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Saudi Fund for Development Signs Agreement in Oman

Saudi Fund for Development signs agreement with Oman Development Bank
Saudi Fund for Development signs agreement with Oman Development Bank
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Saudi Fund for Development Signs Agreement in Oman

Saudi Fund for Development signs agreement with Oman Development Bank
Saudi Fund for Development signs agreement with Oman Development Bank

The Saudi Fund for Development (SFD) signed in Oman on Thursday a development finance agreement with the Oman Development Bank worth $53.33 million.

This move is part of the $150-million support program provided by the Government of Saudi Arabia through the Saudi Fund for Development for Oman.

The agreement was signed with the bank by the co-chairs of the Saudi-Omani joint committee for the management of the program to support small and medium enterprises (SMEs) in Oman. Saeed al-Qahtani represented the SFD from the Saudi side, and Zahir Al-Abri and Acting CEO of the Oman Development Bank Hamad Al Harthy represented the Omani side.

The agreement aims to support the initiatives of the Oman Development Bank in the financing activities of SMEs and enhance social and economic growth.

Further, it creates jobs in various states and governorates of Oman.

These projects and programs contribute to achieving joint visions and ambitions to serve social prosperity and economic growth in Oman.

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Kuwait's KPC CEO Says Oil Production Capacity Exceeds 3 Million Bpd 

A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
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Kuwait's KPC CEO Says Oil Production Capacity Exceeds 3 Million Bpd 

A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)

Kuwait's oil production capacity now exceeds 3 million barrels per day, Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud al-Sabah told reporters on Tuesday.

The country's oil production capacity was at more than 2.8 million bpd in June last year, Ahmad Jaber Al-Eidan, the CEO of KPC subsidiary Kuwait Oil Company (KOC), said at the time.

Kuwait aims to boost its oil output to 4 million bpd by 2035, having previously missed a goal of reaching that level by 2020.

Commenting on US President Donald Trump's views on fossil fuels, Sheikh Nawaf said there is no alternative to oil as a primary source of energy, "neither now nor in the future".

"Perhaps this is what President Trump and officials in the United States have realized, that there must be continued exploration and production of oil, and this is what we reflect here in Kuwait. We know that demand for Kuwaiti oil will increase in the future."

Trump signed a flurry of orders within hours of his inauguration on Monday intended to boost the United States' already record-high oil and gas production.

Al-Eidan said KOC aims to reach "full production" from discovered offshore fields within eight to 10 years.

Of the 4 million bpd of oil production capacity Kuwait is targeting by 2035, 350,000 bpd of capacity is expected to come from an area called the Neutral Zone, jointly operated with Saudi Arabia.

Kuwait last year said it had made a "giant" oil discovery with estimated reserves of 3.2 billion barrels. It said on Monday it had found 800 million medium-density oil barrels and 600 billion standard cubic feet of associated gas offshore.

Sheikh Nawaf said Kuwait has completed engineering studies for the Durra gas field and is proceeding according to a plan agreed with Saudi Arabia.