meed-logo

line1 line2 line3
SIGN IN / REGISTER

Hydrocarbons exploration rebounds

1 March 2023

MEED's upstream oil & gas report also includes: Energy security facilitates upstream spending

 

The world, and particularly countries in the Middle East and North Africa (Mena) region, remains undeterred in its quest to find more oil and gas resources, despite headwinds from energy transition activity and falling long-term hydrocarbons demand forecasts.

Last year, the global oil and gas exploration sector had its strongest year in more than a decade. In its effort to improve portfolios by adding lower-carbon, lower-cost advantaged hydrocarbons, the sector created at least $33bn of value and achieved full-cycle returns of 22 per cent, at $60-a-barrel Brent prices, according to a recent report from Wood Mackenzie.

Julie Wilson, director of global exploration research at Wood Mackenzie, says 2022 was “a standout year for exploration”. 

“Volumes were good, but not stellar. However, explorers were able to drive very high value through strategic selection and by focusing on the best and largest prospects. 

“The discoveries bring higher-quality hydrocarbons into companies’ portfolios, allowing them to reduce carbon by displacing less advantaged oil and gas supplies while also meeting the world’s energy needs.

“The highest value came from world-class discoveries in a new deepwater play in Namibia, as well as resource additions in Algeria and several new deepwater discoveries in Guyana and Brazil, where the latest wave of pre-salt exploration finally met with success,” she says.

“The average discovery last year was over 150 million barrels of oil equivalent, more than double the average of the previous decade,” she adds.

The exploration sector continues to be dominated by national oil companies (NOCs) and majors, with QatarEnergy, France-headquartered TotalEnergies and Brazil’s Petrobras leading the way in net new discovered resources in 2022, according to Wood Mackenzie. In total, NOCs and majors accounted for almost three-quarters of new resources discovered, the research consultancy said.

Qatar’s overseas footprint

In addition to raising gas production capacity from the North Field gas reserve and carrying out a liquefied natural gas (LNG) output expansion programme, QatarEnergy has been pursuing an overseas offshore oil and gas exploration and production (E&P) campaign in recent years.

The state enterprise has been investing in expanding its international upstream footprint, particularly in the gas space. In the past five years, QatarEnergy has acquired interests in gas-rich offshore blocks in Angola, Guyana, Kenya, Egypt, South Africa, Argentina, Mozambique, Morocco, Cyprus, Mexico, Brazil, Oman, Suriname and Canada.

In December, QatarEnergy won an offshore exploration block in Brazil in a consortium with TotalEnergies and Malaysia’s Petronas. QatarEnergy will hold a 20 per cent working interest in the Agua-Marinha production sharing contract, with TotalEnergies holding 30 per cent and Petronas Petroleo Brasil holding 20 per cent. Brazil’s state energy producer ANP will be the operator of the block, with a 30 per cent interest.

QatarEnergy also recently acquired a 30 per cent interest in exploration blocks four and nine off the coast of Lebanon. TotalEnergies is the operator of the blocks, holding a 35 per cent interest, with Italy’s Eni owning the remaining 35 per cent.

Oman E&P arena

Oman hosts the most foreign hydrocarbons E&P companies in the GCC. Majors such as BP, Shell and TotalEnergies have been present in the sultanate since the early 20th century, while smaller international upstream players have also been looking for – and producing – oil and gas for the past three decades.

The majority state-owned Petroleum Development Oman (PDO) operates the sultanate’s biggest and most prolific hydrocarbons concession, block six. The smaller oil and gas concession areas are operated by firms headquartered overseas such as Eni, Occidental Petroleum, Tethys Oil and Maha Energy, as well as by local firms such as ARA Petroleum, Majan Energy & Petroleum and Musandam Oil & Gas Company.

Oman’s Energy & Minerals Ministry signed a concession agreement in December 2021 with a consortium led by Shell’s Oman subsidiary, Shell Integrated Gas Oman, to develop and produce natural gas from block 10 of the Saih Rawl gas field.

