A report by Lea Fayad, English adaptation by Nadine Sassine
Question: What is the first term that comes to mind when we mention the Gulf countries?
Most likely, the majority will say oil.
But today, it seems that there is another word entering the scene: minerals.
How?
Let's go to Africa.
There, we can find more than 40% of the world's reserves of minerals such as cobalt, manganese, graphite, copper, lithium, and other minerals essential for clean energy industries such as batteries, solar and wind energy equipment, electric cars, and more.
Therefore, Gulf countries, which are seeking to diversify their economies away from oil and towards clean energy, are eyeing Africa and its minerals.
The latest step was the purchase by the UAE of a copper plant in Zambia, specifically through a unit owned by Abu Dhabi's largest company by value, International Holding Company, which acquired 51% of the plant.
Saudi Arabia is also entering the race of minerals.
Its Vision 2030 aims for the mining sector to become a fundamental industrial pillar.
This is not only through investing in its local minerals but also through benefiting from external resources, specifically in Africa.
Riyadh has signed agreements worth more than $500 million with African countries in the fields of minerals, renewable energy, and food manufacturing.
Oman is also part of the wave, importing iron ore from Cameroon with the aim of building what could be the world's largest environmentally friendly iron plant on its territory.
These steps are evidence of the Gulf's attempt to break China's current dominance in the processing of minerals in Africa (according to the Financial Times).
It will help the continent's countries address their financing problems.
With significant Gulf money and important African resources, observers see an opportunity to create a super region that could become a major global player in the fields of minerals and transition to green energy.