be a very busy area within the event. We also are grateful to all of the key catalysts in Saudi Arabia’s government, who have partnered to create this pavilion,” added Al-Mudaifer.


New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries

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New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries

RIYADH: The Saudi Capital Market Authority has launched a draft regulation for the direct listing of subsidiaries of companies already listed on the main market, inviting stakeholders to provide feedback over a 30-day period, according to a statement issued today.

The proposed framework aims to allow subsidiaries of main-market companies to list their shares directly on the main market without undergoing an initial public offering, thereby shortening timelines, streamlining procedures, and reducing the costs associated with listing on the Saudi stock market.

It also seeks to create more investment opportunities in the Saudi financial market, contributing to market depth and product diversification, while maintaining high levels of transparency and protecting investors’ rights.

The proposals enable the issuer and its financial advisor to share information about the company and its financial statements with a select group of potential investors before obtaining CMA approval for the share registration request, allowing them to assess their interest in a direct listing on the main market.

They also allow a specific group of licensed financial advisory firms to prepare research and financial reports, provided these are not published before CMA approval.

The proposed framework emphasizes the importance of proper disclosure by setting out requirements for registering shares on the main market, including submitting a registration document to the CMA.

It also specifies the information that must be included in the registration document, such as the method for determining the reference share price and the risks associated with this method.

Under the draft regulation, securities offering rules, ongoing obligations, and the CMA’s glossary of terms and regulations will be updated to allow this type of listing.

This approach is expected to bring multiple benefits, including maximizing the overall value of the main market with lower risk by listing companies that have greater knowledge and experience of market regulations, as well as deepening the market by increasing the number of listed companies across multiple sectors.