The consortium comprises Omani state energy enterprise OQ and Marsa LNG, a joint venture of France’s TotalEnergies and OQ. The concession agreement established Shell as the operator of block 10.

By late January, Shell had started producing gas from the Mabrouk North East field located in block 10.

In September last year, the Omani energy ministry signed another E&P agreement with Shell and France’s TotalEnergies to develop block 11, which is located adjacent to block 10 and is understood to be rich in natural gas reserves.

Shell and TotalEnergies will own 67.5 per cent and 22.5 per cent stakes in block 11, respectively, with OQ holding the other 10 per cent. Shell is the operator with the majority stake in the concession.

UAE makes strides

Abu Dhabi National Oil Company (Adnoc) has completed two upstream concession licensing rounds in the past

four years, attracting oil and gas producing companies from the US, Italy, Pakistan, India, Thailand and Japan to explore for resources.

Offshore block two, which is operated by Italian energy major Eni with Thailand’s state-owned PTT Exploration & Production Public Company (PTTEP), has so far yielded two discoveries with combined estimated reserves of up to 3 trillion cubic feet (tcf) of gas.

In addition, in May last year, Adnoc announced the discovery of 650 million barrels of onshore crude oil reserves in Abu Dhabi, which increased the UAE’s hydrocarbons reserves base to 111 billion stock tank barrels of oil and 289 tcf of gas.

Adnoc also awarded Malaysia’s Petronas a six-year concession agreement in December to explore and appraise oil in unconventional onshore block one, deemed to be the Middle East’s first unconventional oil concession.

In Sharjah, Eni won stakes in all three upstream concession areas offered by Sharjah National Oil Company (SNOC) to international investors in the emirate’s first competitive hydrocarbons block bidding round, launched in June 2018. 

In January 2019, Eni successfully secured 75 per cent, 50 per cent and 75 per cent stakes in SNOC’s concession areas A, B and C, respectively.

Then, in October last year, PTTEP acquired a 25 per cent stake from Eni in area A, as a result of which Eni’s share in all three concession zones is now at 50 per cent.

Sharjah’s oil and gas fortunes reversed in January 2021, when SNOC, together with its partner Eni, announced the start-up of the Mahani 1 gas well. This marked the commencement of gas production from the Mahani field, located in area B, the first such onshore hydrocarbons discovery made in Sharjah in 37 years.

Energy security facilitates upstream spending

Bahrain labours on

Bahrain announced the discovery of the large Khalij al-Bahrain offshore hydrocarbons basin – estimated to contain 80 billion barrels of oil and 10-20 trillion cubic feet of gas – in April 2018.

Nearly five years later, Manama has been unable to make significant progress on the commercial appraisal of the oil and gas resources base. However, the lack of success with Khalij al-Bahrain has not deterred the country from continuing its exploration elsewhere.

In November, state energy conglomerate Nogaholding announced the discovery of natural gas in the two reservoirs of Al-Jawf and Al-Juba. The gas deposits are unconventional and situated in the Khuff and Unayzah geological formations.

Mena players make progress

Iraq, Opec’s second-largest oil producer, continues to seek more hydrocarbons resources in its territory. As recently as in February, the Oil Ministry awarded six oil concessions as part of the country’s fifth licensing round.

Three E&P concessions – one in Basra and two in Diyala governorates – were awarded to UAE-based Crescent Petroleum. Three others, also in Basra and Diyala, were awarded to China’s Geo-Jade Petroleum.

Eni’s discovery of the large Zohr gas field in the Mediterranean waters in 2015 elevated Egypt’s status as a significant upstream market globally, and the country’s government intends to continue to attract more E&P players on the back of this success.

Egypt’s hydrocarbons reserves spiked in 2022 with 53 new oil and gas discoveries: 42 oil wells and 11 gas wells, according to the Petroleum & Mineral Resources Ministry. The discoveries were made in Egypt’s Western Desert region, the Suez Gulf, the Mediterranean Sea and the Nile Delta.

