Saudi Arabia’s natural resources are estimated to be worth $2.5tn, making the metals and mining industry crucial to Riyadh’s Vision 2030 socioeconomic transformation strategy.

The latest issue of MEED Business Review examines how the kingdom's Ministry of Industry & Mineral Resources is leading efforts to boost investment in the sector with a mineral exploration incentive programme valued at $182m.

In January 2023, Saudi Arabian Mining Company (Maaden) signed a joint-venture agreement with the Public Investment Fund to establish a new entity to invest in mining assets globally, known as Manara Minerals. 

Amid a surge in merger and acquisition (M&A) activity in the global mining sector, the new company entered into a deal in July last year with Brazilian mining major Vale to become a 10% shareholder in its subsidiary, Vale Base Metals. The $3.4bn deal was the third-biggest M&A transaction of the year, according to a GlobalData report that puts the total value of M&A deals in the sector in 2023 at $121bn. 

Meanwhile, this month's exclusive 14-page market report highlights Egypt, which faces both political and economic trials. In an increasingly difficult fiscal position, Egypt also finds itself sitting at the centre of regional conflict, with the situation in Gaza threatening to spill over onto Egyptian soil. Renewed IMF funding promises to solve one problem for Cairo, but there are plenty more waiting.

MEED's latest issue is packed with insight and analysis. The team examines the IMF's downgrade of its Mena growth forecast; looks at the utility infrastructure schemes taking shape at Saudi Arabia's Neom; and assesses the rise in military spending in the region following geopolitical instability. 

In this month's industry report on upstream oil and gas, we predict that after a record year for offshore projects in 2023, the momentum will continue this year with further robust spending. 

The March issue also includes interviews with Rua Al Madinah Holding CEO Ahmed Al Juhani and Hill International CEO Raouf Ghali.

We hope our valued subscribers enjoy the March 2024 issue of MEED Business Review. 

Must-read sections in the March 2024 issue of MEED Business Review include:

> AGENDA: Saudi Arabia transforms mining sector; Mergers soar in global mining sector

> CURRENT AFFAIRS: ​IMF downgrades Mena growth forecast; The world is heading for massive LNG oversupply

> INSIGHT: IEA downgrades green hydrogen growth forecast

> SAUDI ARABIA: Neom’s utility projects take shape

> MILITARY BALANCE: Instability drives up defence budgets

> INTERVIEWS: Driving Madinah’s economic development; Saudi project win caps record year

> SAUDI TOURISM: Saudi tourism numbers cross 100 million

> LOGISTICS: Aramco and DHL form joint logistics company

> EGYPT MARKET REPORT:
> Cairo beset by regional geopolitical storm
> More pain for more gain for Egypt
> Egypt oil and gas project activity declines
> Familiar realities threaten Egypt’s energy hub ambitions
> Egypt’s desalination projects inch forward
> Infrastructure carries Egypt construction

> MEED COMMENTS: 
> Abha airport PPP is a brave new project
> Riyadh directive casts doubt on key Aramco projects
> PIF steps in to save construction again
> Corruption case comes at key time for Saudi projects

> GULF PROJECTS INDEX: UAE drives further projects growth

> JANUARY 2024 CONTRACTS: Region begins year with a record $30.5bn-worth of contract awards

> MARKET SNAPSHOT: Mena construction insights

> OPINION: Syria’s long march in from the cold

> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts