Saudi Arabia’s Commodities Exchange

The exchange positions Saudi as an international hub for minerals.

Image: WSJ

Last week, Asharq Business reported on a Saudi initiative to establish a commodities exchange in Riyadh. A collaboration between the Ministry of Industry and Mineral Resources and the financial sector in the Kingdom, it represents a strategic shift in Saudi Arabia’s economic diversification agenda under Vision 2030. This move builds on recent intra-Gulf cooperation and localisation efforts following Iran’s strikes, including the all-Saudi $8.3 billion green energy deal and Qatar’s approval of the GCC railway. Together, these developments signal a broader trend of Gulf states seeking greater economic autonomy and regional integration to reduce external vulnerabilities.

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This initiative reflects Saudi Arabia’s ambition to assert greater control over its economic destiny. By establishing a commodities exchange, the Kingdom seeks to localise price-setting mechanisms, traditionally dominated by global hubs like London or New York. This aligns with the Gulf’s post-Iran strike recalibration, where regional security concerns have accelerated efforts to insulate economies from external shocks. The $8.3 billion green energy deal, entirely Saudi-funded, underscores a commitment to self-reliance in critical sectors, while Qatar’s GCC railway approval fosters connectivity, facilitating intra-regional trade. Together, these initiatives suggest a Gulf-wide push to reduce dependence on Western markets and strengthen economic sovereignty.