{"id":88547,"date":"2024-08-08T00:00:00","date_gmt":"2024-08-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/08\/a-new-tender-for-mining-exploration-licenses-coming-up\/"},"modified":"2024-08-08T00:00:00","modified_gmt":"2024-08-08T00:00:00","slug":"a-new-tender-for-mining-exploration-licenses-coming-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/08\/a-new-tender-for-mining-exploration-licenses-coming-up\/","title":{"rendered":"A new tender for mining exploration licenses coming up"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> We\u2019re about to slide into the weekend with a not-too-busy issue that has a little bit of everything \u2014 major changes to the labor law, Aramco acquiring an additional stake in Rabigh Refining, and, of course, an avalanche of earnings.<\/p>\n

WEATHER-<\/strong> There\u2019s a 50\/50 chance the downpour will grind to a halt tomorrow, or drag on until the end of next week, according to a warning issued by the National Center for Meteorology earlier this week. Jeddah has heavy rains in the cards for today and tomorrow, while Riyadh will enjoy clear skies with a high of 44\u00b0C and a low of 30\u00b0C today.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> #1- Saudi Electricity Company boosted its capex spending by 62.5% y-o-y in 1H 2024 to SAR<\/strong> 25.1 bn<\/strong> to improve service quality and efficiency, it said in its earnings release<\/a>. The investments were earmarked for adding fresh generation capacity, as well as shoring up its grid. The energy generation and distribution company has raked in SAR 18.5 bn in financing agreements, with the funds earmarked for investments in the company\u2019s growth. <\/p>\n

ALSO-<\/strong> Fitch upgraded the PIF and Aramco-owned company\u2019s credit rating in May to A+ with a stable outlook from A with a stable outlook, it added.<\/p>\n

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<\/a> #2- Seven fresh mining exploration licenses are up for grabs<\/strong>, the Industry and Mineral Resources Ministry said in a post on X<\/a>. The sites are located in Riyadh, Asir, and Makkah. Investors will have to place their bids in early September, while the projects will be awarded at the end of next month, according to a separate statement<\/a>. <\/p>\n

BACKGROUND- Saudi is ramping up investment in mineral exploration:<\/strong> The ministry unveiled earlier this year<\/a> a fresh incentive package worth SAR 685 mn to boost mineral exploration in the Kingdom. The program was rolled out in collaboration with the Investment Ministry and aims to reduce early-stage risk for exploration companies. It comes as part of efforts to expand the sector and tap reserves of gold, phosphate, and others. The nation\u2019s untapped mineral resources are now worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said in January<\/a>.<\/p>\n

The ministry issued a total 31 new mining licenses in <\/strong>June<\/strong>, it said in a post on X<\/a>. The total includes 12 for exploration, 11 for building material quarries, 5 for surplus mineral ore, and 3 for extraction, bringing the total number of active mining licenses in the Kingdom to 2.3k.<\/p>\n

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#2- Incentives for foreign investors in the local gaming sector: <\/strong>Investors can apply for tickets between SAR 50k and SAR 10 mn through an initiative supported by the Saudi Development Bank and the Communications and Information Technology Ministry, Aleqtisadiah<\/a> reports. The sector\u2019s initiatives across the sector totalled SAR 3 bn last year. <\/p>\n

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DATA POINTS-<\/p>\n

#1- Saudi Arabia Railways (SAR) transported more than 5.1 mn passengers in 1H 2024<\/strong>, up 17% y-o-y, it said in a post on X<\/a>. SAR operated a total of 17.2k trips (up 5% y-o-y) and transported 9% more cargo compared to 1H 2023. <\/p>\n

<\/a> #2- King Abdulaziz Port in Dammam set a new record in the Kingdom by handling 20.5k<\/strong> containers on a single <\/strong>vessel<\/strong>, according to a Mawani statement<\/a>.<\/p>\n

