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Saudi Aramco CEO: Jafurah Gas Project to Contribute $23 Billion Annually to GDP

Honoring the strategic partners (Aramco)
Honoring the strategic partners (Aramco)
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Saudi Aramco CEO: Jafurah Gas Project to Contribute $23 Billion Annually to GDP

Honoring the strategic partners (Aramco)
Honoring the strategic partners (Aramco)

Saudi Aramco CEO Amin Nasser said he expects the Jafurah unconventional gas project in eastern Saudi Arabia to contribute approximately $23 billion annually to the country’s GDP.

Speaking at the Al-Ahsa Investment Forum 2025, he highlighted the project’s role in increasing Aramco’s gas production capacity by more than 60% by 2030.

The forum, organized by the Al-Ahsa Chamber and attended by government officials, business leaders, and industry experts, focuses on investment opportunities in Al-Ahsa and Saudi Arabia’s broader economic development. Aramco, as the event’s strategic partner, aims to showcase investment prospects in the energy sector and beyond.

Nasser emphasized Al-Ahsa’s historical significance to Aramco, stating that the company has expanded its projects in the region to create jobs and stimulate economic growth.

He described Jafurah as “the crown jewel of shale gas fields in the Middle East,” with total investments exceeding $100 billion over the next 15 years. The project is projected to reach a production capacity of 2 billion standard cubic feet per day of sales gas by 2030, reinforcing Saudi Arabia’s position as a leading gas producer.

Nasser also highlighted the development of King Salman Energy Park (SPARK), a major industrial hub. The first phase of SPARK has attracted over 60 local and international investors, with investments exceeding SAR 12 billion ($3.2 billion), and is expected to generate more than 40,000 direct and indirect jobs. SPARK now serves as Aramco’s central hub for drilling services and logistics support for Saudi oil and gas fields.

Additionally, a dry port is under development within SPARK, set to become the largest in the Eastern Province, with an annual capacity of 10 million metric tons of cargo. Operations will begin in phases starting in the second quarter of this year.

According to Nasser, Aramco is also focusing on environmental sustainability, partnering with King Faisal University to establish a center for nature-based solutions and conducting research on Saudi Arabia’s mangrove forests. These efforts align with the Saudi Green Initiative and the Middle East Green Initiative.

On the social front, Aramco is enhancing educational environments and supporting community programs. One key initiative is the construction of the region’s largest center for individuals with disabilities, set for completion in February 2026.

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S&P Reaffirms Sultanate of Oman’s Sovereign Credit Rating at ‘BBB-’

S&P reaffirmed the Sultanate of Oman’s long-term sovereign credit rating at ‘BBB-’ Asharq Al-Awsat
S&P reaffirmed the Sultanate of Oman’s long-term sovereign credit rating at ‘BBB-’ Asharq Al-Awsat
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S&P Reaffirms Sultanate of Oman’s Sovereign Credit Rating at ‘BBB-’

S&P reaffirmed the Sultanate of Oman’s long-term sovereign credit rating at ‘BBB-’ Asharq Al-Awsat
S&P reaffirmed the Sultanate of Oman’s long-term sovereign credit rating at ‘BBB-’ Asharq Al-Awsat

Standard & Poor’s Global Ratings (S&P) has reaffirmed the Sultanate of Oman’s long-term sovereign credit rating at ‘BBB-’ with a Stable Outlook, citing the government’s ongoing efforts to reduce public debt and the continued improvement in the State’s fiscal performance.

Last September, S&P had upgraded the country’s long-term foreign and local currency sovereign credit ratings from 'BB+' to 'BBB-'.

The agency confirmed that the Sultanate’s credit rating may witness further improvement over the next two years if the government continues to manage the country’s public finances as planned, including increasing non-oil revenues and improving the efficiency of public spending.

It noted that these measures are expected to continue to boost GDP growth, supported by continued growth in non-oil GDP, in addition to continuing measures aimed at promoting the establishment and growth of companies and projects that support economic diversification activities and operations, in addition to initiatives to develop the capital market sector.

The agency noted in its report that the Sultanate has made significant progress in recent years in addressing the structural challenges it faced, including the large deficit in the state’s general budget and balance of payments.

It expected Oman’s real GDP to grow by 2% in the next three years (2025-2028), while the net public debt is expected to decrease to an average of GDP by 1.5% between 2025-2028.

This is attributed, according to the agency, to the assumption that the average price of Brent crude will reach $70 per barrel over the next two years, compared to $81 per barrel in 2024, in addition to a decline in oil production due to the Sultanate of Oman’s commitment to voluntary cuts under the OPEC+ agreement.

The agency also expects the current account to record a financial surplus averaging 1.3% of GDP during the period 2025-2028, noting that Oman has been able to cover the large deficits.

Standard & Poor’s expected inflation rates to remain at moderate levels, averaging about 1.5% annually during the period 2025-2028, after reaching about 1% in 2024.

The agency said the success of the Sultanate’s efforts to reduce total public debt from 68% of GDP in 2020 to 36% in 2024.

It also expects highly liquid assets to remain close to 40% of GDP during the period 2025-2028.

Also, the agency commended the efforts made to develop the hydrogen production sector, in light of Oman’s intention to achieve carbon neutrality by 2050, which will enable the country to become one of the leading hydrogen exporters by 2030.