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In a new episode of Marketplace Middle East, CNN’s Eleni Giokos attends the Dubai World Cup to explore the tradition, talent, and ambition driving its future. Firstly, she visits Mansourah Massarah mine to see how Saudia Arabia is seizing on a golden opportunity.
For decades, oil has been Saudi Arabia’s most prized resource, transforming the kingdom’s economy. But Saudi Arabian mining company, Ma’aden, has discovered that hidden beneath the earth lies valuable gold ore. The Executive VP of base metals and new minerals business, Duncan Bradford, reflects on the company’s aims last year, "We’re aiming to produce 320,000 ounces in 2024. This plant was commissioned two years ago. The benefit of Ma’aden, is very different to the other operations in the Ma’aden group. This is one of seven mines, six gold mines, one copper mine, four open pit mines, and three underground mines."
For every ton of rock removed, only 2 to 3 grams of gold are extracted. Bradford explains the economic side of this process, "Our all-in sustaining cost is around $1,400 mark per ounce. So comparative with other competitors, we are sitting very well, but when we do studies on such mines like this, we are quite conservative and we use a low gold price to give us a good buffer to allow for any stock market or price drops or commodity price increases."
Khalid Almudaifer, from the Ministry of Industry and Mineral Resources, takes a look into how gold may fuel Saudi Arabia’s future, "We have a great offering in Saudi Arabia. We built many businesses based on collaboration and partnership. And that is what we are going to build on. The world needs more minerals, therefore the more the merrier and we will provide an extra or supply that the world would need."
Another highly economic industry is horse racing. Giokos attends the Dubai World Cup to look into Dubai’s investment in the sport and the Emirate’s place on the global racing map. The CEO of Dubai Racing Club, Ali Al Ali, is leading efforts to ensure Dubai remains a key player in the billion-dollar racing industry. He tells Giokos, "Dubai World Cup does impact a lot on the economy and the finances of Dubai. It brings in a lot of tourists. It brings in a lot of high-net-worth individuals into Dubai, whether they’re horse race owners or they’re horse racing enthusiasts."
He continues on what it might take to become the top racing destination, "It’s going to take a lot of work, and we have come very far from where we were 29 years ago and with the blessings and directions and vision of Sheikh Mohammed bin Rashid Al Maktoum, it’s all about partnering up with other jurisdictions. And our main goal is to sustain the sport and to grow it together and not thinking of Dubai World Cup as a night that only precedes everyone else. We like to win and we like to win together."
Winning isn’t just about breeding, it’s about precision, training, and strategy. CNN’s Salma Abdelaziz goes inside one of Godolphin’s UK stables to see what it takes to build a champion. Godolphin’s lead trainer, Charlie Appleby, shared with Abdelaziz what it takes to run one of the most successful horse racing operations in the world, "It requires that the first thing is the raw product itself, it is the horse at the end of the day, he’s the athlete that has to go out there and put his heart on his sleeve."
The Dubai World Cup is one of the richest races on the planet and to win it takes investment, strategy, and a whole lot of heart. Jockey William Buick says that what drives him is passion and the hunger to be the very best. He tells Abdelaziz "The position I’m in now, it enables me to ride the best horses in the world on a global scale, which is every jockey’s dream, and it was my dream growing up to be able to compete in all these races across the globe."
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