Can you give us a brief overview of Embellie Advisory?

Embellie Advisory was founded nearly 15 years ago in the Arab Gulf, focusing on supporting regional Sovereign Wealth Funds and family offices’ investments. We specialize in assessing and mitigating above-the-ground risks, particularly in the energy transition and critical minerals sectors, through local partnerships and comprehensive ESG strategies.

In recent years, we have had the honor of supporting the Saudi Ministry of Industry and Mineral Resources, contributing to the country’s global mining and mineral processing strategy.

How is Embellie helping build a sustainable mining and processing jurisdiction with the Ministry of Industry and Mineral Resources?

We act as a bridge between the Ministry and global companies looking to engage with the country’s mining and processing sectors. Our role is to help both sides understand how to partner effectively. We assist the Ministry in identifying the companies with the best track record and experience while we guide investors, mining companies, and service providers in understanding how to navigate Saudi Arabia’s business and regulatory environments. We have helped several companies to set up operations in Saudi Arabia and find local partners, successfully participate in license bids, and grow their operations in the Kingdom. In parallel, we have supported the Ministry’s promotion effort across the Americas, Africa, Europe, Central Asia, and as far as Australia. We also built a strong expertise in sustainable mining practices that we help translate into local regulations and in existing exploration and processing operations, advising mining companies on their social and environmental impact management programs.

How would you assess the Saudi mining industry, and where do you see room for improvement?

Saudi Arabia is the last largely untapped mining region, with huge potential. The commitment of the government to support the development of sustainable mining operations as part of Vision 2030 and beyond is clear, as the sector holds strong capacities to support the Kingdom’s economic diversification efforts and geopolitical aspirations.

Many mining projects are still, however, in the early stages of development, and a lot of groundwork is needed. Yet, the Saudi government has demonstrated a strong commitment to supporting junior explorers and mining operators, fast-tracking permitting, and providing a large range of financial incentives. These include hefty grants to pay for early exploration work as well as covering a large part of Saudi nationals’ and expats’ salaries to boost job creation. Another key sign of the strong governmental support is the fact that competitive mining royalties nourish a Mining Fund that will finance new incentives for operators and junior miners.

The ministry’s decision to dedicate a sizeable part of the mining license bid evaluation to the quality of social and environmental impact management programs is a clear signal that mining companies need to adopt the most ambitious ESG practices. This forward-thinking approach and the encouragement to involve local communities in the diversified development of mining territories reduces the risk of opposition to mining operations witnessed in most mature mining jurisdictions globally, where failure to secure a lasting social license to operate has hampered mining development and scared away investors.

What advice would you give to foreign companies looking to KSA?

International mining companies can register in Saudi Arabia and work independently, winning auctions or claiming first come, first served licenses. However, building partnerships with local Saudi consortiums can prove to be a smart move.

What role do you see Saudi Arabia playing in the energy transition?

Saudi Arabia’s role in the energy transition is not limited to the mining of critical minerals but also includes the development of a comprehensive hub for mineral processing. Through the building of smelting and transformation capacities to supply global markets, the country is on its way to becoming a central economic and geopolitical actor in the global mineral processing chains.

With its competitive energy prices, business-friendly regulations, and strategic location, Saudi Arabia is positioning itself as a key player in energy transition and global mineral security. The Kingdom already made strong moves, with partnerships to process minerals from the mega region and ambitious plans to produce EV batteries.