Latest news with #Al-Ahsa
Associated Press
23-02-2025
- Business
- Associated Press
Al-Ahsa Investment Forum 2025 Unveils $3.7 Billion in Investment Opportunities
RABAT, Morocco, February 22, 2025 (EZ Newswire) -- The Al-Ahsa Investment Forum 2025, which concluded on Thursday, showcased investment opportunities exceeding $3.7 billion across various sectors, including tourism, real estate development, transportation and logistics, industry, and agriculture. The event also featured the signing of more than 20 strategic agreements aimed at bolstering economic growth. Now, in its seventh edition, the Al-Ahsa Chamber of Commerce organized the forum in collaboration with the Al-Ahsa Development Authority and Saudi Aramco. Held under the patronage of Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, the event was attended by Prince Saud bin Talal bin Badr, Governor of Al-Ahsa and Chairman of the Forum's Supreme Committee, along with government officials, industry experts, corporate executives, and investors from both local and international markets. Since its launch in 2003, the Al-Ahsa Investment Forum has become a key platform for promoting regional investment. Al-Ahsa, located in eastern Saudi Arabia, is renowned for its oil and gas reserves, tourism, agriculture, and industrial projects, particularly energy and petrochemicals. The forum is critical in highlighting investment opportunities in the public and private sectors, positioning Al-Ahsa as a leading contributor to Saudi Arabia's economic diversification and energy sector expansion in alignment with Saudi Vision 2030. Al-Ahsa's Agricultural Contributions and Foreign Investment Addressing the forum, Eng. Mansour bin Hilal Al-Mushaiti, Deputy Minister of Environment, Water, and Agriculture, noted that Al-Ahsa contributes 12% to Saudi Arabia's agricultural GDP, which reached $29.9 billion in 2024. He highlighted Al-Ahsa's pioneering achievement as the first Saudi region to attain full water sustainability and efficiency. Additionally, Eng. Ibrahim bin Youssef Al-Mubarak, Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA), announced that 103 foreign investment licenses had been issued in Al-Ahsa, representing a total investment of $666.7 million. He also revealed new investment opportunities worth approximately $13.3 billion, backed by competitive advantages that position the region as a prime destination for foreign capital. In a further effort to attract investors, the Saudi Ministry of Investment integrated Al-Ahsa into the 'Invest in Saudi Arabia' platform—a digital initiative designed to provide investors with streamlined access to projects, advisory services, and insights into the country's business climate. Energy, Storage, and Supply Chain Enhancements As part of the discussions, Eng. Mohammed Al-Ibrahim, Assistant Minister of Energy for Petroleum and Gas Affairs, announced plans to tender an integrated facility for gas and liquefied natural gas (LNG) storage in Al-Ahsa. The project aims to strengthen Saudi Arabia's energy infrastructure, optimize supply chain operations, and enhance storage and distribution efficiency, with expected annual sales of 2 million barrels by 2030. Meanwhile, Saudi Aramco CEO Amin Nasser emphasized the importance of the Jafurah unconventional gas project in Al-Ahsa. Estimated to contribute $23 billion annually to Saudi Arabia's GDP, the Jafurah project is a cornerstone of Aramco's strategy to increase gas production by more than 60% over the next five years. As home to some of Saudi Aramco's largest operational sites, Al-Ahsa is crucial in expanding investment opportunities and creating new jobs. Notably, Jafurah is the largest shale gas field under development in the Middle East, with a projected production capacity of 2 billion standard cubic feet per day of sales gas by 2030, reinforcing Saudi Arabia's status as a key natural gas exporter. King Salman Energy Park (SPARK) and Industrial Expansion Saudi Aramco is also spearheading the development of King Salman Energy Park (SPARK), a state-of-the-art industrial hub. Commenting on its progress, Nasser stated: 'We have completed Phase One of SPARK's development, attracting more than 60 local and international investors with total investments exceeding $3.2 billion, generating over 40,000 direct and indirect jobs.' As Saudi Arabia continues its economic transformation, Al-Ahsa's investment ecosystem is poised to play a pivotal role in its long-term growth and industrial expansion. Media Contact ###
Zawya
20-02-2025
- Business
- Zawya
Jafurah gas field expected to contribute $23bln annually to: Saudi Aramco CEO
RIYADH — Amin Nasser, president and CEO of Saudi Aramco, said that the giant Jafurah unconventional gas field, located in eastern Saudi Arabia, is expected to contribute $23 billion annually to the country's gross domestic product (GDP). He stressed the importance of achieving Aramco's goal of increasing gas capacity by more than 60 percent by 2030. Nasser made the remarks while addressing the seventh session of the Al-Ahsa Investment Forum 2025, organized by the Al-Ahsa Chamber of Commerce and Industry. The forum is being held under the patronage of Eastern Province Emir Prince Saud bin Naif, and in the presence of Al-Ahsa Governor Prince Saud bin Talal bin Badr. Several ministers, officials, experts, consultants, and an elite group of local and international company presidents and executives, as well as businessmen and businesswomen are participating in the two-day event. In his speech, Al Nasser stressed that Al-Ahsa is an integral part of Saudi Aramco's history. 'For decades, Al-Ahsa hosted a number of the company's most important and largest business zones. Aramco has expanded in recent years in launching giant projects and qualitative initiatives that enhance investment opportunities and generate job opportunities in Al-Ahsa, and contribute to increasing the local production and stimulate the economic cycle," he said while noting that Al-Jafurah field, the largest shale gas field being developed in the Middle East, is considered as the crown jewel among shale gas fields. Nasser said that the total investments in the Al-Jafurah project amounted to more than $100 billion over the next 15 years. "It is a very important project for Saudi Arabia in the context of Vision 2030, and also for Saudi Aramco to achieve our goal of increasing gas capacity by more than 60 percent by 2030," he said. The Aramco chief expected that the production capacity of Al-Jafurah would reach about two billion standard cubic feet per day of sales gas by 2030, saying that this will enhance Saudi Arabia's position as one of the most important gas producers in the world. Referring to King Salman Energy Park (SPARK), which is a giant industrial system, the Aramco chief said that the development of the first phase of the project has been completed. "We have succeeded in attracting more than 60 local and international investors with investments exceeding SR12 billion, and a total of direct and indirect jobs exceeding 40,000 jobs. Several factories have started actual operation, and others are on the way, and today all of Saudi Aramco's drilling and logistical support operations for all oil and gas fields in Saudi Arabia are managed from SPARK. The first and largest private dry port in the Eastern Province is also being developed with a capacity of 10 million metric tons of goods annually upon completion of all its phases," he said adding that the port will be operational in stages, starting in the second quarter of this year. Regarding Saudi Aramco's efforts to preserve the environment, Nasser said: 'Saudi Aramco has a long history of protecting the environment through qualitative projects and initiatives. We are cooperating with King Faisal University to establish a center for nature-based solutions. Research projects have also been initiated to study mangrove trees in Saudi Arabia, as part of our efforts to combat climate change and support the Green Saudi Arabia and Green Middle East initiatives.' In the context of enhancing the citizenship strategy, he confirmed that the company has launched many initiatives to create an appropriate educational environment for male and female students from various segments of society, including the project to establish the largest center for people with disabilities in the region, which is making progress and will be completed by February 2026. Saudi Aramco, the strategic partner of Al-Ahsa Investment Forum 2025, aims to highlight investment opportunities in the public and private sectors, as the forum is a platform to promote investment in Al-Ahsa, and highlight the company's role in supporting investment opportunities in the energy sector, in addition to economic development in Saudi Arabia in general and Al-Ahsa governorate in particular. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