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SPORTS-<\/p>\n

<\/a> #1- Nigerian national team captain William Troost-Ekong is heading to Al Khalood<\/strong>, after the SPL club agreed on an undisclosed fee with Greek football club Paok and on personal terms, sports journalist Fabrizio Romano said on X<\/a>. The 30-year-old Nigerian led his national team to the AFCON finals earlier this year, before losing against Ivory Coast. <\/p>\n

#2- Al Ittihad is the 7th biggest spender in the summer transfer window globally<\/strong>, according to data from Transfermarkt<\/a>. The club, which finished 5th in the SPL last season, has already brought in 18 players, spending a total of EUR 96.7 mn. The transfer window in Saudi closes Sunday, 6 October. <\/p>\n

#3- World number one Iga Swiatek is the first to qualify for the tennis season finale in<\/strong> Riyadh<\/strong>, after the Polish defending champion maintained first place in the PIF Race for the WTA Finals<\/a> with a total of 11k points, which will be held from 2-9 November, according to a statement<\/a> from the women's tennis governing body. <\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

There\u2019s no single story clearly capturing the international press\u2019 imagination this <\/strong>morning<\/strong>, giving us instead a mixed bag of the latest from the US presidential race and some analysis on the Palestine-Israel conflict. <\/p>\n

Kamala Harris and her newly-minted running mate Tim Walz are making campaign stops <\/strong>in key swing states in the Upper Midwest<\/strong> \u2014 a critical area to ensure they get voted into the White House this November. Harris\u2019 campaign raised some USD 36 mn in the first 24 hours after announcing Walz as her vice presidential pick (Reuters<\/a> | New York Times<\/a> | AP<\/a> | Guardian<\/a>).<\/p>\n

MEANWHILE-<\/strong> Hamas\u2019 appointment of Yahya Sinwar as its new political chief is the subject of analysis pieces in Bloomberg<\/a>, the Financial Times<\/a>, and the Wall Street Journal<\/a>, all of whom are looking at Sinwar\u2019s past and what his appointment means for Gaza and the prospects of a ceasefire with Israel.<\/p>\n

Over in Bangladesh:<\/strong> Nobel laureate Muhammad Yunus, who has long been a political adversary of Bangladesh's deposed Prime Minister Sheikh Hasina, has been appointed as the country's interim leader. (France24<\/a> | CNN<\/a> | BBC<\/a>)<\/p>\n

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OLYMPICS-<\/p>\n

Another eventful day at the Paris Olympics<\/strong> kicked off with the 20 km mixed walk race \u2014 the latest discipline added to the Olympics this year \u2014 which was won by the Spanish duo \u00c1lvaro Mart\u00edn and Mar\u00eda P\u00e9rez.<\/p>\n

FIRST UP- <\/strong>Our very own 27-year-old Dunya Abu Taleb was one step away from becoming the first Saudi woman to win an Olympic medal, before losing the bronze match in the -49 kg category to Iran's Mobina Nematzadeh. Abu Taleb started her day yesterday by defeating Israeli player Abishag Semberg in the round of 16.<\/p>\n

Australia had its best Olympic day in history<\/strong> yesterday, adding four golds to its haul. Most notably, 21-year-old Keegan Palmer held on to the men's skateboarding gold after first winning in during the Tokyo 2020 games, where the sport made its debut. Yesterday\u2019s wins pushed Australia to third place in the medal standings with 18 golds \u2014 five more than host France in fourth place.<\/p>\n

Moroccan Soufiane El Bakkali successfully defended his title <\/strong>in the 3,000m steeplechase after one thrilling tactical race. El Bakkali became the first athlete to bag the event\u2019s gold back-to-back since 1936.<\/p>\n

Bahrain\u2019s <\/strong>Salwa Eid Naser has qualified for the women\u2019s 400m final tomorrow after<\/strong> coming first in the semifinals<\/strong>, giving Manama a chance at securing a second medal after 4-year-old Winfred Yavi clinched the women\u2019s 3km steeplechase title on Monday.<\/p>\n

The medal standings now at the Paris Olympics:<\/strong><\/p>\n