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Eni Makes Three Discoveries in Egypt’s Western Desert

The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. (Reuters)
The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. (Reuters)
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Eni Makes Three Discoveries in Egypt’s Western Desert

The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. (Reuters)
The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. (Reuters)

Egypt’s petroleum ministry said on Tuesday that Italian energy group Eni made three oil and gas discoveries in the western desert.

The discoveries include oil, gas and condensate discoveries in the Meleiha concession, and an oil discovery in the South Mleiha concession area.

According to the Ministry of Petroleum, the finds in the Meleiha Development Concession were found via the Yasmin W-1X and MWD-21 wells, which were drilled in the Aman region near the West Meleiha deep field, respectively.

The production tests revealed that it has a daily capacity of 2,000 barrels of light oil and 7 million cubic feet of associated gas.

In the meanwhile, the MWD-21 well has been consistently producing 2,500 barrels of light oil per day.

The SWM-4X well, located 35 kilometers south of the Meleiha field, was used to make the find in the Southwest Meleiha concession area, according to the ministry.

This well produced around 1,500 barrels of oil per day during tests. The combined output of the three wells is around 6,000 barrels of oil equivalent per day.

Eni has had a presence in Egypt since 1954, through its subsidiary IEOC Production. IEOC now produces around 360,000 boepd of equity.

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Business

Saudi Arabia Records 6,484 Franchise Registrations, Up 53%

A consumer goods store in Saudi Arabia (SPA)
A consumer goods store in Saudi Arabia (SPA)
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Saudi Arabia Records 6,484 Franchise Registrations, Up 53%

A consumer goods store in Saudi Arabia (SPA)
A consumer goods store in Saudi Arabia (SPA)

Commercial franchise registrations in Saudi Arabia grew by 53% during the first nine months of 2026, reaching 6,484, compared with 4,227 at the end of 2025, according to the Ministry of Commerce.

The ministry said the food and beverage, fuel and petroleum, and fashion and apparel sectors accounted for the highest number of franchise registrations in the Kingdom.

It explained that the Commercial Franchise Law aims to regulate and develop the sector, enhance transparency, protect the rights of all parties involved, and create an attractive investment environment.

It also seeks to improve the quality of goods and services and support the sustainability, growth and expansion of commercial activities.

Business

Saudi Stock Market Falls 0.8% for Second Consecutive Session

A man walks past the Tadawul logo at the Saudi stock exchange (AFP)
A man walks past the Tadawul logo at the Saudi stock exchange (AFP)
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Saudi Stock Market Falls 0.8% for Second Consecutive Session

A man walks past the Tadawul logo at the Saudi stock exchange (AFP)
A man walks past the Tadawul logo at the Saudi stock exchange (AFP)

Saudi Arabia's benchmark Tadawul All Share Index (TASI) closed Sunday's session down 0.8% at 9,838 points, shedding 83 points amid total trading turnover of approximately SAR 3.1 billion.

The decline marked the index's second consecutive losing session after it fell 1% on Thursday to 9,922 points, ending a three-day winning streak that began with a 3.4% surge on Monday, followed by gains of 2.3% on Tuesday and 0.4% on Wednesday.

Despite Thursday's losses, the index ended last week up approximately 2.4%.

During Sunday's session, the benchmark fluctuated between a low of 9,789 points and a high of 9,923 points, moving further away from the 10,000-point threshold it had surpassed during trading last week.

Market Declines

Among heavyweight stocks, Al Rajhi Bank edged down approximately 0.1%, while ACWA Power fell around 3%.

Shares of Alujain and SPIMACO dropped approximately 10% each, while Saudi Reinsurance (Saudi Re) declined 8% and Jabal Omar Development fell around 7%.

Dr. Sulaiman Al Habib Medical Services Group and ZOUJAJ closed at SAR 214 and SAR 35.02, respectively, down 3% and 2% following the passing of their dividend eligibility dates.

Elm Leads Gains

In contrast, Elm shares surged approximately 9% following the release of the company's financial results.

SAHL rose around 4%, Sports Clubs Company gained more than 4%, and Watani Iron Steel advanced more than 2%.

BinDawood Holding and Sumou Real Estate each jumped 5%.

Business

Türkiye Appoints Muhsin Atci as Head of Capital Markets Board

Spectators gather outside Anitkabir, the mausoleum of the Turkish Republic's Founder Mustafa Kemal Ataturk, as Turkish Air force pilots of the 'Turkish Stars' fly over the mausoleum during celebrations to mark the 103th anniversary of the Republic of Türkiye in Ankara on October 29, 2026. (Photo by ADEM ALTAN / AFP)
Spectators gather outside Anitkabir, the mausoleum of the Turkish Republic's Founder Mustafa Kemal Ataturk, as Turkish Air force pilots of the 'Turkish Stars' fly over the mausoleum during celebrations to mark the 103th anniversary of the Republic of Türkiye in Ankara on October 29, 2026. (Photo by ADEM ALTAN / AFP)
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Türkiye Appoints Muhsin Atci as Head of Capital Markets Board

Spectators gather outside Anitkabir, the mausoleum of the Turkish Republic's Founder Mustafa Kemal Ataturk, as Turkish Air force pilots of the 'Turkish Stars' fly over the mausoleum during celebrations to mark the 103th anniversary of the Republic of Türkiye in Ankara on October 29, 2026. (Photo by ADEM ALTAN / AFP)
Spectators gather outside Anitkabir, the mausoleum of the Turkish Republic's Founder Mustafa Kemal Ataturk, as Turkish Air force pilots of the 'Turkish Stars' fly over the mausoleum during celebrations to mark the 103th anniversary of the Republic of Türkiye in Ankara on October 29, 2026. (Photo by ADEM ALTAN / AFP)

Muhsin Atci has been appointed as chairman of Türkiye's Capital Markets Board (SPK), with Ersin Başar Ekmekci appointed as deputy chairman, according to a ⁠decision announced in ⁠the country's Official Gazette on Sunday.

Atci's predecessor, Mahmut Sutcu, ⁠was dismissed from his post as SPK chairman on October 20.

Atci was previously head of Türkiye's tax audit board.

The Official ⁠Gazette ⁠decision, signed by President Recep Tayyip Erdogan, also appointed Yasemin Girici as a member of the board.