Prime Highlights:
- Middle Eastern investors are showing strong interest in rare earth and critical minerals, marking a major step in the region’s economic diversification.
- Critical Metals Corp CEO Tony Sage called the response from Gulf nations “phenomenal,” as they seek to join global mineral and energy supply chains.
Key Facts:
- Critical Metals Corp has partnered with Saudi Arabia’s Obeikan Group to build a large lithium processing plant in the kingdom.
- Gulf nations, led by Saudi Arabia and the UAE, are investing in critical minerals like lithium, copper, and cobalt to reduce oil dependence and strengthen new industries.
Background:
Mining leaders are seeing a strong rise in investment interest from the Middle East as Gulf countries work to diversify their economies and enter the critical minerals market. Tony Sage, CEO of U.S.-listed Critical Metals Corp, said the interest from the region has been “phenomenal,” showing that investors are eager to take part in the development and processing of rare earth materials.
Speaking during a business trip across the region, Sage noted that while there are limited rare earth discoveries in the Middle East, Gulf states are eager to invest in processing and value-added operations. His comments came as world leaders and business executives gathered in Riyadh for the Future Investment Initiative (FII), often referred to as “Davos in the Desert.” This year’s event focuses on unlocking new frontiers of growth, with an emphasis on artificial intelligence and sustainable industries.
Gulf countries, led by Saudi Arabia and the UAE, are aiming to become major partners in the world’s move toward clean energy. Experts say the Gulf’s increasing focus on minerals like lithium, copper, cobalt, and rare earths shows a long-term plan to rely less on oil and build a strong presence in new industries.
Critical Metals has joined hands with Saudi Arabia’s Obeikan Group to build a large lithium processing plant in the kingdom. Experts say partnerships like this could help the Gulf grow into a strong center for mineral refining and materials production.
Kevin Das, senior technical consultant at New Frontier Minerals, linked the rising demand for rare earths to the rapid growth of artificial intelligence and robotics. “Every robot needs these minerals, and as demand rises, supply will tighten,” he said.
Even with challenges like limited mining and reliance on foreign help, experts say this investment is a big step for the Gulf’s economy. It shows that Saudi Arabia and nearby countries want to play a major role in the world’s growing industries.
