Latest news with #MajidJafar
Khaleej Times
3 days ago
- Business
- Khaleej Times
Majid and Lynn Jafar honoured by top US university
The University of Massachusetts Chan Medical School has honoured Majid Jafar, CEO of Crescent Petroleum, and his wife Lynn Barghout Jafar, co-founders of the Loulou Foundation, for their work in advancing medical research and innovation and for supporting children with special needs through the High Hopes Therapy Center in the UAE. The honorary doctorate degrees, presented at the university's 2025 Commencement ceremony by Chancellor Michael Collins, highlight their role in accelerating scientific and therapeutic progress in the field of rare diseases — an area that remains significantly underdiagnosed and underserved, with the vast majority of conditions still lacking approved treatments. More than 350 million people are affected by rare diseases worldwide, with 70% of them children. While over 7,000 rare diseases have been identified, 95% still lack approved treatments. Majid Jafar commented: 'We are deeply honoured by this recognition from UMass Chan Medical School. It affirms what can be achieved when purpose-driven collaboration meets urgency — especially in the field of rare diseases, where so many families are still waiting for new treatments. The UAE has long recognised the importance of medical innovation, and we remain committed to contributing to this global effort to improve children's lives and accelerate meaningful change.' Umass Chan Medical School is among the leading medical schools in the United States and last year entered into a strategic partnership agreement with Mohammed bin Rashid University (MBRU) of Medicine and Health Sciences in Dubai. The commencement ceremony also conferred honorary doctorate degrees on Dr Marcia McNutt, President of the U.S. National Academy of Sciences, and Dr Carolyn Clancy, Assistant Under Secretary for Health at the U.S. Veterans Health Administration. Lynn Barghout Jafar, co-founder of the Loulou Foundation and Founder of the High Hopes Therapy Center in Dubai, added: 'When our own daughter was diagnosed with a rare disease, what began as a personal journey quickly became a global mission to connect families and scientists in the pursuit of answers. We are grateful to be part of a growing community that is transforming the future of rare disease research through science, collaboration, and hope'. In March this year Majid and Lynn Jafar personally hosted a Charity Suhoor in support of Al Jalila Foundation's Child Fund in the UAE, raising Dh50 million — the largest donor-led fundraiser since the Foundation's inception in 2013. Held under the theme 'An Evening of Hope', the gathering brought together business leaders and philanthropists to support life-saving medical treatment and research for children in need. In addition to his work with Loulou Foundation which as supported more than 100 research projects in labs around the world since its founding in 2015, Majid Jafar co-chairs the international campaign for Cambridge Children's Hospital, serves on the advisory board of the Oxford-Harrington Rare Disease Centre — chaired by former UK Prime Minister David Cameron — and is a member of the Board of Fellows and co-chairs the Discovery Council at Harvard Medical School. In his professional capacity, in addition to serving as CEO of Crescent Petroleum, the Middle East's oldest private oil and gas company, Majid Jafar is the Board Managing Director of Dana Gas and Vice Chairman of the Crescent Group, headquartered in Sharjah in the UAE. Lynn Barghout Jafar established High Hopes Pediatric Therapy Center in 2017 as an early intervention facility in the UAE that caters to over 300 children with moderate to complex special needs - a place where they can develop, progress, and also have fun under the supervision of the most experienced and specialized therapists.
