Latest news with #SPAENG
Express Tribune
5 days ago
- Business
- Express Tribune
Saudi Arabia, Kuwait announce significant oil discovery in neutral zone
Saudi Arabia and Kuwait have announced a "highly significant" oil discovery in the neutral zone, marking a major breakthrough in energy exploration. The discovery, located in the North Wafra Wara-Burgan field, boasts an output of more than 500 barrels per day. This marks the first major find since both nations resumed production in the region in 2020. The discovery is seen as a positive development for both countries, reinforcing their status as key global energy suppliers. The North Wafra field is located just five kilometers north of the existing Wafra field, and it represents an important step forward in oil exploration in the partitioned zone, which had been dormant for several years. "This discovery is regarded as highly significant," said the Saudi Press Agency, citing its potential to enhance the two countries' standing in the global energy market. Saudi Arabia and Kuwait Announce New Oil Discovery in the Partitioned — SPAENG (@Spa_Eng) May 26, 2025 The announcement follows a series of agreements between the two nations, with a 2019 agreement dividing up oil production in the neutral zone, which could eventually bring an additional 500,000 barrels per day into global supply. The Wafra and Khafji oilfields in the neutral zone had halted production in 2014 and 2015, respectively, but resumed in mid-2020. This new discovery demonstrates the continuing importance of the neutral zone to both nations' oil production capabilities. The breakthrough comes amid growing concerns about global oil demand and supply pressures. While prices have remained volatile, with Brent crude trading at $64.64 per barrel, the announcement of new reserves highlights Saudi Arabia and Kuwait's commitment to securing long-term energy supply and meeting global demand. This discovery is part of a larger trend in the region, with Saudi Arabia's oil giant Aramco recently unveiling 14 new oil and gas fields, further bolstering the kingdom's position in the energy market. The discoveries also coincide with significant finds in Kuwait, including a massive oil and gas discovery at the Al-Nokhatha field. Despite the exciting news, the global oil market remains subject to volatility, particularly amid US tariff concerns and Opec+ production plans. Oil prices have recently fluctuated, with projections indicating that Brent crude will hover between $63 to $65 per barrel for the remainder of the year. This new discovery, however, gives Saudi Arabia and Kuwait an even stronger foothold in the international oil market as both countries look to solidify their energy futures.
Dubai Eye
13-05-2025
- Business
- Dubai Eye
Trump starts three-country visit seeking big economic deals
US President Donald Trump has arrived in Saudi Arabia to kick off a four-day Gulf visit that will focus on trade and security issues. Trump was welcomed by Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud at the airport. HRH the Crown Prince welcomes #US President #Trump upon arrival in Saudi Arabia for a state visit. #TrumpInKSA #SPAGOV — SPAENG (@Spa_Eng) May 13, 2025 Trump will first visit Riyadh - where the Saudi-US Investment Forum is taking place - and continue to Qatar on Wednesday and the UAE on Thursday. Trump's second foreign trip since taking office again - his first was to Rome for Pope Francis' funeral - comes during a moment of geopolitical tension. In addition to pressing for a settlement to the war in Ukraine, the Trump administration will also look to an immediate ceasefire in Gaza. Apart from Secretary of State and National Security Advisor Marco Rubio and Secretary of Defence Pete Hegseth, business leaders including Tesla CEO and Trump adviser Elon Musk, BlackRock CEO Larry Fink and Citigroup CEO Jane Fraser will be part of the delegation. Trump's second and third stops will be Qatar and the UAE. Trump has also said he may travel on Thursday to Turkey for potential face-to-face talks between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy.
Leaders
08-03-2025
- General
- Leaders
Reviving Heritage: Saudi Arabia Revitalizes Al-Fath Mosque
Saudi Arabia has launched a major restoration of Al-Fath Mosque in Makkah's Al-Jumum Governorate, reinforcing its commitment to safeguarding Islamic heritage. Crown Prince Mohammed bin Salman has directed the project, aligning with Vision 2030's goals to celebrate the Kingdom's historical identity. The mosque holds deep religious significance. Muslims believe Prophet Muhammad prayed there during the 630 CE Conquest of Makkah. Centuries of wear prompted prior renovations in 1398 AH (1977–78 CE) and 1419 AH (1998–99 CE). Prince Mohammed bin Salman Project Restores Al-Fath Mosque to Architectural — SPAENG (@Spa_Eng) March 7, 2025 The Saudi Press Agency confirmed the mosque's area will grow from 455.77 to 553.50 square meters. Capacity will rise from 218 to 333 worshippers, improving accessibility for pilgrims. Builders will use regional materials like brick, basalt stone, and wood. Traditional mashrabiyas and rawasheens—ornate wooden screens—will highlight Hijazi craftsmanship, blending heritage with modern functionality. Phase Two Targets 30 Mosques Nationwide Al-Fath Mosque joins 29 others in Phase Two, spanning all 13 regions. Six mosques will revive Riyadh's heritage, while Makkah and Madinah host five and four sites, respectively. Smaller regions like Al-Jouf and Jazan will The initiative prioritizes four objectives: enabling active worship, preserving architectural integrity, showcasing Saudi heritage, and amplifying religious-cultural value. Phase One successfully rehabilitated 30 mosques across 10 regions in 2021. Vision 2030 Bridges Past and Future By integrating historic designs into modern structures, Saudi Arabia strengthens its global cultural leadership. This effort fosters community pride while honoring the spiritual legacy of the holy cities. The Al-Fath Mosque project underscores Saudi Arabia's dedication to preserving sacred spaces. Through meticulous restoration, the Kingdom ensures these landmarks inspire generations while anchoring national identity in Islamic history. Short link : Post Views: 7
