A deal worth 2.6 billion dollars that Saudi Arabia announced last week hints at the new direction the kingdom is going: becoming a major player in the global metals market.
The deal gave Saudi Arabia a 10% stake in the Brazilian company Valley, which is considered one of the world's most important suppliers of nickel and copper - essential metals needed for decarbonization. At the same time, Saudi Arabia is interested in investing in a large copper mine in Pakistan.
The Saudi move comes with the sharpening of the issue of controlling the goods needed for the decarbonization of the world's economies, an issue that preoccupies the US and Europe.
For years, China has been the leading consumer of these goods and also the main source of financing, as it sought to ensure a stable supply for its industry. But as tensions with the West increased, the mining industry began to look for other sources of funding and this is where the Saudis come into the picture.
They are interested in acquiring ownership of global mining assets which will ensure the kingdom access to these strategic trades. This move also serves the Saudi plans to develop the local mining sector as part of efforts to diversify the economy.