FILE PHOTO: A fishing boat sails in the Mediterranean Sea near an oil station in Alexandria, Egypt, July 18, 2017. REUTERS/Mohamed Abd El Ghany/File Photo
FILE PHOTO: A fishing boat sails in the Mediterranean Sea near an oil station in Alexandria, Egypt, July 18, 2017. REUTERS/Mohamed Abd El Ghany/File Photo
Eni and partners BP and Total have discovered gas and condensate in the Bashrush prospect, 11 km offshore Egypt.
The well had found 102 meters of net gas pay in high-quality sandstones in the Abu Madi formation.
The Egyptian Ministry of Petroleum and Mineral Resources announced that the initial output of a previously-announced gas well off the coast of Egypt has been estimated at an average of about 32 million cubic feet per day (cfpd).
The discovery has been made at the Bashrush well on the North El Hammad licence by Eni, BP, and Total, Petroleum Minister Tarek El-Molla said in a statement on Tuesday.
The three oil companies will coordinate with the Egyptian Natural Gas Holding Company (EGAS) to develop a plan to put the well on production.
Eni, together with its partners BP and Total and in coordination with EGAS, will also continue screening the development options of Bashrush, with the aim of fast tracking production through synergies with the area's existing infrastructures.
Eni announced that production from southwest Meleiha concession, which started in July 2019, increased to 12,000 barrels of crude oil per day in one year after the drilling of the SWM-A-6X well.
In the North El Hammad concession, which is in participation with EGAS, Eni through its affiliate IEOC holds 37.5% interest and the role of Operator, BP holds the 37.5%, and Total holds the 25% of the contractor share.
Eni has been present in Egypt since 1954, where it operates through IEOC Production. The current equity production of IEOC is above 300,000 boepd.
Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Regionhttps://english.aawsat.com/business/5242129-moody%E2%80%99s-establishes-regional-hq-riyadh-deepening-presence-region
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.
“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.
The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.
“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.
“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.
“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.
Mahmoud Totonji will lead the regional headquarters as General Manager.
Saudi Arabia Launches First Endowment Fund for Environmental, Water and Agricultural Sustainabilityhttps://english.aawsat.com/business/5242098-saudi-arabia-launches-first-endowment-fund-environmental-water-and-agricultural
Saudi Arabia Launches First Endowment Fund for Environmental, Water and Agricultural Sustainability
The launch of the Namaa Endowment Fund (Asharq Al-Awsat)
Saudi Arabia has launched its first endowment fund dedicated to advancing environmental, water and agricultural sustainability, reinforcing efforts to strengthen the Kingdom’s non-profit sector and long-term development.
Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadhli on Tuesday inaugurated the Namaa Endowment Fund at the ministry’s headquarters, in the presence of senior officials and stakeholders.
The fund is designed to support economic and social development goals, address community needs, increase the non-profit sector’s contribution to GDP, and promote sustainable management of environmental, water and agricultural resources.
Al-Fadhli said the fund represents a new model of institutional endowment work and a practical mechanism to expand developmental impact while ensuring the sustainability of non-profit initiatives.
Developed in partnership with the General Authority for Awqaf, the fund aims to build assets commensurate with its ambitions, enabling higher returns and a wider impact over the long term.
It will pursue carefully structured investments that balance financial performance with developmental outcomes, with the potential to own or benefit from real estate assets that can be used by non-profit organizations.
Encouraging Private-Sector Participation
Al-Fadhli added that the ministry, in cooperation with the General Authority for Awqaf, the Capital Market Authority and AlAhli Capital, will support the fund and encourage contributions from the private sector, business leaders and the wider public.
Contributions will be made through a licensed digital platform under strict financial governance. He called on all segments of society to contribute in support of sustainable development across the environment, water and agriculture sectors.
Namaa will finance endowment initiatives within the ministry’s ecosystem, including the non-profit institutions Reef, Morooj and Saqaya. Its focus areas include water provision and conservation, afforestation, biodiversity protection, vegetation cover, the circular economy, sustainable agriculture and irrigation, and reducing food loss and waste.
