gulf nations bet
Despite holding over half of the world’s critical minerals, Africa has seen mining deal values plummet by 79% in five years due to persistent risk perceptions. This starkly contrasts with Latin America’s boom, leaving vast reserves of copper, lithium, and nickel underexplored. Now, Gulf nations are stepping in to reverse this trend. Through major state-backed investment vehicles, Saudi Arabia and other Gulf countries are targeting Africa’s mineral wealth to secure resources for the global energy transition. This strategic pivot, highlighted in a recently released McKinsey report, could unlock a “super region” spanning Africa, Western Asia, and Central Asia. This super region hosts more than half of the planet’s critical mineral reserves but remains the least explored. If Gulf investors succeed, Africa’s mining fortunes could be due for a reset.
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