Iraq to launch oil exploration in Najaf soon
Yousuf Kanawi said the operation would begin this month and would cover wide areas stretching up to the border with Saudi Arabia.
He told the official Iraqi News Agency that the project involves conducting seismic surveys in line with an oil exploration map devised by the governorate recently.
He did not identify the companies which will conduct the surveys but said the project is part of the licensing rounds 5 and 6 which involved the awarding of oil contracts to several companies from China and other countries.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
7 hours ago
- Arabian Business
Saudi inflation holds steady at 2.3% in June 2025 as consumer and wholesale prices stabilise
Saudi Arabia's inflation rate remained stable at 2.3 per cent in June 2025 compared to the same month in 2024, according to the latest data released by the General Authority for Statistics (GASTAT). On a monthly basis, the Consumer Price Index (CPI) also showed no significant movement, holding steady with a 0.2 per cent increase from May 2025. The CPI tracks changes in the prices paid by consumers for a basket of 490 goods and services, compiled using data from the 2018 Household Income and Expenditure Survey. Saudi inflation 2025 The Wholesale Price Index (WPI), which measures changes in prices at the producer level, remained relatively stable at 2.1 per cent year-on-year. However, it saw a slight monthly decline of 0.1 per cent in June. Annual CPI (June 2025 vs June 2024): 2.3 per cent Monthly CPI (June 2025 vs May 2025): 0.2 per cent Annual WPI: 2.1 per cent Monthly WPI change: -0.1 per cent The stability in both consumer and wholesale prices suggests that the Kingdom is maintaining effective inflation control measures, even as other global economies continue to grapple with price volatility and cost-of-living concerns.
Arabian Business
7 hours ago
- Arabian Business
Saudi Arabia leads MENA venture capital with $860m in H1 2025, surpassing 2024 total
Saudi Arabia has reinforced its dominance in the Middle East and North Africa's venture capital landscape, securing the top spot in H1 2025 with a total VC funding of $860m (SR3.2bn) — already surpassing the Kingdom's full-year VC total for 2024. The 'H1 2025 MENA Venture Investment Report' from venture data platform MAGNiTT revealed that Saudi Arabia accounted for 56 per cent of total capital deployed across the MENA region, underscoring its pivotal role in shaping the region's startup and innovation economy. The Kingdom also saw a record-breaking 114 VC deals during the first six months of the year, signalling robust investor confidence and continued momentum in startup activity. Saudi VC funding This milestone aligns closely with the goals of Saudi Vision 2030, which has positioned venture capital and entrepreneurship as key pillars for diversifying the Kingdom's economy and reducing dependency on oil. Dr. Nabeel Koshak, CEO and Board Member at SVC, said: 'The Kingdom's leading position in the VC scene in the region comes as a result of many governmental initiatives launched to stimulate the VC and startups ecosystem within the Saudi Vision 2030 programs. 'We at SVC are committed to continuing to lead the development of the ecosystem by stimulating private investors to provide support for startups and SMEs to be capable of fast and high growth, leading to diversifying the national economy and achieving the goals of the Saudi Vision 2030.' SVC, a subsidiary of the SME Bank under the National Development Fund (NDF), plays a central role in enabling early-stage and growth-stage companies by investing in funds and directly in startups, from pre-Seed to pre-IPO. With Saudi Arabia now representing more than half of all VC funding in the region, the report confirms that the Kingdom's startup landscape is entering a new phase of maturity, fuelled by public-private partnerships, policy reform, and sustained investor appetite.
Khaleej Times
8 hours ago
- Khaleej Times
Saudi Arabia's annual inflation accelerates to 2.3% in June
Inflation in Saudi Arabia accelerated to 2.3% in June compared to the same month last year and was also up slightly from 2.2% in May, government data showed on Tuesday. Inflation has hovered between 2% and 2.3% since the beginning of this year, mainly driven by rises in housing rents. It stood at 1.5% in June last year. Rents for housing increased by 7.6% due to villa prices rising by 7.1%, the General Authority for Statistics said. Housing was the primary reason for prices in the combined housing, water, electricity, gas and other fuels category climbing to 6.5%. The Saudi government last month announced steps to balance Riyadh's real estate market, including setting aside some price-capped plots for Saudi citizens. Saudi Arabia also recently approved a new Real Estate Ownership and Investment Law, which will ease property purchases by foreigners when it takes effect next year. Saudi Arabia is in the process of building several massive new developments around Riyadh as part of its Vision 2030 program of diversifying the economy away from oil and boosting both tourism and the private sector. The new law is expected to balance out supply and demand in the long term, but is dependent on the success of the city's real estate projects getting completed on schedule. The International Monetary Fund expects Saudi inflation to remain steady at around 2%, supported by the riyal's peg to the U.S. dollar, domestic subsidies and "an elastic supply of expatriate labor".
