New Gas Field Discovered in Sharjah

The new discoveries of oil and gas reserves in Abu Dhabi will further boost the UAE economy. WAM
The new discoveries of oil and gas reserves in Abu Dhabi will further boost the UAE economy. WAM
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New Gas Field Discovered in Sharjah

The new discoveries of oil and gas reserves in Abu Dhabi will further boost the UAE economy. WAM
The new discoveries of oil and gas reserves in Abu Dhabi will further boost the UAE economy. WAM

The Sharjah National Oil Corporation (SNOC) and its Italian partner ENI have announced a successful discovery of natural gas and condensate onshore at the Mahani field in Sharjah with a flow rate of up to 50 million standard cubic feet per day.

This represents the first onshore discovery of gas in the emirate since the early 1980s.

Mahani-1 well was drilled at a total depth of 14,597 feet, which resulted in the discovery of gas with the associated capacitors in the formation of the Thumama. The size of the discovery will be estimated in time in light of expectations for further evaluation and development.

Mahani-1, located in the Area B Concession, is the first exploration well drilled by SNOC following the acquisition of a new 3D seismic survey covering the territory, SNOC said in a statement.

Deputy Ruler of Sharjah and Chairman of Sharjah Oil Council Sheikh Ahmed bin Sultan al-Qasimi said the discovery is set to bolster the emirate's economy and contribute to its energy reserves.

The discovery will bring about a "major transformation" in Sharjah's industrial and commercial sectors by providing energy resources and attracting top global companies to invest in various sectors in the emirate, he added.

Sheikh Ahmed continued that “Sharjah provides strategic energy infrastructure to help the nation meet the growing demand for energy by residential, industrial and utility consumers.”

Further, President of SNOC Sheikh Sultan Bin Ahmed al-Qasimi said that the discovery will reflect positively on the economic sector in Sharjah and the goals of sustainable development, energy security, decent livelihoods and the well-being of people.

He pointed out that the new gas field constitutes an important addition to support the Emirate’s economy, which is classified as strong and stable, and would enhance its economic competitiveness.

Sheikh Sultan expressed confidence that this would help attract more industrial investments to Sharjah and generate greater revenue resources, contributing to the Emirate’s stability and financial sustainability.

Sheikh Khalid bin Abdullah bin Sultan al-Qasimi, chairman of the Department of Seaports and Customs in Sharjah, said the natural gas discovery will stimulate various sectors by generating more commercial and industrial projects.

Speaking on the same occasion, CEO of SNOC Hatem al-Mosa added: “This is the first onshore discovery in Sharjah in 37 years and marks the beginning of an exciting time for SNOC and Sharjah’s energy sector.”

SNOC owns and operates over 50 wells distributed in three fields, a gas processing complex, and 2 hydrocarbon liquid storage and export terminals. Its Sajaa complex is the hub of gas pipelines connecting all northern Emirates.



Saudi Arabia Restructures Foreign Property Ownership Rules in Economic Zones

A view of the King Abdullah Economic City. (King Abdullah Economic City)
A view of the King Abdullah Economic City. (King Abdullah Economic City)
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Saudi Arabia Restructures Foreign Property Ownership Rules in Economic Zones

A view of the King Abdullah Economic City. (King Abdullah Economic City)
A view of the King Abdullah Economic City. (King Abdullah Economic City)

Saudi Arabia has moved to overhaul regulations governing foreign ownership of real estate in its special economic zones, in a step seen as aligning the sector with newly approved nationwide property ownership laws.

According to information obtained by Asharq Al-Awsat, the government has decided to abolish Article 15 of the regulations for the Economic Cities and Special Zones Authority. The clause previously allowed non-Saudis, whether individuals or legal entities, to own or lease property within these zones under rules set by the authority’s board and approved by the King.

The decision also includes a reordering of other provisions to match the updated “Foreign Ownership of Real Estate Law.”

In July, the government approved this new property law, opening what experts describe as a new chapter for the Saudi real estate market. The move aims to stimulate investment, improve supply quality and quantity, and achieve greater market balance.

The updated framework specifies that the Cabinet, based on a proposal from the General Real Estate Authority’s board and approval from the Council for Economic and Development Affairs, will determine the geographic areas where foreigners may own property or acquire other real estate rights.

It will also define permissible property rights, maximum ownership limits within each area, the maximum term for usufruct rights, and any additional conditions.

The law grants non-Saudis the right to own one residential property outside the designated zones, excluding Makkah and Madinah.

Under the system, unlisted companies formed under Saudi corporate law, in which one or more non-Saudis hold equity, may own property within approved zones. Listed companies, investment funds, and special purpose entities licensed under Saudi law may own property and acquire related rights anywhere in the Kingdom, including Makkah and Madinah, subject to Capital Market Authority rules coordinated with the Real Estate General Authority and other relevant bodies.

On a reciprocal basis, accredited foreign diplomatic missions may own official premises and residences for their heads and staff. International and regional organizations may also own headquarters, within the limits of governing agreements, upon approval from the Ministry of Foreign Affairs.

The restructuring follows the 2023 announcement by Prince Mohammed bin Salman, Crown Prince and Prime Minister, of four new special economic zones in Riyadh, Jazan, Ras Al-Khair, and King Abdullah Economic City near Jeddah.

These zones, part of the Kingdom’s economic diversification drive, are designed to attract global investment by offering competitive advantages and fostering key sectors such as logistics, industry, and technology.