An increased appetite for metal trading by Gulf states has caught the eye of the FinancialTimes, who ran a report last Sunday about leading firms in the UAE, KSA, and Oman setting up shop to capitalize on growing global demand for critical minerals. The move is part of Gulf countries’ push to diversify their economies beyond oil and gas and position themselves as key players in the global supply chain for metals essential to the energy transition, including copper, lithium, and iron ore.

Dubai is emerging as a hub: Over the past five years, MENA — particularly Dubai — has seen an influx of commodity traders gradually shifting away from traditional hubs like London and Geneva. Abu Dhabi’s IRH — which plans to establish a copper trading hub in Abu Dhabi — has already assembled a trading team for oil, gas, and metals, and is in talks with international players, including Mercuria, to explore potential trading windows. ADQ also announced last week a USD 1.2 bn JV with Orion Resources to invest in mining assets and pursue offtake and long-term supply agreements.

Oman is also on the move: The country is launching a trading company under Minerals Development Oman (MDO) to consolidate fragmented exports of chromite and gypsum and boost prices, MDO’s CEO Mattar Al Badi told the FT. MDO is in talks with six global commodities firms — Trafigura, Glencore, Traxys, IXM, Mercuria, and Gunvor — on potential offtake agreements for processed copper and partnerships in its trading unit.

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