Saudi Arabia & Kuwait to raise oil output in Neutral Zone

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Updated 02 February 2022
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Saudi Arabia & Kuwait to raise oil output in Neutral Zone

  • Currently, production of both fields combined stands below the pre-shutdown levels at 300,000 to 320,000 bpd

RIYADH: Saudi Arabia and Kuwait are looking at ways to boost oil production in two jointly run oil fields that both countries share in the Neutral Zone, Argus Media reported.

Since restarting operations in 2020 after a long break amid operational quarrels, both fields, better known as offshore Khafij and onshore Wafra, have slowly scaled up production in the 2,230 square mile area between the borders of the two nations.

Before the four-year pause, the two fields were operating below capacity at an accumulated 450,000 to 460,000 barrels per day.

Currently, production of both fields combined stands below the pre-shutdown levels at 300,000 to 320,000 bpd.

The slow pace of lifting output is mainly due to technical issues that stem from the prior shutdown, as well as the global pandemic restrictions and the 9.7m bpd production cut applied by OPEC and its non-Opec partners in response to the health crisis.

However, as OPEC+ will unwind what remains of the initial cut by the end of the year, the two Gulf countries are targeting extra Neutral Zone volumes.

Under the terms of the coordination, the Kingdom and Kuwait can raise oil output in the Neutral Zone by another 200,000 to 300,000 bpd within months, hitting a record capacity of 550,000 bpd, according to Argus Media.

Projections by Kuwait based oil firm KOC signal that the capacity of the oil fields can be further pushed to 700,000 bpd by 2025.


Qatar sees 81% surge in venture capital investment in 2025 

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Qatar sees 81% surge in venture capital investment in 2025 

RIYADH: Venture capital investment in Qatar rose 81 percent year on year in 2025 to 214 million Qatari riyals ($58 million), new figures show. 

The annual venture capital report, issued by Qatar Development Bank in collaboration with research platform MAGNiTT, highlights the Gulf state’s growing role as an attractive investment hub in the Middle East and North Africa region. 

It indicated that venture activity in 2025 was concentrated in early-stage deals, which accounted for 61 percent of total investment value. 

This supports Qatar’s startup strategy aimed at building a knowledge-based economy, diversifying away from hydrocarbons, and achieving between 2 and 4 percent gross domestic product contribution from startups by 2033.  

The strategy includes fostering innovation, creating 40,000 new jobs, and establishing Doha as a regional hub for fintech, artificial intelligence, sports tech, and sustainability. 

Abdulrahman bin Hisham Al-Suwaidi, CEO of Qatar Development Bank, said: “At QDB, we continue our leading enabling role in venture capital in Qatar. Our direct and indirect investments and commitments through our investment arm have reached approximately 390 million riyals since its inception.”  

He added: “We are also proud of the remarkable progress achieved by the private sector, whose participation, alongside international investors, constituted 86 percent of the total value of venture capital investments in the country.” 

The CEO said QDB will continue strengthening Qatar’s regional and international standing as a destination for global investors and funds, supporting increased investment in priority sectors in line with the Third National Development Strategy 2024–2030.  

Qatar ranked fourth in the Middle East and North Africa region in both deal count and total venture funding in 2025, representing about 5 percent of regional transactions, the report said. QDB’s investment arm was the country’s most active investor, participating in 11 of 33 recorded deals. 

Fintech was the busiest sector by volume, accounting for 33 percent of transactions, up 22 percent from a year earlier, reflecting the impact of initiatives led by the Qatar Fintech Hub. Transport and logistics attracted the largest share of capital, raising 80 million riyals, a 716 percent increase driven by a small number of large transactions. 

Philip Bahoshy, CEO and founder of MAGNITT, said: “The report demonstrates the significant progress made by the venture capital sector in Qatar during 2025, highlighting the remarkable development Qatar is witnessing annually within the regional and global investment and entrepreneurial community.” 

He added: “This progress is evident both in terms of data and through the large-scale specialized events hosted by the country, most notably the Web Summit. QDB’s role in this regard is undeniable, as it has played a major role in supporting the venture capital ecosystem in Qatar.”