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Saudi Arabia Launches 'Edaa Connect' to Streamline Access to Investment Funds

The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)
The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)
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Saudi Arabia Launches 'Edaa Connect' to Streamline Access to Investment Funds

The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)
The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)

The Securities Depository Center, part of the Saudi Tadawul Group, has launched Edaa Connect, a platform designed to enhance access to investment opportunities in funds within the Saudi financial market.

Announced on the first day of the Financial Markets Forum 2025, the platform aims to offer a seamless investment experience by integrating various fund options, making subscription and redemption processes more efficient for investors.

According to Edaa, the platform provides significant advantages for fund managers by offering advanced tools to optimize their operations. It also increases fund visibility and accessibility, allowing managers to reach a broader investor base and fostering greater competitiveness in the market.

Edaa CEO Hanan Mohammed Alshehri described the launch as a major milestone, emphasizing its role in improving portfolio management, decision-making, and overall investment efficiency.

Edaa Connect would contribute to the ongoing evolution of the Saudi financial market by simplifying investment processes and enhancing market transparency, she added.

The platform integrates with existing financial services but focuses specifically on funds not listed on Tadawul Saudi, ensuring a comprehensive and tailored experience for investors. This initiative strengthens the accessibility of the investment fund market and supports broader market participation.

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Iraq and BP Finalize Contracts to Develop 4 Fields in Kirkuk

Iraq’s Prime Minister Mohammed Shia Al-Sudani and the BP delegation at the signing ceremony on Wednesday (INA) 
Iraq’s Prime Minister Mohammed Shia Al-Sudani and the BP delegation at the signing ceremony on Wednesday (INA) 
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Iraq and BP Finalize Contracts to Develop 4 Fields in Kirkuk

Iraq’s Prime Minister Mohammed Shia Al-Sudani and the BP delegation at the signing ceremony on Wednesday (INA) 
Iraq’s Prime Minister Mohammed Shia Al-Sudani and the BP delegation at the signing ceremony on Wednesday (INA) 

Iraq, on Wednesday, finalized a contract with the London-based oil major, BP, for the development and production of four Kirkuk oil fields.

The project is a breakthrough for Iraq, where output has been constrained by years of war, corruption and sectarian tensions, and a cornerstone of BP’s drive to refocus on its oil and gas business and away from renewables, according to Reuters.

Tuesday’s signing of a final agreement on the project between BP CEO Murray Auchincloss and Iraq’s Prime Minister Mohammed Shia Al-Sudani follows an initial deal signed last month and a memorandum of understanding last year.

According to a statement from the Iraqi Prime Minister’s office, a contract was signed between the Ministry of Oil and the British company BP regarding the development and production project for the four Kirkuk oil fields, namely Kirkuk with its two domes Baba and Avana, Bai Hassan, Jambur, and Khabbaz.

The ceremony was attended by Hayan Abdul Ghani, Deputy PM for Energy Affairs and Minister of Oil, and BP chief executive Murray Auchincloss, together with Nader Zaki, BP regional president for Middle East and North Africa, and Zaid Elyaseri, BP President Iraq.

The project, according to the statement, includes “the rehabilitation and development of the four fields to enhance hydrocarbon reserves, increase crude oil production rates with the goal of reaching a peak production rate of 420,000 barrels per day, and invest in associated gas by rehabilitating and expanding the North Gas Company's facilities to produce 400 million standard cubic feet per day, and constructing a power plant with a capacity of 400 megawatts.”

Also, the project will contribute to stopping the continued burning of gas associated with crude oil production by utilizing it optimally, providing the fuel needed for power plants, and absorbing a workforce of various specialties and developing the technical and engineering cadres working there, the statement said.

The first phase of the redevelopment of the Kirkuk fields, which BP first helped to discover in the 1920s, will cover their Baba and Avanah domes and three adjacent fields Bai Hassan, Jambur and Khabbaz, BP said.