Arab Countries Rich in Mineral Resources Mr Bandar Reda, ABCC Secretary General & CEO, participated in the MINREX Virtual Expo & Summit, an international conference on the Arab mining industry held on 16-17 March 2021.
MINREX is a global strategic event that focuses on the future of mining, minerals, quarrying industries and addressed sustainable solutions for exploration, refining, technology, investment and industrial development. What follows are some of the key points made in Mr Reda’s presentation to the event held virtually. Our CEO began with a brief overview of the mineral resources in the Arab world, which is an immensely resource rich region and one whose potential remains largely untapped. Mr Reda then outlined the innovations that are driving forward the industry guided by the Arab vision for mining
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within the broader social and economic vision for future sustainability. Finally, the presentation highlights areas for investment and cooperation. The Arab countries are actively welcoming foreign investment and collaboration. Recent studies of the Arab region estimate the value of mineral reserves as exceeding US$1 trillion. New mining codes and updated regulations have started to open up business opportunities within mining, making it far more attractive to foreign investment. There is a government support structure in place to assist investors.
There are several factors new today that make the sector more attractive, and one to watch. A key factor is the growth in new technology which is transforming how mining is carried out. The development of new computer devices and smart phones that require various rare metals for their production and functioning is increasing the demand for raw materials and stimulating mining exploration and extraction. Mining is identified as a priority industry as the Arab economies reduce their dependence on oil. Prospects are looking exceptionally good as the economy recovers from the global pandemic.
