CAIRO: Egypt’s Zohr natural gas field, the largest in the Mediterranean, began production on Saturday with an initial 350 million cubic feet a day, the Oil Ministry said in a statement.
The field operated by the Italian ENI company is estimated to hold 850 billion cubic meters of gas.
“With the completion of the initial phase for this project planned for June 2018 production will gradually reach more than a billion cubic feet a day,” Oil Minister Tarek Al-Molla said in the ministry statement.
Production would eventually increase to 2.7 billion cubic feet a day, he said.
ENI had discovered the field in 2015 in a windfall for the North African country which has had to import fuel to feed its growing demands.
— AFP
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Egypt’s Zohr gas field starts production
Egypt’s Zohr gas field starts production
Middle East Sports Investment Forum concludes 2nd day with a package of investments in the sports sector announced
RIYADH: The Middle East Sports Investment Forum, in partnership with the Ministry of Investment, the Ministry of Sports, and Sela Co., a subsidiary of the Public Investment Fund, and with the support of Invest in Saudi Arabia, concluded its second day at the Kingdom Arena with the announcement of a package of strategic investments and partnerships.
These initiatives reflect the rapid growth of the sports sector in Saudi Arabia and underscore its increasing attractiveness to local and international investors.
The second day witnessed the announcement of several strategic agreements and alliances across various fields.
Among the most prominent was the launch of specialized industrial investments in manufacturing components for sports stadium infrastructure. This will contribute to localizing supply chains and enhancing local content within the sports sector.
Partnerships in the field of sports medicine were also announced during the forum. These aim to transfer advanced medical expertise, develop healthcare services for athletes, and improve the efficiency of the healthcare system supporting the sports sector in the Kingdom.
The announcements also included collaboration in the field of temporary sports facilities and construction to support the Kingdom’s readiness to host major sporting events and championships and elevate the efficiency of the sector’s resilient infrastructure.
The partnerships also seek to invest in sports technology, including digital solutions, performance analytics, and technological innovation, as well as expanding sports marketing, supporting clubs and events, and building sports brands.
The forum also included the formation of strategic alliances to develop specialized programs in a number of diverse sports, contributing to broadening the base of participants, raising the level of professionalism, and developing sporting talent.
Participants affirmed that these announcements reflect the high confidence in the Saudi sports market and the Kingdom’s growing role as a regional and global hub for sports investment, supported by its advanced infrastructure, market size, and the diverse opportunities offered by Vision 2030.
The Middle East Sports Investment Forum is a strategic platform for connecting investors and decision-makers, stimulating long-term partnerships, and accelerating the growth of the sports economy in the Kingdom and the region.
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