Gulf States' Attraction to Metals Continues

Gulf states are getting further involved in the metals & energy supply chain, setting up trading units for their own production and needs, and setting up funds to take stakes in mining companies and projects.

Abu Dhabi-based International Resources Holding, the mining company part of the conglomerate chaired by powerful Emirati royal Sheikh Tahnoon bin Zayed al-Nahyan, and owner of 51% of Zambia's Mopani Copper mine, has built out 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, according to MDO's chief executive, Mattar Al Badi.

Saudi Arabia's State-owned miner