Gulf mining firms see promising opportunities in metal markets
Mining companies in Oman, the UAE and Saudi Arabia are planning to launch metal trading firms to tap the growing demand, the FT reports
An employee grasps phosphate granules at the Ma'aden Aluminium Factory in Saudi Arabia (Getty Images)
As Gulf states seek to reduce their dependence on oil sales, they’re finding new markets for copper, lithium and other metals needed for the energy transition.
Mining companies in Oman, the UAE and Saudi Arabia are planning to launch metal trading firms to tap the growing demand, the Financial Times reports.
Abu Dhabi-based International Resources Holding, a mining company that is part of a conglomerate chaired by Sheikh Tahnoon bin Zayed, has hired a 60-person trading unit to handle energy and metals.
Minerals Development Oman, the state-owned mining company, is also in the process of hiring a top executive to lead a 25-person trading team, the FT says.