Saudi Mining Vehicle Shifts Strategy Away From Global M&A

A Saudi firm that was to be a key vehicle for the kingdom to invest in foreign mining assets is shifting its strategy away from global acquisitions, people familiar with the matter said, as the Gulf country increasingly prioritizes building up its domestic economy.

Manara Minerals Investment Co. — initially tasked with snapping up stakes in mines overseas and funneling the raw materials back to the kingdom for processing — now plans to pursue joint ventures or partnerships with trading firms and make debt investments, the people said, declining to be identified disccussing confidential matters.