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Iraq Signs Contracts to Develop 13 Exploration Blocks, Oil and Gas Fields

The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)
The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)
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Iraq Signs Contracts to Develop 13 Exploration Blocks, Oil and Gas Fields

The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)
The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)

Iraq has signed initial deals for 13 oil and gas exploration blocks and fields, the country’s oil ministry said on Wednesday.

The agreements could increase output by 750,000 barrels of crude and 850 million standard cubic feet (mscf) of gas.

In a press statement, Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani stressed the ministry’s keenness and serious endeavor to maximize oil production and achieve optimal investment of gas through the development of oil and gas fields and exploration patches.

He added: “These contracts will add large quantities of oil production estimated at 750,000 barrels per day, in addition to investing 850 cubic feet per day of gas.”

These quantities and production capacities aim to achieve flexibility in supplying power generation stations with gas fuel, in addition to supporting the energy sector in Iraq.

The contracts will be sent to the Ministerial Energy Council for approval and final signature ahead of proceeding with the direct implementation of development operations, said Undersecretary for Extraction Affairs Bassem Mohammad Khudair.

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Saudi Arabia’s Restaurant Sector Growth Attracts Global Investment

Restaurants in the Riyadh City Boulevard. (Asharq Al-Awsat)
Restaurants in the Riyadh City Boulevard. (Asharq Al-Awsat)
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Saudi Arabia’s Restaurant Sector Growth Attracts Global Investment

Restaurants in the Riyadh City Boulevard. (Asharq Al-Awsat)
Restaurants in the Riyadh City Boulevard. (Asharq Al-Awsat)

The strength of consumer demand in Saudi Arabia’s food and beverage sector makes it an appealing market for international brands. The development of regulations and legislation has created an investment framework that facilitates foreign companies’ expansion and achievement of their goals in the Kingdom.

Point-of-sale operations using “Mada” cards in Saudi Arabia have shown a 13.6 percent annual growth in the restaurant and café sector, increasing from SAR 78 billion ($20.8 billion) in 2022, to SAR 89 billion (%23.7 billion) over the past year. The growth indicates a promising future for the market, which is experiencing strong consumer demand.

Amro Bagedo, the founder and CEO of Kraiv, said: "The continuous and remarkable growth in the food, beverage, and hospitality sector in the Kingdom is driven by the younger generation. Their desire to experience renowned international brands without traveling abroad has created opportunities for stakeholders from the America, Europe, and Asia to invest in Saudi Arabia. This has led to gradual and exponential growth in local business opportunities."

“The Kingdom’s hosting of the FIFA World Cup in 2034 has created an urgent need for its host cities -Riyadh, Jeddah, Al-Khobar, Abha, and NEOM - to expand their dining and hotel options to accommodate visitors attending the tournament,” Bagedo told Asharq Al-Awsat.

He added that tourism will be a major focus for the Kingdom in the coming years, and hospitality will play a crucial role in strengthening the sector.

The restaurant market in the Kingdom is expected to double annually, reaching approximately SAR 168 billion ($44.8 billion) by 2030.

This growth is driven by strong consumer demand and the increasing presence of renowned brands investing in the local market.

Recent rapid social and cultural changes in restaurant services, fueled by a booming economy, indicate that Saudi Arabia is on track to become a global hub for entertainment and tourism. This growth is supported by restaurants and outlets that cater to the high demand from both local and international visitors.