So far in 2023, US-based Chevron, which operates the Nargis offshore concession in the East Mediterranean, together with its partners Eni and Egypt’s Tharwa Petroleum, has announced a discovery of Miocene and Oligocene gas-bearing sandstones.

At the start of this year, Egypt also launched an international licensing round for exploration rights in the Nile Delta and the Mediterranean, comprising 12 onshore and offshore blocks.

“There is a lot of uncertainty in future long-term demand scenarios for oil,” says Wilson. 

“Explorers are accelerating oil exploration to meet near- and mid-term demand, while gas exploration was focused in geographies that can supply the gas-hungry European market. In some cases, major leases are approaching the expiration of the exploration term and companies are pushing to optimise their value.”

She concludes: “By 2030, fast-tracked development of these new discoveries could deliver 1 million barrels a day in oil and half a million barrels a day of equivalent gas production, generating $15bn in free cash flow.” 

https://image.digitalinsightresearch.in/uploads/NewsArticle/10640105/main.gif
Indrajit Sen

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Adnoc steps up crude expansion

    15 October 2026

     

    Abu Dhabi National Oil Company (Adnoc Group) is entering a new phase of upstream investment as the UAE’s withdrawal from Opec opens the way for greater oil production flexibility. After spending an estimated $37bn on upstream projects in 2023 and 2024, the state-owned energy company continues to invest heavily in expanding crude production capacity and developing domestic gas supplies.

    The investment programme supports two key targets: raising crude production capacity to 5 million barrels a day (b/d) by 2027 and achieving gas self-sufficiency by the end of the decade.

    Following the UAE’s withdrawal from Opec in May 2026, Adnoc Group has nearly matched its 2024 upstream project spending level so far this year and is on course to surpass it by a significant margin.

    The UAE had invested billions of dollars in expanding crude production capacity, but output quotas under the Opec+ framework had constrained its ability to translate that capacity into higher production and additional oil revenues in a high-price environment.

    The UAE’s exit from Opec gives Adnoc greater flexibility to utilise its spare capacity, accelerate progress towards its 5 million b/d target and potentially exceed it. The company is positioning itself to capitalise on rising oil demand while retaining the flexibility to respond to market conditions.

    Robust offshore spending

    So far this year, Adnoc Offshore has awarded major contracts for projects involving the Satah Al-Razboot (Sarb) deep gas development, the expansion of the Nasr oil field and an increase in the Upper Zakum oil field’s output capacity to 1.5 million b/d.

    Adnoc reached a final investment decision (FID) on the Sarb project in January and awarded the main engineering, procurement and construction (EPC) contract to US-based McDermott International. The contract is estimated to be worth around $500m, sources told MEED.

    The project is expected to deliver 200 million cubic feet a day (cf/d) of gas by the end of the decade – enough to power more than 300,000 homes.

    The scope includes the EPC of an offshore wellhead tower with four gas production wells, which will be connected to Das Island for processing through Adnoc Gas facilities. The works also include the installation of pipelines and intra-field connections linking the Sarb field to Das Island.

    Also in January, Adnoc Offshore awarded McDermott a $942m contract for the Nasr-115 project, which will increase production capacity at the Nasr offshore field to 115,000 b/d. The field is located about 130 kilometres northwest of Abu Dhabi.

    McDermott’s scope covers engineering, procurement, construction and installation services for two topside structures, a new manifold tower, a jacket, a bridge, associated pipelines, subsea cables and brownfield modifications.

    UZ 1.5MMBD project

    Located 84km offshore Abu Dhabi, Upper Zakum is the world’s second-largest offshore oil field and fourth-largest oil field overall. The UZ 1.5MMBD project is Adnoc Offshore’s latest crude production expansion scheme at the Upper Zakum field.

    The project scope is divided into three packages. The first EPC package covers surface facilities required on the field’s existing artificial islands, including integrated gas-lift compressors, produced-water reinjection units, water treatment plants, pre-assembled manifolds and related facilities.

    The second package covers offshore facilities and comprises several segments of subsea pipelines and subsea cables.

