New Delhi, July 2 -- RIYADH - Saudi Arabia has spent four years declaring minerals the third pillar of its economy. It has yet to build the exchange that would let the world price those minerals.

the new exchange must offer metals derivatives contracts, a financial layer that currently does not exist inside Saudi borders.

The announcement fills a telling gap. Saudi Arabia now accounts for significant mineral reserves across copper, gold, lithium, and phosphate - assets that Vision 2030 has catalogued with increasing precision under the National Mining Strategy - yet none of those commodities are priced domestically. Global pricing for the raw materials beneath the Arabian shield is conducted in London, Chicago, and Shanghai. A Saudi min...