Khaleej Times
29-04-2025
- Health
- Khaleej Times
Oxford-Harrington Rare Disease Centre appoints Majid Jafar to its advisory council
The Oxford-Harrington Rare Disease Centre ('OHC'), a partnership between the University of Oxford, UK and Harrington Discovery Institute at University Hospitals, Cleveland, Ohio, aimed at driving cutting-edge rare disease breakthroughs, has announced the appointment of Majid Jafar to its Advisory Council. The Advisory Council, led by former UK Prime Minister David Cameron, supports the OHC's mission to deliver new treatments for the nearly half a billion people affected by rare diseases worldwide. Council members are leaders of relevant industries and sectors, from different regions of the world who bring expertise, resources and networks towards the initial goal of developing 40 new drugs for rare diseases in the next 10 years. Jafar is a distinguished business leader serving as Vice-Chairman of the Crescent Group and CEO of Crescent Petroleum, based in the United Arab Emirates, and is the first person to be appointed to the Council from the GCC and Middle East, a region with over 30 million people affected by rare diseases. He is a prominent, global rare disease advocate and philanthropist with a strong commitment to driving positive social change in healthcare and education, with extensive networks and interests in business, investment and philanthropy in the US, Europe and the Middle East. Among his roles, Mr. Jafar is the co-founder, with his wife Lynn, of the Loulou Foundation, a private non-profit foundation dedicated to advancing science and treatments for CDKL5 Deficiency Disorder (CDD), a rare neurogenetic disorder that affects their eldest daughter, Alia. The Loulou Foundation has funded important research projects at leading universities and institutions in the US, Europe and Asia, with a total of over 60 projects at 45 different institutions. Jafar also sits on various non-profit boards including the Board of Fellows of Harvard Medical School, where he co-chairs the Discovery Council, and is a member of the Academy of the University of Pennsylvania and the Global Precision Medicine Council of the World Economic Forum, as well as co-chairing the campaign for Cambridge Children's Hospital in the UK. David Cameron, Chair of the OHC's Advisory Council, said: 'We are delighted to welcome Majid to the OHC Advisory Council. His extensive experience within the business and investment communities and in policy engagement - alongside his philanthropic efforts in education and healthcare - make him an invaluable addition to our team. Furthermore, as a parent of a child with a rare disease, Majid has a deep empathy with families in similar situations as they seek a diagnosis and treatment. We look forward to his contribution to the Council and to his support of the OHC as it continues its groundbreaking work in rare disease research and development of new treatments for patients worldwide.' Majid Jafar commented: 'I am honoured to join the Oxford-Harrington Rare Disease Centre Advisory Council. Supporting the development of innovative treatments for rare diseases is a cause close to my heart with my family's own experience deeply shaping my commitment to delivering urgently needed treatments to rare disease patients. I look forward to helping advance the OHC's mission by fostering key partnerships in new regions and sourcing philanthropic investment that can accelerate progress for the many patients in need.' Matthew Wood, Director and Chief Scientific Officer of the OHC, added: 'Majid brings a unique perspective to our Advisory Council, with his strong leadership background and dedication to advancing healthcare. His commitment to social impact, coupled with his ability to expand the OHC's reach into new regions, will be instrumental as we work towards delivering rare disease drugs in the coming years. We are thrilled to have him on board and look forward to his contributions to our mission.' Majid Jafar joins Lord Cameron (Chair of the OHC's Advisory Council and Former UK Prime Minister), Professor Sir John Bell (President, Ellison Institute of Technology Oxford, and former Regius Professor of Medicine at Oxford University), Baroness Nicola Blackwood (Chair of Genomics England and of Oxford University Innovation), John F. Crowley (President and CEO of the Biotechnology Innovation Association (BIO)), Ronald G. Harrington (a renowned entrepreneur and philanthropist, and co-founder of Harrington Discovery Institute), and Jonathan S. Stamler, MD (President and co-founder of Harrington Discovery Institute and Distinguished University Professor of Medicine), on the OHC Advisory Council.
Associated Press
05-04-2025
- Business
- Associated Press
Crescent Petroleum and Dana Gas Reach 500 MMboe Cumulative Production from Khor Mor Field, Announce Major Growth and Development Plans
SHARJAH, UNITED ARAB EMIRATES / ACCESS Newswire / April 4, 2025 / Dana Gas, the Middle East's leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil & gas company in the Middle East, together with their partners in the Pearl Petroleum Consortium have announced that cumulative production from Khor Mor, Iraq's largest non-associated gas field, has reached500 million barrels of oil equivalent (Mmboe), highlighting the level of development and growth from the Khor Mor field in the Kurdistan Region of Iraq (KRI) since 2008. The Khor Mor plant operated by the companies provides the fuel for around 75% of the KRI's electricity generation, enabling affordable power for more than 6 million Iraqis in the KRI and other governorates of Iraq. With total investment to date exceeding US$3.5 billion, the operations have created more than 20,000 direct and indirect jobs in the region. This production milestone coincides