LONDON: There are huge Saudi investments in the UK and they amount to nearly 60 billion pounds, according to Minister of Commerce and Investment Majid bin Abdullah Al-Qassabi.
The minister made the remark following participation in the work of the second Gulf-British Economic Forum, organized by the Arab-British Chamber of Commerce, in London.
In a statement to Saudi Press Agency (SPA, he lauded the bilateral commercial ties and pointed out that the official Arab and British attendance at the forum indicates the status of importance that both sides attach to the development of cooperation, in various trade and investment fields.
He explained that Britain is a historical friend and ally of the states of the region and there must be concerted efforts to discuss the opportunities and challenges that contribute to the development of investment bridges between the two sides, especially after Britain's decision to leave the European Union (EU).
Referring to the large expansion that has occurred in trade and investment cooperation between the Gulf and Britain in education, defense and other investment activities, the minister noted that Saudi investments in the UK are huge and the Kingdom's participation in such and other international forums is due to the government of the Custodian of the Two Holy Mosques King Salman, which has adopted policies that encourage marketing and investment opportunities. This is in line with Saudi Vision 2030, the minister added.
He mentioned that Saudi investments in the UK amounted to nearly 60 billion pounds in various domains.
Saudi investments in Britain reach 60 billion pounds
Saudi investments in Britain reach 60 billion pounds
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.