    The third package covers work on Adnoc’s existing Zirku Island and will require additional oil tanks, a water treatment unit, an export gas compressor, a condensate treatment unit, and associated power and utilities facilities.

    Adnoc Offshore awarded the first and third EPC packages of the UZ 1.5MMBD project to Spanish contractor Tecnicas Reunidas, while Abu Dhabi-based NMDC Energy won the second package. The overall scheme is estimated to be worth more than $10bn.

    Umm Shaif Gas Cap

    Gas production has also been a key capex area this year, with Adnoc and its foreign partners reaching a $6.2bn FID in July for a major project to produce up to 600 million cf/d of natural gas by developing the Umm Shaif Gas Cap in Abu Dhabi.

    The Umm Shaif Gas Cap reserve lies within the offshore Umm Shaif and Nasr hydrocarbons concession, in which Adnoc is the majority stakeholder. Other stakeholders in the concession are Italy’s Eni, France’s TotalEnergies and China National Petroleum Corporation.

    Adnoc said the FID includes three EPC packages totalling $5.1bn for large-scale offshore infrastructure, awarded to the following contractors:

    • First offshore package – fabrication of a 30,000-tonne gas compression system: Larsen & Toubro Energy Hydrocarbon (India) / Lamprell (Saudi Arabia/UAE)
    • Second offshore package – fabrication of another 30,000-tonne gas compression system: McDermott (US)
    • Onshore package – EPC of gas inlet and processing systems on Das Island: China Petroleum Engineering & Construction Company (CPECC)

    As part of the FID, Adnoc also awarded a $365m contract to its subsidiary Adnoc Drilling for a 14-well drilling and integrated drilling services scope, to be delivered over 18 months using three existing rigs.

    Separate from the Umm Shaif Gas Cap development, Adnoc Offshore is preparing to issue the main tender for the next expansion phase of the Umm Shaif oil and gas field offshore Abu Dhabi.

    Contractors expressed interest to Adnoc Offshore in June in participating in the main tendering exercise for the Umm Shaif long-term development plan 2.1 (LTDP-2.1) project.

    The project’s primary objective is to maintain Umm Shaif’s oil production capacity at approximately 390,000 b/d, while enabling peak output of up to 430,000 b/d.

    The project includes constructing a new combined artificial island at Umm Shaif, equipped with drilling, processing, utilities and supporting infrastructure. It also includes installation of an optimised crude-stabilisation train at Adnoc’s existing Das Island facilities.

    Located about 150km northwest of Abu Dhabi city, Umm Shaif is one of Adnoc’s oldest offshore oil-producing assets. In 2022, the company marked the 60th anniversary of the UAE’s first export of Umm Shaif crude, which took place in July 1962.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20634497/main.gif
    Indrajit Sen
  • Joint venture wins Oman desalination contract

    15 October 2026

    Bahwan Veolia Water, a joint venture of France’s Veolia and Oman’s Bahwan Engineering Company, has signed a five-year operations and maintenance (O&M) contract for the Al-Asilah desalination plant in the sultanate.

    The Al-Asilah plant has a production capacity of 80,000 cubic metres a day and helps supply drinking water to about 600,000 residents across South Al-Sharqiyah governorate. It also has an on-site solar farm to support lower-carbon water production.

    The plant entered commercial operation in January 2022 under a build-own-operate arrangement. A consortium of Bahwan Engineering and Japan-headquartered JGC Corporation developed it.

    South Korea’s Doosan Heavy Industries & Construction, now known as Doosan Enerbility, carried out the engineering, procurement and construction (EPC) works.

    Oman’s first independent water project (IWP), the Sur IWP, also serves residents in Al-Sharqiyah governorate.

    The main contract for the project was awarded in 2007, with Veolia carrying out EPC works and acting as shareholder in Sharqiyah Desalination Company, which owns the plant.

    Bahwan Veolia Water signed a 22-year O&M agreement for the project that same year.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20631273/main.jpg
    Mark Dowdall
  • Adnoc funnels billions into boosting gas processing

    15 October 2026

     

    Abu Dhabi National Oil Company (Adnoc Group) is accelerating investment in gas processing and associated downstream infrastructure as demand in the UAE rises and the government prioritises lower-carbon energy growth.

