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In case the sector of Solar energy was smallthe Persian Gulf wants to continue expanding his empire and now points to the extraction and trade of metals.
Expanding sectors. The companies between Oman, United Arab Emirates and Saudi Arabia They have created Specialized units in metal marketing. On the one hand, International Resources Holding (IRH) in Abu Dhabi and Minerals Development Oman (MDO) have focused on energy and metal control. On the other hand, the Saudi country, through Ma’aden and the Public Investment Fund (PIF), has driven Its mining sector with new commercial strategies towards critical minerals.
The look in the metals. The global raw material trade has changed in recent years, displacing traditional centers such as London and Geneva towards the Middle East, especially Dubai. Great oil traders, such as Vitol, Mercuria and Gunvor They have expanded Its metal business, and the Gulf states seek to position themselves in this market. With greater control over marketing, these countries can ensure better prices for their resources and strengthen their presence in the global supply chain.
The expansion strategy. To consolidate their presence in the sector, companies such as International Resources Holding (IRH) and Minerals Development Oman (MDO) have created specialized commercial teams. Irh, based in Abu Dhabi, He has hired to 60 people to handle energy and metal trade, while MDO is in the process of establishing a unit of 25 people. At the same time, the Saudi Mining Fund Manara plans to form its own commercial team to ensure the supply of critical minerals.
In addition to reinforcing their commercial capacities, these countries have made key investments in mining. IRH has acquired a 51% share in the Mopani copper mine in Zambia, and Abu Dhabi, through ADQ, has signed a joint company of 1.2 billion dollars with Orion Resources. Oman, on the other hand, has reactivated copper extraction in his lasail mine and seeks to better organize the plaster and chromite market to maximize income.
Towards other booming markets. The Persian Gulf is exploring other areas such as renewable energies, artificial intelligence and nuclear energy. Countries like United Arab Emirates and Saudi Arabia They are promoting solar projects massive and the development of green hydrogen, with the expectation that more than 30% of its energy capacity comes from renewable sources in the next five years.
Saudi Arabia has also seen an opportunity in The resurgence of nuclear energy And seek to lead the uranium sector, ensuring its role in the global supply. At the same time, the country has sealed Strategic agreements in AIwith projects like Neom that seek to position it as a key actor in the technological revolution.
Global ambition. The gulf bet for metal trade is just one more piece in its strategy to become a key actor in the global economy. With the rise of the energy transition and the reconfiguration of international trade, the region seeks not only to diversify its income, but also consolidate its influence in strategic sectors. Oil gave them power; This new diversification is your insurance to continue like this for decades.
Image | Unspash and Corey Poppe
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