with the announcement of a series of development initiatives enabling considerable future growth. The companies announced that daily production from Khor Mor in early March reached 525 MMscfd of natural gas, a growth of 75% since 2017, in addition to 15,200 b/d of condensate, and 1,070 t/d of LPG. The partners also announced that development of the KM-250 project, which promises to boost capacity by a further 50%, has accelerated the expected completion to Q1 2026. Progress on the US$1 billion expansion project, which includesUS$250 million in financing from the US Development Finance Corporation (DFC), has advanced in recent months through fast-track simultaneous project construction and commissioning activities, enabling the company to cut the overall project schedule by several months. Building on the potential of the Khor Mor field, the consortium has also commenced work on an appraisal strategy to unlock Khor Mor's additional significant hydrocarbon potential and plan the next phases of the field's development. Building on the immense potential of the Chemchemal field, the Pearl Petroleum partners also announced commencement of activities to appraise the Chemchemal Cretaceous reservoir and initiate production of up to 71 MMscfd during 2026. The partners have committed US$160 million to drill three wells, install an extended well test (EWT) facility, and construct associated enabling infrastructure. In light of these recent achievements and progress, Pearl Petroleum is considering further financing options and has engaged DNB Markets, part of DNB Bank ASA, and Pareto Securities AS as Joint Lead Managers and Bookrunners to arrange a series of fixed-income investor meetings. Subject to market conditions and acceptable terms, a new senior secured bond issue with a tenor of 5 years may follow. The proceeds will be used to finance these near-term growth opportunities and for general corporate purposes. Commenting on the announcements, Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, said, 'We are at the start of an exciting new chapter for Pearl Petroleum with the imminent completion of the KM-250 expansion project, initial appraisal and development of the Chemchemal Field and an appraisal strategy to further unlock hydrocarbon potential of the Khor Mor Field. This work will further enhance the energy sector and economy of the Kurdistan Region and all of Iraq.' Richard Hall, CEO of Dana Gas, added, 'The KM-250 completion which we are now confident of accelerating to take place in Q1 2026 will transform our business, enabling the next major phase of expansion. Our ongoing positive discussions with the financial community reflect the increasing respect we are being afforded as a major regional energy company.'
Yahoo
05-04-2025
- Business
- Yahoo
Crescent Petroleum and Dana Gas Reach 500 MMboe Cumulative Production from Khor Mor Field, Announce Major Growth and Development Plans
SHARJAH, UNITED ARAB EMIRATES / / April 4, 2025 / Dana Gas, the Middle East's leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil & gas company in the Middle East, together with their partners in the Pearl Petroleum Consortium have announced that cumulative production from Khor Mor, Iraq's largest non-associated gas field, has reached500 million barrels of oil equivalent (Mmboe), highlighting the level of development and growth from the Khor Mor field in the Kurdistan Region of Iraq (KRI) since 2008. The Khor Mor plant operated by the companies provides the fuel for around 75% of the KRI's electricity generation, enabling affordable power for more than 6 million Iraqis in the KRI and other governorates of Iraq. With total investment to date exceeding US$3.5 billion, the operations have created more than 20,000 direct and indirect jobs in the region. This production milestone coincides with the announcement of a series of development initiatives enabling considerable future growth. The companies announced that daily production from Khor Mor in early March reached 525 MMscfd of natural gas, a growth of 75% since 2017, in addition to 15,200 b/d of condensate, and 1,070 t/d of LPG. The partners also announced that development of the KM-250 project, which promises to boost capacity by a further 50%, has accelerated the expected completion to Q1 2026. Progress on the US$1 billion expansion project, which includesUS$250 million in financing from the US Development Finance Corporation (DFC), has advanced in recent months through fast-track simultaneous project construction and commissioning activities, enabling the company to cut the overall project schedule by several months. Building on the potential of the Khor Mor field, the consortium has also commenced work on an appraisal strategy to unlock Khor Mor's additional significant hydrocarbon potential and plan the next phases of the field's development. Building on the immense potential of the Chemchemal field, the Pearl Petroleum partners also announced commencement of activities to appraise the Chemchemal Cretaceous reservoir and initiate production of up to 71 MMscfd during 2026. The partners have committed US$160 million to drill three wells, install an extended well test (EWT) facility, and construct associated enabling infrastructure. In light of these recent achievements and progress, Pearl Petroleum is considering further financing options and has engaged DNB Markets, part of DNB Bank ASA, and Pareto Securities AS as Joint Lead Managers and Bookrunners to arrange a series of fixed-income investor meetings. Subject to market conditions and acceptable terms, a new senior secured bond issue with a tenor of 5 years may follow. The proceeds will be used to finance these near-term growth opportunities and for general corporate purposes. Commenting on the