A major critical minerals agreement is close to being finalised between the US and Ukraine, potentially ensuring Washington's support for the country, which has been engaged in war with Russia for the past three years.
However, a more important minerals partnership may be emerging between the US and Middle Eastern states, particularly Gulf countries, which could play a crucial role in Washington’s efforts to reduce reliance on China as trade tension mounts, experts and industry sources told The National.
China, the world’s second-largest economy and manufacturing hub, controls a major portion of the world's critical mineral reserves, and dominates the processing and refining of these materials, which are key to a wide range of modern technology and industry, from smartphones to military equipment.
Over the past few decades, the country has developed highly integrated supply chains, covering everything from mining and processing to manufacturing, including electric vehicles, renewable energy equipment and consumer electronics.
The US is currently trying to close the gap, and while it has access to critical minerals domestically and through allies, it severely lacks the processing infrastructure needed to refine them into materials for its massive tech and defence industries.
China dominates rare-earth production, controlling up to 90 per cent of global capacity, and uses this dominance to exert leverage through export bans and trade restrictions.
Analysts and industry participants say investors in New York and London are all about quick returns, while Chinese state-backed companies are willing to think long-term, investing in projects that could pay off down the road – even if they take a hit in the short term.
Gulf nations, rich in capital and seeking to diversify beyond oil, are well positioned to play a key role in America's investment and 'friendshoring' efforts, which involve moving manufacturing to allied or friendly countries.
“Many of the leadership in the Gulf, and even some of the companies have the ability to think a bit longer-term and a bit more strategically … and that gives them more of an ability to think more on a systems level,” said Patrick Barnes, vice president, and head of metals and mining consulting at Wood Mackenzie.
"So, the opportunity is there for certain western groups and Gulf powers to say, 'Hey, let’s cut through the noise. We all know what needs to be done here. We know it can be profitable, but we need to think about it at a systems level,'” Mr Barnes told The National.
The Emirates and Saudi Arabia have been exploring or investing in mining projects in Africa and Latin America, regions abundant in critical minerals. They are also prioritising the development of domestic processing capabilities to reduce reliance on foreign suppliers and add value to their economies.
“The US is not going to reduce reliance on China for key critical minerals needed for national and economic security alone,” said Gracelin Baskaran, director of the critical minerals security programme at the Centre for Strategic and International Studies.
“With their financial resources, political commitment and swift advancements, Gulf countries must play a central role in a friendshoring strategy to strengthen supply chain resilience,” she told The National.
ADQ-Orion JV strikes deal
Recent developments, such as a $1.2 billion joint venture between Abu Dhabi holding company ADQ and New York-based Orion Resource Partners, highlight the growing collaboration in this sector. The venture aims to invest in metals and mining, securing supply chains for critical minerals.
Philip Clegg, Orion’s managing partner, told The National that while $1.2 billion is the current headline figure, they are already discussing investments that would exceed that amount.
The joint venture, which will invest predominantly in emerging markets, will begin with a "relatively small" investment in Morocco's copper sector, Mr Clegg said, without revealing further details.
“Whilst this initial deal is actually quite small, it's paving the way for a series of other deals that would be for part of the consolidation strategy,” he said.
The venture is also open to investing in processing and refining facilities in the Middle East but will focus mainly on mining assets because “that’s where the supply crunch really is”, he added.
The UAE is already home to a large aluminium sector, and state-owned Emirates Global Aluminium is the country’s largest industrial company outside the oil and gas sector.
Affordable electricity, sourced largely from natural gas, solar and nuclear power, has fuelled the industry's growth.
"The key question … is which critical minerals and parts of their value chain require strengths that the UAE has or can develop. And unsurprisingly, that is likely to be centred around energy or energy-adjacent sectors," Mr Barnes said.
By 2030, the UAE plans to increase the mining sector's contribution to its non-oil GDP to 5 per cent and expand the number of mining companies operating within the country by 10 per cent.
Unlike the UAE, Saudi Arabia is rich in untapped mineral resources, estimated at $2.5 trillion. These include significant deposits of gold, copper, phosphate, iron ore and rare-earth elements.
The kingdom is also actively exploring and acquiring international mining assets through its sovereign wealth Public Investment Fund and its joint venture, Manara Minerals.
Domestically, Ma'aden, a state-run mining company, is leading Saudi Arabia's mining development. In 2023, Ma'aden teamed up with US-based Ivanhoe Electric to explore for metals within the kingdom's mineral-rich Arabian Shield region.
Saudi Arabia is also attracting midstream investment, with India’s Vedanta recently committing $2 billion to copper projects, including a smelter and refinery.
Deep reliance
Over the past few years, the Biden administration had introduced several key legislative acts to reduce US reliance on China for critical mineral supply chains. These include the Inflation Reduction Act (IRA), the Infrastructure Investment and Jobs Act, and the CHIPS and Science Act.
In addition to these domestic policies, the US government has also established two international partnerships to enhance mineral security.
The Minerals Security Partnership, a collaborative forum, includes nations from Europe and East Asia, as well as Australia, Canada and India.
Meanwhile, the IRA provides electric vehicle tax credits to countries that have either free trade agreements or critical minerals agreements with the US.
Despite these initiatives, the US continues to be heavily dependent on China for essential critical minerals, vital for national, economic and energy security. China remains the primary supplier for 24 of the 50 minerals designated as critical by the US Geological Survey.
