Abu Dhabi’s Mubadala Petroleum reaches milestone of 500,000 boed 

Mubadala reached this new landmark following a number of crucial developments in the last 12 months. (Shutterstock)
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Updated 01 June 2022
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Abu Dhabi’s Mubadala Petroleum reaches milestone of 500,000 boed 

ABU DHABI: Abu Dhabi’s Mubadala Petroleum has reached the milestone of 500,000 half a million barrels of oil equivalent a day, or boed, for the first time in its history, as the company marked a 22 percent increase in production in 2021, according to news agency WAM.

“The strategy to grow our gas weighted portfolio in key markets where we can add significant value and build long-lasting partnerships is paying off,” said Mansoor Mohamed Al-Hamed, CEO of Mubadala Petroleum.

Mubadala reached this new landmark following a number of crucial developments in the last 12 months which included the acquisition of a 22 percent stake in the Eastern Mediterranean’s Tamar field, offshore Israel from Delek Drilling.

As of May, the company’s Pegaga field in Malaysia achieved gas production of 500 million standard cubic feet and 16,000 barrels of condensate per day. 

It said both these projects made a significant contribution to overall production, and they also complement the company’s gas-biased strategy in line with its energy transition goals.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.