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With a change of leadership, more macroeconomy savvy approach and an embrace of new technologies, Oman has found a private sector-led recipe for diversification that should prepare it for life beyond hydrocarbons dependence.

A unit of International Holding Company (IHC), an investment company chaired by UAE national security adviser Sheikh Tahnoun Bin Zayed Al-Nahyan, was announced as the winning bidder for a stake in Zambia’s loss-making Mopani Copper Mines (MCM) in early December.

A Dubai-based company backed by a well-connected but relatively low-profile member of Dubai's ruling Al-Maktoum family has been signing deals across Africa to generate carbon credits – while generating some controversy in the process.

As the UAE extends its interests in mining and other sectors across Africa, state minister for foreign affairs Sheikh Shakhbut Bin Nahyan Al-Nahyan has been meeting leaders around the continent.

A contract signed in December has given the well-connected UAE company Primera Group the right to export and process much of Democratic Republic of Congo's artisanal gold, attracting scrutiny and criticism inside and outside the African country.

Saudi Aramco announced late April that a first shipment of low-carbon ammonia had arrived in Japan, where it will be used for power generation. The ammonia was produced by Sabic Agri-Nutrients, with feedstock from Aramco, and was sold to Fuji Oil Company for use at its Sodegaura refinery in Chiba, east of Tokyo.

Hydrogen Oman (Hydrom), a subsidiary of state-owned Energy Development Oman (EDO), signed six term-sheet agreements with developers to invest in green hydrogen projects worth more than OR20bn ($52bn) and involving some 15GW of renewable energy capacity.

Iranian officials have announced a large lithium discovery in Hamedan province, south-west of Tehran. Iran is planning to seek international expertise to develop the reserves and to tap private sector investment, but the search for overseas partners will be complicated by US sanctions on the mining sector.

A project to build a port in Al-Mahra governorate to export limestone was approved by the Yemeni government in early January, but has sparked criticism from locals.

Oman's state energy company OQ signed an agreement with Saudi giant Sabic and Kuwait Petroleum International (KPI) in late December to develop a jointly-owned petrochemicals complex in the special economic zone at Duqm (Sezad).

Saudi Arabian Mining Company (Maaden) has set up a joint venture with the sovereign Public Investment Fund (PIF) to invest in iron ore, copper, nickel and lithium assets around the world

Saudi Prince Waleed Bin Nasser Bin Fahd, from the ruling family’s Al-Faisal/Farhan branch, spoke about the development of the kingdom’s food sector at the early November Gulfood Manufacturing conference in Dubai.

Saudi Arabia’s Ajlan & Bros Holding Group plans to set up a mining and metals exchange in a joint venture with National Stock Exchange of Australia (NSX), which could serve to deepen the local market and continue the family-owned conglomerate’s rapid growth.

QatarEnergy is to develop the world’s largest blue ammonia project via its QatarEnergy Renewable Solutions (QRS) and Qatar Fertiliser Company (Qafco) subsidiaries. A $1bn engineering, procurement and construction contract was signed in late August for the Ammonia-7 project with ThyssenKrupp and Consolidated Contractors Company.

The UAE’s state-owned Khalifa Industrial Zone Abu Dhabi (Kizad) signed a lease agreement on 6 September with NWTN (pronounced Newton) for an electric vehicle (EV) assembly plant in the industrial area. The plant will initially produce cars from kits manufactured in China. The first phase is due to be completed this year, with a production capacity of 5,000-10,000 EVs a year. A second phase could take output to 50,000/yr by Q1 2024.