Egypt to Host 24th Meeting of Gas Exporting Countries Forum

A general view shows Tahrir Square after its renovation in Cairo, Egypt July 13, 2020. REUTERS/Mohamed Abd El Ghany/File Photo
A general view shows Tahrir Square after its renovation in Cairo, Egypt July 13, 2020. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt to Host 24th Meeting of Gas Exporting Countries Forum

A general view shows Tahrir Square after its renovation in Cairo, Egypt July 13, 2020. REUTERS/Mohamed Abd El Ghany/File Photo
A general view shows Tahrir Square after its renovation in Cairo, Egypt July 13, 2020. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt will host the 24th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) on Sunday under the chairmanship of Minister of Petroleum and Mineral Resources Tarek El-Molla.

El-Molla explained that the three-day meeting comes amid a global dialogue about energy security and just weeks ahead of the 2022 UN Climate Change Conference (COP27) set to be held in Sharm El-Sheikh from November 6 to 18, according to a statement from the Ministry of Petroleum and Mineral Resources.

Sunday’s event, El-Molla added, is an opportunity to improve cooperation among the member states that have gas reserves, production and exports, and to ensure work is done in an environmentally responsible manner.

The GECF comprises 11 member states: Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago and Venezuela.

It also includes eight observers: Angola, Azerbaijan, Iraq, Malaysia, Mozambique, Norway, Peru and the UAE.

Together, these states are home to 72 percent of the global proven natural gas reserves, 55 percent of exports by pipeline and 50 percent of LNG exports.

El-Molla stressed Egypt's keenness on establishing a constructive global dialogue among member states focusing on the key role of natural gas in the transition from fossil-based energy to zero-carbon energy.

The GECF ministerial meeting, which is the supreme governing body of the forum, meets once a year.



Saudi Arabia Leads Middle East Venture Capital Investments

The Saudi capital Riyadh (Asharq Al-Awsat)
The Saudi capital Riyadh (Asharq Al-Awsat)
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Saudi Arabia Leads Middle East Venture Capital Investments

The Saudi capital Riyadh (Asharq Al-Awsat)
The Saudi capital Riyadh (Asharq Al-Awsat)

The "H1 2025 MENA Venture Investment Report" revealed that Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in H1 2025, witnessing a total VC deployment of $860 Million (SAR 3.2 billion), surpassing the total VC funding of 2024 (full year).

This achievement reflects the development the Kingdom is witnessing in various economic and financial sectors in light of the Saudi Vision 2030 and its goals to strengthen the national economy.

According to the report published by the venture data platform MAGNiTT, the Kingdom captured the highest share of total VC funding in the MENA region in H1 2025, accounting for 56% of the total capital deployed in the region. The report also revealed that Saudi Arabia achieved a record number of 114 VC deals for the first half of 2025.

This confirms the attractiveness of the Saudi market, enhances its competitive environment, and consolidates the strength of the Kingdom's economy as the largest economy in MENA.

Dr. Nabeel Koshak, CEO and Board Member at SVC, commented: “The Kingdom's leading position in the VC scene in the region comes as a result of many governmental initiatives launched to stimulate the VC and startups ecosystem within the Saudi Vision 2030 programs.”

“We at SVC are committed to continuing to lead the development of the ecosystem by stimulating private investors to provide support for startups and SMEs to be capable of fast and high growth, leading to diversifying the national economy and achieving the goals of the Saudi Vision 2030.”

SVC is an investment company established in 2018. It is a subsidiary of the SME Bank, part of the National Development Fund (NDF).

SVC aims to stimulate and sustain financing for Startups and SMEs from pre-Seed to pre-IPO through investment in funds and direct investment in startups and SMEs.