KSA seeks subscribers for mining incubator program: Saudi Arabia’s Industry and Mineral Resources Ministry called on SMEs and investors interested in the minerals sector to register for its Nuthree incubator program for mining exploration, the Saudi Press Agency reports. The initiative was launched in March to facilitate knowledge exchange between established companies and startups and support companies and individuals in obtaining a mining exploration license. Since February 2022, the kingdom has issued 80 new mining licenses, according to SPA.

Nuthree is helping the government attract USD 15 bn in investments: The Nuthree incubator program comes as part of a national plan to deploy over USD 15 bn of capital for investments in global mining investments in the coming years through a joint venture between Saudi mining company Ma’aden and the Public Investment Fund established in January. The kingdom says it has untapped metals and minerals — including copper, zinc, phosphate, and gold — collectively worth USD 1.3 tn.

ALSO- A geological map of the KSA in partnership with China is in the works: Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Al-Khorayef launched the Arabian Shield geological mapping project on Sunday, the Saudi Press Agency reported. The project will be developed in partnership with the Chinese Geological Survey at a cost of SAR 777 mn (USD 207 mn). The map sets out to locate the region’s mineral deposits while expanding the National Geological Database and national library of drilling samples to provide investors with knowledge of investment opportunities, the outlet notes.

Algeria and KSA talk renewables, green hydrogen cooperation: Algeria’s Minister of Energy and Mines Mohamed Arkab met with a delegation from Saudi Delta Company to discuss potential investments in renewables and green hydrogen through Algeria’s state-owned oil firm Sonatrach, according to a statement. The delegation was headed by the company’s President and Director General Badr Al Aiban. Delta Group’s energy arm began investing in renewables in 2015, mostly in generating clean energy for car parks, public buildings, farm houses, and street lighting, according to their website.

REMEMBER- Sonatrach has been exploring green projects, signing two decarbonizationagreements with Italy’s Eni last January, including launching studies to see how Algeria’s energy export to Europe could be improved. Sonatrach also partnered with South Africa’s petrochemicals company Sasol to establish low-carbon hydrogen production and synthetic gas generation plants equipped with carbon capture and storage tech in Sicily.

Oman dishes out incentives for EV adoption: Electric vehicles in Oman will be exempt from value-added tax, customs tax, and registration fees nationwide starting 1 July, Oman News Agency (ONA) reported earlier this week. The exemption, which will also apply to EV spare parts, will remain in effect for three years and will be subject to renewal, according to ONA. The move is part of the sultanate’s efforts to transition to zero-emission vehicles and encourage residents to purchase EVs. It also aims to encourage car suppliers to import a wide range of EVs to ensure diversity and stability in the market.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Dubai-based multinational logistics company DP World cut direct carbon emissions from its global operations by 5% in 2022, according to its latest ESG report. (Statement)
  • Egypt’s Environment Ministry held a training workshop for private sector companies on voluntary carbon markets. The workshop was held in partnership with the Egyptian-German Joint Committee on Renewable Energy,Energy Efficiency and Environmental Protection as Egypt’s regulator prepares for its soon-to-be launched voluntary carbon market. (Statement)
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