Saudi Arabia has recorded significant progress in the global assessment of investment risks in the mining sector issued by MineHutte, achieving the fastest global growth in the development of the regulatory and basic environment attractive to investments during the last 5 years.. More analysis with Eng. Meshary AlAli AlDeheshi, Chairman of Rasi Investment Company and CEO of Golden Compass Mining Services Company.
Watch the full interview on Bloomberg
Engineer Meshary AlAli AlDeheshi, CEO of Golden Compass Mining Services Company, stated that the Kingdom of Saudi Arabia seeks to access vital minerals used in key areas, strengthen the Saudi sector and make it more sustainable.
AlDeheshi added that Manara Company is looking to diversify the Saudi economy externally, especially in the mining sector, which is radically different from other sectors. Diversifying the economy contributes to empowering the private sector and playing a greater role in the development process away from the government role.
To watch the full interview on Bloomberg: Click here
Al Ahli Private Investment Fund Company – “Nusaned Fund 2” – signed an agreement to acquire a 35% stake in the “Golden Compass Mining Services” company, through shares subscription.
Nusaned Investments, an independent investment company wholly owned by SABIC, engaged in the acquisition and development of small and medium-sized companies, is the lead investor and technical advisor in Nusaned Fund II.
The “Golden Compass Mining Services Company”, which is based in Jeddah, provides; Geological and mining consulting services and exploratory drilling of all kinds, in addition to mine operation services and supporting exploration services, with the aim of enhancing settlement and increasing local content.
Nayef Al-Ayed, CEO of Nusaned Investment Company, explained that this investment will contribute to achieving the company’s goals to support and enhance local content by localizing part of the mining services, which supports the objectives of the Kingdom’s Vision 2030 and the National Industry Development Program and Logistics Services, which focuses on transforming the Kingdom into a powerhouse major industrial.
He added that the agreement will greatly diversify the investment portfolio of Nusaned Investment Company by focusing on one of the unique and promising sectors.
On the other hand, Meshary Al-Ali, founder and CEO of Golden Compass Mining Services Company, said that this agreement will help consolidate the company’s presence locally, open doors to regional markets and finance its future growth in the mining sector.
To complete the meetings of the #Saudi_South_African_Investment_Forum in Pretoria, the President of the Republic of South Africa, His Excellency Mr. Cyril Ramaphosa, and a number of South African ministers and businessmen attended in Jeddah, Kingdom of Saudi Arabia to participate in the Saudi South African Investment Forum.
The meeting was opened by His Excellency the Minister of Investment, Mr. Khalid Al-Falih, and he welcomed the President of the Republic of South Africa, Mr. Cyril Ramaphosa, in the presence of their Excellencies and business leaders from both countries.
The #Saudi_South_African_Investment_Forum in Jeddah reviews the most prominent investment opportunities in various sectors, highlights the most important initiatives to support investors, in addition to discussing the various ways of partnership between the two countries.
In addition, a memorandum of understanding was also signed between Rasi Investment Group represented by Eng. Meshary Al-Ali (Chairman of the Board) and the South African MINTEK Laboratories Company represented by Dr. Molefi Motuku (CEO) to establish global metallurgical analysis laboratories in Saudi Arabia with an estimated value of 25 million riyals.
The agreement aims to:
The CEO of Rasi Investment Group, Eng. Meshary Al-Ali, member of the National Committee for Mining and member of the Advisory Committee of the Mining Department at King Abdulaziz University, presented an introductory meeting through the Zoom program for graduates of the Saudi Technical Institute for Mining and employees of DRA Company, an introductory meeting about The Future of Mining Sector.
The meeting dealt with some of the most prominent aspects in the mining sector and the future of the mining sector in the Kingdom of Saudi Arabia, and the most important foreign and local investments in the mining sector, as well as the most important academic specialties and professional certificates related to the field of mining and career development.
The meeting concluded with a number of attendees’ questions and motivational and inspiring words from the CEO to the recent graduates from this important and vital sector, which is one of the pillars of the economy in the Kingdom’s Vision 2030.