As the clean energy transition takes off, the region’s biggest players are making sure they have a seat at the table.

Oil may be the lifeblood of many Middle Eastern economies, but some of the region’s biggest players are now setting their sights on another booming energy sector: critical minerals. 

Minerals such as lithium, cobalt, and rare earths power the world’s clean energy technologies and electric vehicle batteries. As these resources take center stage with the clean energy transition, oil-rich countries such as Saudi Arabia and the United Arab Emirates (UAE) are also ramping up investment in critical minerals supply chains in a bid to diversify their economic portfolios and carve out a stake in the growing industry.

“This is not about replacing the bedrock of their economic engine away from oil to minerals,” said Ahmed Mehdi, managing director at Renaissance Energy and a visiting fellow at the Columbia University Center on Global Energy Policy. “This is more about making sure that they have a seat at the table in the energy transition, especially given how geopolitically charged this industry is.” 

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