{"id":618069,"date":"2024-04-02T00:00:00","date_gmt":"2024-04-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/02\/gulf-nations-are-pushing-aggressively-into-mining-in-a-bid-for-diversification\/"},"modified":"2024-04-02T00:00:00","modified_gmt":"2024-04-02T00:00:00","slug":"gulf-nations-are-pushing-aggressively-into-mining-in-a-bid-for-diversification","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/02\/gulf-nations-are-pushing-aggressively-into-mining-in-a-bid-for-diversification\/","title":{"rendered":"Gulf nations are pushing aggressively into mining in a bid for diversification"},"content":{"rendered":"

The gulf is headed toward a new mining era:<\/strong> Gulf states are investing heavily in mining copper, nickel, and other minerals as they look to secure the resources needed to produce clean energy and diversify their economies beyond oil, the Financial<\/a>Times<\/a> writes. With fossil fuels reeling in some USD 400 bn in annual revenues for Gulf nations, the mining industry makes for a promising pivot as the world transitions away from hydrocarbons. \u201cThe region has huge potential to create a major mining industry,\u201d the salmon-color paper quotes Tom Harley, managing director of mining advisory Dragoman, as saying. <\/p>\n

Who is doing what? <\/strong>Saudi Arabia is working to raise the mining sector\u2019s share of revenues to USD 75 bn by 2035 from USD 17 bn currently, while the UAE is pursuing a host of government-to-government partnerships in minerals with a focus on Africa. Oman has started building what is expected to be the world\u2019s largest green steel plant, with plans to use iron ore from Cameroon. And Qatari wealth fund QIA has snapped up a sizable stake in Swiss commodities and mining giant Glencore.<\/p>\n

Some of these ventures are right here at home: <\/strong>Saudi Arabia in January inked an MoU<\/a> with the Egyptian government to boost mining cooperation and promote the role of the private sector in both countries\u2019 mineral resources industry. Meanwhile, the UAE has a robust network of ports and logistics centers across Africa that made Dubai a \u201ckey precious metals trading hub.\u201d<\/p>\n

Remember:<\/strong> Emirati port operator DP World recently broke ground on its USD 80 mn logistics<\/a>zone<\/a> in Ain Sokhna, while Abu Dhabi Ports has been pushing aggressively into<\/a> Egypt\u2019s maritime logistics industry. <\/p>\n

A win for all:<\/strong> Resource-rich nations in Africa, Asia, and Latin America welcome the entry of Gulf states into their mining sectors as an alternative to decades of colonialist enterprises by the West and a way to avoid ongoing US-China tensions over their minerals. The push also sits well with the US, which views it as a way to weaken Beijing\u2019s monopoly on minerals.<\/p>\n

THE MARKETS THIS MORNING- <\/p>\n

Major Asian benchmarks are in the green in early trading this morning<\/strong>, withXiaomi leading gainers in Hong Kong\u2019s Hang Seng. The smartphone maker wowed fans and critics alike with the launch of SU7 EV<\/a>, selling out its full 2024 production run in less than two days. European stock futures are slightly up this morning and US futures are in the red.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

28,297<\/p>\n<\/td>\n

\n

+5.3% (YTD: +13.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.12<\/p>\n<\/td>\n

\n

Sell 47.26<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.15<\/p>\n<\/td>\n

\n

Sell 47.25<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,423<\/p>\n<\/td>\n

\n

+0.2% (YTD: +3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,245<\/p>\n<\/td>\n

\n

+0.2% (YTD: -3.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,263<\/p>\n<\/td>\n

\n

+0.4% (YTD: +5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,244<\/p>\n<\/td>\n

\n

-0.2% (YTD: +9.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,953<\/p>\n<\/td>\n

\n

+0.3% (YTD: +2.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,083<\/p>\n<\/td>\n

\n

0.0% (YTD: +12.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 87.43<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 1.84<\/p>\n<\/td>\n

\n

0.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,252<\/p>\n<\/td>\n

\n

0.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 69,733<\/p>\n<\/td>\n

\n

-1.8% (YTD: +65.0%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 5.3% at yesterday\u2019s close<\/strong> on turnover of EGP 2.9 bn (41.8% below the 90-day average). Regional investors were net sellers. The index is up 13.7% YTD.<\/p>\n

In the green: <\/strong>E-finance (+11.8%), Heliopolis Housing (+11.7%), and Beltone Holding (+10.4%).<\/p>\n

In the red: <\/strong>Ezz Steel (-2.7%), Juhayna (-1.5%), and Eipico (-0.2%).<\/p>\n

\n

CORPORATE ACTIONS- <\/p>\n

#<\/strong>1- Qalaa Holdings reclaims full ownership of two subsidiaries:<\/strong> Financial Holdings International (FHI) has transferred its shares in two Qalaa Holdings\u2019 subsidiaries \u2014 the National Development and Trading Company and the United Company for Foundries \u2014 back to Qalaa, giving it 100% ownership over the two companies, according to a statement (pdf)<\/a>. The share transfer came as part of a wider settlement agreement between the two sides.<\/p>\n

#2- B Investments\u2019 board of directors approved distributing dividends<\/strong> of EGP 1 per share. The decision now awaits the approval of the shareholder\u2019s annual general meeting, according to a bourse disclosure (pdf)<\/a>.<\/p>\n

#3- E-finance will pay out a dividend of EGP 0.19 per share<\/strong> on its 2023 earnings, it said in an EGX disclosure (<\/a>pdf)<\/a>.<\/p>\n

#4- Egypt Kuwait Holdings will pay out a dividend of USD 0.06 per share<\/strong> on its 2023 earnings, it said in a bourse disclosure (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mining presents a promising sector for gulf nations looking to phase out fossil fuels<\/p>\n","protected":false},"author":1,"featured_media":618070,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,1304,373,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-gcc","tag-mining","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"df150c85-0d5a-4c95-83ad-a56ceb68bbb7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/153.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Gulf nations are pushing aggressively into mining in a bid for diversification","related_issue":[618047],"teaser":"Mining presents a promising sector for gulf nations looking to phase out fossil fuels","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.e816ca97-e965-49f7-9623-8c9cd13ab15d.mp3"},"yoast_head":"\nGulf nations are pushing aggressively into mining in a bid for diversification - 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