An F-35 aircraft, which is manufactured by American defence company Lockheed Martin, requires about 410kg of rare-earth elements, according to the US Department of Defence.
In response to US tariffs, China recently restricted exports of five key metals used in defence and clean energy.
China has introduced strict export controls on "dual-use" technology and has enacted a full ban on shipments of antimony, gallium and germanium to the US.
Trump creates opportunities and challenges
Although US President Donald Trump could curb domestic demand for critical minerals by rolling back renewable energy and electric vehicle-friendly policies like the IRA, these minerals are currently a key focus of his foreign policy.
On Tuesday, Mr Trump announced the US and Ukraine had reached a draft agreement on critical minerals, which he estimated could be worth about $1 trillion.
Analysts believe Ukraine's proposed deal is a strategy to ensure support from the Trump administration, especially given worries about US-Russia diplomacy regarding the war.
Geopolitical tension complicates talks but could also spur deals, as multi-issue negotiations may lead to compromises otherwise thought impractical, experts said.
“Looking at the current transactional approach of the Trump administration, there is definitely room for a proactive critical minerals policy and co-operation with Gulf states,” Cyril Widdershoven, an analyst at the think tank Strategy International, told The National.
He said the Gulf could emerge as a potential investor in Ukraine's critical mineral assets, a step that might strengthen the region's alignment with Mr Trump’s strategic interests.
US-Gulf economic relations are expected to grow under Mr Trump, who has built strong connections with regional leaders through his business ventures and previous stint in the White House.
However, his plan to annex Gaza has faced widespread criticism in the Arab world, straining these ties and potentially jeopardising a deal to establish relations between Israel and Saudi Arabia.
For the US and Gulf to team up on critical minerals, Washington needs to adopt a more “balanced” foreign policy, Ms Baskaran said.
“When President Trump was elected, he had strong backing from allies such as Saudi Arabia. With the right foreign policy approach, Saudi Arabia could provide substantial investment, foster minerals co-operation and contribute to stability in the Middle East. Taking over Gaza is not an option,” she added.
“Gaining control of Gaza would not promote economic collaboration or partnerships in the mineral sector.”
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
The%20Woman%20King%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Gina%20Prince-Bythewood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Viola%20Davis%2C%20Thuso%20Mbedu%2C%20Sheila%20Atim%2C%20Lashana%20Lynch%2C%20John%20Boyega%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E153hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E200Nm%20at%204%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E6-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E6.3L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh106%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m, Winner: Zalman, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,600m, Winner: Hisham Al Khalediah II, Fernando Jara, Mohamed Daggash.
6pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: Qader, Adrie de Vries, Jean de Roualle
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 (T) 1,600m, Winner: Mujeeb, Fabrice Veron, Eric Lemartinel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,600m, Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,600m, Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly
8pm: Handicap (TB) Dh100,000 (T) 1,400m, Winner: Nayslayer, Bernardo Pinheiro, Jaber Ramadhan
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
UAE finals day
Friday, April 13
Rugby Park, Dubai Sports City
3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Racecard
%3Cp%3E6pm%3A%20The%20Madjani%20Stakes%20%E2%80%93%20Group%202%20(PA)%20Dh97%2C500%20(Dirt)%201%2C900m%3Cbr%3E6.35pm%3A%20Graduate%20Stakes%20%E2%80%93%20Conditions%20(TB)%20Dh100%2C000%20(D)%201%2C400m%3Cbr%3E7.10pm%3A%20Longines%20Dolcevita%20Collection%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C400m%3Cbr%3E7.45pm%3A%20Longines%20Legend%20Driver%20Collection%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C600m%3Cbr%3E8.20pm%3A%20Longines%20Master%20Collection%20%E2%80%93%20Handicap%20(TB)%20Dh105%2C000%20(D)%201%2C200m%3Cbr%3E8.55pm%3A%20Longines%20Record%20Collection%20%E2%80%93%20Handicap%20(TB)%20Dh87%2C500%20(D)%202%2C200m%3Cbr%3E9.30pm%3A%20Longines%20Spirit%20Collection%20%E2%80%93%20Handicap%20(TB)%20Dh87%2C500%20(D)%201%2C600m%3C%2Fp%3E%0A
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
COMPANY%20PROFILE
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Zayed Sustainability Prize
MATCH INFO
Norwich 0
Watford 2 (Deulofeu 2', Gray 52')
Red card: Christian Kabasele (WatforD)
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
'Champions'
Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Series information
Pakistan v Dubai
First Test, Dubai International Stadium
Sun Oct 6 to Thu Oct 11
Second Test, Zayed Stadium, Abu Dhabi
Tue Oct 16 to Sat Oct 20
Play starts at 10am each day
Teams
Pakistan
1 Mohammed Hafeez, 2 Imam-ul-Haq, 3 Azhar Ali, 4 Asad Shafiq, 5 Haris Sohail, 6 Babar Azam, 7 Sarfraz Ahmed, 8 Bilal Asif, 9 Yasir Shah, 10, Mohammed Abbas, 11 Wahab Riaz or Mir Hamza
Australia
1 Usman Khawaja, 2 Aaron Finch, 3 Shaun Marsh, 4 Mitchell Marsh, 5 Travis Head, 6 Marnus Labuschagne, 7 Tim Paine, 8 Mitchell Starc, 9 Peter Siddle, 10 Nathan Lyon, 11 Jon Holland
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
The%20specs
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