Non-Profit Sector in Saudi Arabia Witnesses Rapid Growth in Early 2024

Non-Profit Sector in Saudi Arabia Witnesses Rapid Growth in Early 2024
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Non-Profit Sector in Saudi Arabia Witnesses Rapid Growth in Early 2024

Non-Profit Sector in Saudi Arabia Witnesses Rapid Growth in Early 2024

The National Center for the Development of the Non-Profit Sector in Saudi Arabia announced on Sunday the latest developments in the growth of the non-profit sector for February 2024.

The sector witnessed the registration of 56 private associations, eight private institutions, and 21 family funds in various priority development areas and several regions across the Kingdom.

The total number of registered non-profit entities in the Kingdom is now 4,656. The number of volunteers in 2024 has also reached over 113,000 in various fields, with over 4 million volunteer hours and 43,000 volunteer opportunities.

The center highlighted the continuous growth of the non-profit sector in terms of the number of non-profit entities, the number of volunteers, and the increase in the number of technical supervisory units in government agencies.

The center pointed to the progress achieved through the collaboration of all entities in the non-profit sector system and the development observed in the governance of non-profit entities, which achieved advanced levels of governance in 2023. This confirms the commitment of the sector's entities to comply with the targeted development roles.

As part of its supervisory and regulatory role, the center has issued decisions against several non-profit entities and individuals since the beginning of 2024. They included 11 warnings to civil associations, two decisions to dismiss the board of directors of a civil association, two decisions to reform the interim board of directors, the dissolution of two civil associations, and the start of their liquidation, and the referral of four civil associations to the Public Prosecution.

The center emphasizes the importance of non-profit entities' commitment to the rules and regulations, guidelines, and procedures governing the non-profit sector. It invites all non-profit entities to communicate through customer care channels via the unified call center 19918, its website, and its social media accounts.

The center stresses the need for integration between it and non-profit entities to contribute to the development of the non-profit sector and maximize the social and economic impact of the sector to achieve the desired national goals.

The National Center for the Development of the Non-Profit Sector aims to organize and activate the role of non-profit sector entities, expand them in development areas, and work on integrating government efforts in providing licensing services to these entities, financial and administrative supervision of the sector, and increasing coordination and support.



Will Escalation Stop Israeli Gas Production?

File photo of the Israeli Leviathan field (Reuters)
File photo of the Israeli Leviathan field (Reuters)
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Will Escalation Stop Israeli Gas Production?

File photo of the Israeli Leviathan field (Reuters)
File photo of the Israeli Leviathan field (Reuters)

The American energy giant Chevron, which operates the Leviathan field off the Mediterranean coast of Israel, has decided to suspend work on laying an underwater pipeline, part of its third pipeline project, due to the escalating conflict and fears of potential missile strikes. This follows the earlier closure of the Tamar and Leviathan gas platforms as a “precautionary measure” during the Iranian attack on Israel on Oct. 1.

These developments came as the Israeli newspaper Yedioth Ahronoth reported that the Leviathan field, located 130 kilometers off the coast of Haifa, was the target of a missile barrage fired by Hezbollah on Wednesday morning at Mount Carmel and Haifa. Chevron subsequently activated “special procedures,” stating that it was dealing with an operational incident on the drilling platform.

During last week’s Iranian missile attack, Yedioth Ahronoth noted that NewMed Energy, a partner in the Leviathan and Tamar gas fields (the latter located about 19 kilometers off the Gaza Strip coast), informed the Tel Aviv Stock Exchange of Chevron’s decision to temporarily shut down the Leviathan field for several hours.

“In light of the latest security developments and based on the system’s operational considerations, the operator occasionally halts production from the Leviathan reservoir for certain periods,” NewMed Energy, which holds a 45.3% stake in Leviathan, stated to the stock exchange.

Chevron holds a 39.6% stake in Leviathan, while Ratio Energies owns 15% of the project. Chevron also has a 15% stake in Tamar.

Leviathan’s partners approved a $429 million investment on Aug. 1 to launch the preliminary engineering design phase to increase Leviathan’s gas export capacity from the Mediterranean Sea field to 21 billion cubic meters annually.

NewMed Energy stated that Chevron had informed the partners that plans for laying the underwater pipeline have been postponed until Apr. 2025—initially scheduled to begin in the second half of 2025—due to the deteriorating security situation. The delay is expected to be at least six months, affecting next year’s projected cash flow.

Currently, gas from the platform is transported to the shore and integrated into Israel’s national grid, where it is distributed to Israel, Egypt, and Jordan.

The Leviathan field was discovered in 2010 by NewMed Energy, Chevron (then known as Noble Energy), and Ratio. Natural gas production from Leviathan began on December 31, 2019, and since then, it has become a key source of gas for Israel, Egypt, and Jordan.

The third pipeline project was initiated by the Leviathan partners in July 2023, aimed at boosting Leviathan’s annual production capacity from 12 billion cubic meters to around 21 billion cubic meters. This increase is intended to meet growing local demand and export to neighboring countries and international markets, according to NewMed Energy.

Israel continues to export gas through pipelines from Leviathan and Tamar to Jordan and Egypt. Israeli exports to Egypt rose from 4.9 billion cubic meters in 2022 to 6.3 billion cubic meters in 2023, while sales to Jordan remained steady year-on-year at 2.7 billion cubic meters. In the second quarter of this year, Leviathan’s total gas production reached 2.8 billion cubic meters, with exports to Egypt rising by 12.5% to 1.8 billion cubic meters during the same period, while 0.6 billion cubic meters flowed to Jordan, according to Energy Intelligence.

Goldman Sachs estimates that the potential global market impact of disruptions at Leviathan and Tamar could reduce global liquefied natural gas (LNG) supply by nearly 9 billion cubic meters annually, or 1.7% of global LNG supplies, according to a report by Energy Intelligence.