Emad Alkharashi, Governor of the General Authority for Awqaf, announced an initial contribution of SAR100 million, describing it as a foundation for a sustainable endowment model.
He said the fund combines the legacy of endowments with modern investment practices to protect natural resources, strengthen food security and ensure lasting developmental impact.
Alkharashi added that the partnership with the ministry maximizes results and positions the fund as a model for directing endowments toward high-impact, long-term priorities through a transparent, well-governed institutional framework.
Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth https://english.aawsat.com/business/5242092-makkah-gears-ramadan-tourism-drive-record-hospitality-growth-%C2%A0
Makkah Gears Up for Ramadan with Tourism Drive, Record Hospitality Growth
Tourism Minister Ahmed Al-Khateeb and other officials during his inspection tour on Tuesday. (Asharq Al-Awsat)
Saudi Arabia’s Ministry of Tourism has raised the readiness of Makkah’s hospitality sector to its highest level ahead of the holy month of Ramadan, stressing that serving pilgrims and visitors remains a top national priority.
Makkah is preparing to receive worshippers and visitors amid a marked expansion in hospitality capacity. The city now has more than 2,200 licensed accommodation facilities, reflecting growth of 35 percent over the past year. The number of licensed hotel rooms has exceeded 380,000, up 25 percent, while total domestic and inbound tourism spending is projected to surpass SAR 143 billion ($38.1 billion) in 2025.
The wider Makkah region recorded unprecedented performance indicators last year, both in visitor numbers and tourism spending, underscoring sustained growth and operational readiness.
Total domestic and international visitors exceeded 50 million, marking a 14 percent increase compared with 2024.
Tourism Minister Ahmed Al-Khateeb announced the figures during an annual inspection tour on Tuesday, stressing that the indicators reflect a major expansion in accommodation capacity and record growth in visitor numbers.
The tour included inspections of temporary lodging facilities designated for pilgrims, part of a proactive plan to increase capacity during peak seasons, alongside early preparations for the upcoming Hajj.
Vision 2030 targets surpassed
Official data has shown that Saudi Arabia has exceeded its Vision 2030 targets for the Umrah. The number of pilgrims arriving from abroad rose from 8.5 million in 2019 to more than 18 million in 2025, surpassing the original goal of 15 million by 2030.
A number of hotels surrounding the Grand Mosque in Makkah. (General Authority for Awqaf)
Service quality indicators improved as well, with pilgrim satisfaction reaching 94 percent, exceeding Vision 2030 benchmarks.
Workforce development kept pace with demand, as the number of licensed tour guides rose to more than 980, a 23 percent increase.
Masar Mall project
Al-Khateeb announced a joint financing agreement between the Tourism Development Fund and the Arab National Bank with Hamat Holding to support the Masar Mall project. The development carries a total cost of SAR 936 million (about $250 million).
The project is expected to become the largest shopping center in Makkah with the capacity to accommodate around 20 million visitors annually.
Its location near the Haramain High-Speed Railway station and a direct pedestrian link to the Grand Mosque are expected to strengthen the city’s commercial and tourism infrastructure.
Jeddah: Gateway to pilgrims
Meanwhile, Jeddah continues to consolidate its position as a complementary destination to Makkah and a primary gateway for pilgrims, while also expanding its role as a coastal tourism hub.
The city welcomed more than 13 million domestic and international visitors in 2025, a 10 percent increase from 2024. Tourism spending reached SAR 28 billion ($7.47 billion), up 6 percent year on year.
Jeddah’s hospitality sector also expanded, with more than 500 licensed facilities and over 33,000 licensed rooms.
The city is currently developing 46 tourism projects valued at SAR 21 billion ($5.6 billion) and expected to add more than 11,000 hotel rooms and further strengthen its tourism infrastructure and economic value.
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