
Founders Gather to Launch the National Arab Mining Company and Downstream Industries in Line with His Majesty King Abdullah II’s Economic Modernization Vision
January 3, 2024
In a wide-ranging interview with CNBC on the future of mining and the global economy, the CEO of the National Arab Mining Company and Downstream Industries (NAMC) emphasised that minerals are the backbone of industrialised economies, playing a critical role in military industries.
He pointed out that China currently controls around 80% of global mineral supply chains, largely through its acquisition of numerous mines worldwide. This dominance, he stressed, makes securing mineral resources a strategic priority for nations.
Regionally, the CEO highlighted that Jordan’s Economic Modernisation Vision includes several key initiatives to support the mining sector. These include the establishment of a Geological Survey Authority and a Geological Data Bank, both of which aim to enhance the investment environment and unlock new growth opportunities. He also noted that Saudi Arabia has designated mining as the third pillar of its economy under Vision 2030, reflecting growing regional momentum toward leveraging natural resources as drivers of sustainable development.
The CEO concluded by stating that NAMC was established through Jordanian-Arab cooperation to actively support the goals of the Economic Modernisation Vision and to position Jordan as a regional hub for mining and mineral-based industries.