Major companies in Oman, Abu Dhabi, and Saudi Arabia are stepping into metal trading as Gulf states seek to capitalize on the growing demand for critical minerals while reducing their dependence on oil and gas.
Abu Dhabi’s International Resources Holding (IRH), part of a conglomerate chaired by Sheikh Tahnoon bin Zayed Al Nahyan, has already built a 60-person trading unit handling both energy and metals. Similarly, Oman’s state-owned Minerals Development Oman (MDO) is in the process of hiring a team to lead its own trading operations.
This strategic shift aligns with broader efforts to integrate the region into global supply chains for key materials such as copper, lithium, and iron ore—resources essential to the energy transition. Many of the world’s largest commodity traders, including Vitol, Mercuria, and Gunvor, have also expanded their metals trading operations, reinforcing the Middle East’s role as an emerging trading hub.
Oman, whose oil production is modest compared to its Gulf neighbors, plans to streamline its exports of chromite and gypsum through MDO’s new trading unit. The move follows the revival of copper extraction from the Lasail mine after a 30-year hiatus. MDO’s CEO, Mattar Al Badi, emphasized that better organization of exports would help Oman maximize returns.
In Abu Dhabi, IRH has begun trading base metals, energy products, and iron ore, while developing a proprietary portfolio spanning global commodities and structured transactions. The company made a high-profile entry into the mining sector in 2023 with its $1.1 billion purchase of a 51% stake in Zambia’s Mopani copper mine.
Meanwhile, Saudi Arabia—home to the world’s largest oil reserves—is heavily investing in domestic mining as part of its broader economic diversification strategy. State-owned Ma’aden, in partnership with the Public Investment Fund (PIF), oversees Manara, a mining investment vehicle tasked with securing critical minerals for the kingdom. However, traders note that Manara has yet to begin receiving metals from Vale Base Metals, in which it holds a 10% stake, due to delays in establishing its trading team.
The Gulf’s growing interest in metals is further underscored by Abu Dhabi’s sovereign investor ADQ, which recently announced a $1.2 billion joint venture with Orion Resources to invest in copper, iron ore, and other key minerals.
As Gulf states seek to cement their position in global commodity markets, their metal trading ambitions mark a significant shift in economic strategy—one that extends beyond oil and toward the industries shaping the future.
