UAE's SNOC Announces Start of Gas Production at Mahani Field

Sharjah National Oil Corporation (SNOC) logo
Sharjah National Oil Corporation (SNOC) logo
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UAE's SNOC Announces Start of Gas Production at Mahani Field

Sharjah National Oil Corporation (SNOC) logo
Sharjah National Oil Corporation (SNOC) logo

UAE's Sharjah National Oil Corporation (SNOC) and partner ENI announced on Sunday the start of gas production at the recently discovered Mahani field in Sharjah, UAE state news agency WAM reported.

SNOC and Italian energy giant Eni announced the discovery of Mahani last year, a new find of natural gas and condensate onshore in Sharjah, and the first in the emirate since the early 1980s.

Production would start at the Mahani-1 gas well in the Mahani field in Area-B in Sharjah, WAM reported.

"The announcement comes within one year of the discovery of gas in the Mahani field, which represents the first new onshore discovery in Sharjah in 37 years," it said.



Saudi Arabia's Net Foreign Direct Investment Rises 5.6% in First Quarter

A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights
A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights
TT

Saudi Arabia's Net Foreign Direct Investment Rises 5.6% in First Quarter

A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights
A view shows buildings and the Kingdom Centre Tower in Riyadh, Saudi Arabia, January 1, 2017. REUTERS/Faisal Al Nasser/File photo Purchase Licensing Rights

Net foreign direct investment (FDI) inflows to Saudi Arabia rose 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, government data showed on Sunday.

Inflows were up 0.6% to 17 billion riyals in the first three months compared with a year earlier, while outflows fell by 5.1% to about 7.5 billion riyals.

The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product, Reuters reported.

Earlier this month, over half of the shares offered under Saudi Aramco's $11.2 billion secondary share sale were sold to foreign investors.

The oil giant has also helped lift FDI previously, but even with those deals FDI remained far from the 2030 goal, peaking at $32.8 billion in 2022 and reaching $19.2 billion last year.