DUBAI: Dubai is set to benefit from the spillover effect of a Saudi Aramco listing and other market reforms underway in Saudi Arabia, according to the chief of the emirate’s financial hub
The planned listing of Saudi Aramco and the opening of financial markets in Saudi Arabia will “increase the pie” of financial services in the region, said Dubai International Financial Center (DIFC) Governor Essa Kazim, in an interview on the sidelines of a World Economic Forum meeting in Dubai.
“Opening Saudi is completely a positive for the whole region,” said Kazim. “Our market is highly interactive with the Saudi market, so the investment flow that would come to Saudi would have a spillover into our market.
“So we are very much supportive of Saudi opening up , reforming, restructuring and meeting their 2030 Vision. It’s good for the whole region,” he said.
The planned listing of Saudi Aramco could be worth about $100 billion based on a 5 percent offering – about four times the size of the existing record held by Chinese e-commerce giant Alibaba, which listed in 2014.
London and New York are among the international financial centers seeking to attract the prized Aramco share sale, which represents a touchstone for wider financial reforms underway in the Kingdom, as it opens up to increased foreign investment.
DIFC reported a 14 percent rise in the total number of firms last year despite a prolonged period of oil price weakness that contributed to economic jitters in the emirate.
Kazim said that despite wider economic headwinds facing the region, DIFC had managed to double the number of new occupiers at about 300 on an annual basis over the last three years – compared to the previous three years.
“That means companies are still coming here despite geopolitical issues,” he said. “Life and business has to go on.”
He said that the business park remains 99 percent occupied as it expands with new buildings under development.
Dubai to get spillover boost from Aramco listing says DIFC chief
Dubai to get spillover boost from Aramco listing says DIFC chief
Egypt awards $6.5m exploration deal to UK’s Terra Petroleum
RIYADH: The Egyptian General Petroleum Corp. has signed a $6.5 million oil and gas exploration agreement with UK-based Terra Petroleum, marking the company’s first operations in Egypt.
The agreement aims to drill three wells in the Northwestern El Moghra concession area of the Western Desert, in addition to conducting 2D and 3D seismic surveys, according to a statement.
The deal aligns with Egypt’s Ministry of Petroleum and Mineral Resources’ strategy to boost exploration and production.
It also follows Egypt’s signing of three oil and gas agreements worth more than $121 million with international firms in September, aimed at strengthening the energy sector through new exploration and drilling projects across key hydrocarbon zones
A Facebook post on the official Egyptian Cabinet Presidency page stated: “Following the signing of the agreement, the Minister of Petroleum and Mineral Resources Karim Badawi welcomed the leaders of Terra Petroleum and stressed that this step reflects the confidence of international companies in the investment climate of the Egyptian petroleum sector, given its stability and continuous development.”
It added: “The Ministry is working to provide all aspects of support to serious companies and to provide a stimulating investment environment that contributes to accelerating exploration and production activities and increasing production rates.”
In August 2024, Egypt uncovered a significant new oil deposit in the Western Desert, which officials said could substantially boost the country’s energy production.
The discovery, made at the West Fewebs-1 well in the Kalabsha Development Area, revealed a substantial reserve of high-quality oil.
The find highlighted Egypt’s ongoing efforts to tap its energy potential, particularly in the Western Desert, a region long recognized for its oil and gas prospects.
According to a statement issued at the time, Badawi emphasized the importance of the discovery, noting that the well had already shown promising results.
During the same month, Egypt unveiled a new set of incentives aimed at stimulating exploration and development, increasing output, and reducing the gap between domestic supply and demand.
More than 60 international companies currently operate across 183 exploration and production sites in the Mediterranean Sea, Nile Delta, and Western and Eastern Deserts, as well as Sinai and Upper Egypt, under the oversight of companies affiliated with the Ministry of Petroleum.