announcements, Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, said, "We are at the start of an exciting new chapter for Pearl Petroleum with the imminent completion of the KM-250 expansion project, initial appraisal and development of the Chemchemal Field and an appraisal strategy to further unlock hydrocarbon potential of the Khor Mor Field. This work will further enhance the energy sector and economy of the Kurdistan Region and all of Iraq." Richard Hall, CEO of Dana Gas, added, "The KM-250 completion which we are now confident of accelerating to take place in Q1 2026 will transform our business, enabling the next major phase of expansion. Our ongoing positive discussions with the financial community reflect the increasing respect we are being afforded as a major regional energy company."Media Contact:Anishanish@ SOURCE: Crescent Petroleum View the original press release on ACCESS Newswire Sign in to access your portfolio
Khaleej Times
03-04-2025
- Business
- Khaleej Times
Crescent Petroleum and Dana Gas reach key production milestone at Iraqi gas field
Dana Gas, the Middle East's leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil and gas company in the Middle East, together with their partners in the Pearl Petroleum Consortium have announced that cumulative production from Khor Mor, Iraq's largest non-associated gas field, has reached 500 million barrels of oil equivalent (Mmboe), highlighting the level of development and growth from the Khor Mor field in the Kurdistan Region of Iraq (KRI) since 2008. The Khor Mor plant provides the fuel for around 75% of the KRI's electricity generation, enabling affordable power for more than six million Iraqis in the KRI and other governorates of Iraq. With total investment to date exceeding $3.5 billion, the operations have created more than 20,000 direct and indirect jobs in the region. This production milestone coincides with the announcement of a series of development initiatives enabling considerable future growth. Khor Mor field development The companies announced that daily production from Khor Mor in early March reached 525 MMscfd of natural gas, a growth of 75% since 2017, in addition to 15,200 b/d of condensate, and 1,070 t/d of LPG. The partners also announced that development of the KM-250 project, which promises to boost capacity by a further 50%, has accelerated the expected completion to Q1 2026. Progress on the $1 billion expansion project, which includes $250 million in financing from the US Development Finance Corporation (DFC), has advanced in recent months through fast-track simultaneous project construction and commissioning activities, enabling the company to cut the overall project schedule by several months. Building on the potential of the Khor Mor field, the consortium has also commenced work on an appraisal strategy to unlock Khor Mor's additional significant hydrocarbon potential and plan the next phases of the field's development. Building on the immense potential of the Chemchemal field, the Pearl Petroleum partners also announced commencement of activities to appraise the Chemchemal Cretaceous reservoir and initiate production of up to 71 MMscfd during 2026. The partners have committed $160 million to drill three wells, install an extended well test (EWT) facility, and construct associated enabling infrastructure. In light of these recent achievements and progress, Pearl Petroleum is considering further financing options and has engaged DNB Markets, part of DNB Bank ASA, and Pareto Securities AS as Joint Lead Managers and Bookrunners to arrange a series of fixed-income investor meetings. Subject to market conditions and acceptable terms, a new senior secured bond issue with a tenor of five years may follow. The proceeds will be used to finance these near-term growth opportunities and for general corporate purposes. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, said: 'We are at the start of an exciting new chapter for Pearl Petroleum with the imminent completion of the KM-250 expansion project, initial appraisal and development of the Chemchemal Field and an appraisal strategy to further unlock hydrocarbon potential of the Khor Mor Field. This work will further enhance the energy sector and economy of the Kurdistan Region and all of Iraq.' Richard Hall, CEO of Dana Gas, added: 'The KM-250 completion which we are now confident of accelerating to take place in Q1 2026 will transform our business, enabling the next major phase of expansion. Our ongoing positive discussions with the financial community reflect the increasing respect we are being afforded as a major regional energy company.' Pearl Petroleum was founded in 2009 as a consortium with Dana Gas and Crescent Petroleum as joint operators with a 35% equity share each, and with OMV, MOL, and RWE subsequently joining the consortium with a 10% share each. In the ensuing years, the project has delivered uninterrupted, affordable energy at scale to the KRI, making a considerable impact on the region's economy, society, and environment. With over 80% local employment in operations, including in management positions, Pearl has enabled fuel cost savings for the government and made a considerable positive contribution to the local economy. The natural gas produced in Khor Mor has also avoided 59 million tonnes of CO2 emissions to date by substituting oil and diesel with cleaner burning natural gas for power generation. Pearl Petroleum said remains committed to maintaining carbon neutrality having reduced total GHG emissions by over 20% in 2024 to 200 kTCO2e, while reducing overall energy consumption by 5%, bringing its total carbon intensity to 4.4kg CO2/Boe. This is among the lowest in the industry, supplemented by offsets of the remaining emissions to achieve carbon neutrality across operations.