    Rising gas consumption in the UAE is being driven by rapid population growth, greater household electrification, expanding industrial bases and demand from gas-intensive downstream segments such as petrochemicals, fertilisers and metals.

    Power generation and water desalination are also key sources of demand, while new industrial zones – as well as data centres supporting the expansion of artificial intelligence (AI) use in the country – add further baseload requirements.

    Adnoc Gas, Adnoc Group’s gas processing subsidiary, is leading the UAE’s push to expand gas processing capacity and is executing a major capital expenditure (capex) programme worth $28bn over 2026-30.

    As part of that capex plan, Adnoc Gas achieved a final investment decision (FID) on the second and third phases of its Rich Gas Development (RGD) programme earlier this year.

    Adnoc Gas awarded $8.2bn of engineering, procurement and construction (EPC) contracts for the second and third phases of the RGD programme. These cover a new gas processing train at the Habshan complex and a natural gas liquids fractionation train at the Ruwais gas processing facility, respectively.

    Under the awards, China-based Wison Engineering will execute phase 2 under a $3.9bn contract, while Italy’s Tecnimont has secured the $4.3bn phase 3 contract.

    Adnoc Gas has also reiterated its $5bn capex for the first phase of the RGD scheme, which is under construction. The company awarded $5bn of engineering, procurement and construction management contracts in three tranches for phase 1 of the RGD programme in June last year, marking the company’s largest-ever capital investment.

    Across all three phases, Adnoc Gas has committed a total of $13.2bn to the RGD programme.

    Bab Gas Cap development

    Looking ahead, Adnoc Gas is advancing towards FID on the estimated $8bn Bab gas cap development. The project will process up to 1.85 billion cubic feet a day (cf/d) of raw feed gas once Adnoc Group begins extracting reserves from four underdeveloped onshore reservoirs at the Bab field: Thammama A, B and H (projected to yield a combined 1.45 billion cf/d) and Thammama F (projected at 396 million cf/d).

    Because existing trains at the Habshan complex cannot accommodate these supplementary volumes, the project entails building a processing plant approximately 170 kilometres from Abu Dhabi city, alongside pipeline networks and ancillary units.

    Adnoc Gas has split the EPC scope into four packages, with technical bids due on 16 November:

    • Package 1: Main Bab gas cap processing plant
    • Package 2: Early civil works
    • Package 3: Pipeline network
    • Package 4: Non-process facilities and associated infrastructure

    Four contractor consortiums prequalified to bid for the main contracts:

    • Larsen & Toubro Energy Hydrocarbon (India) / Samsung E&A (South Korea)
    • Saipem (Italy) / NMDC Energy (UAE)
    • Technip Energies (France) / JGC Corporation (Japan) / Sinopec (China)
    • Tecnimont (Italy) / China Petroleum Engineering & Construction Corporation 

    Gas pipeline investments

    Adnoc Group continues to invest in projects to enhance its gas transmission networks across the UAE, following its $3.5bn-plus capex on the Estidama programme earlier this decade to expand its sales-gas network in the country.

    Adnoc Gas recently awarded the main contract for a project to build a new pipeline that will supply gas from the Habshan scraper launcher station at its Habshan gas compression complex in Abu Dhabi to the Al-Nouf customer receiving station, for delivery to Emirates Water & Electricity Company (Ewec).

    The proposed 56-inch, 127km pipeline will help the UAE’s state utility, Ewec, meet additional gas demand to power the second phase of an AI data centre in Abu Dhabi, as well as support the relocation of some of its key assets in the Mirfa area of the emirate.

    Adnoc Gas awarded the EPC contract for the project to India-based Kalpataru Projects International.

    Separately, Adnoc is moving ahead with plans to build an oil pipeline network that will transport crude from its main offshore oil processing islands in the Gulf to its onshore crude export terminal at Jebel Dhanna, Abu Dhabi.

    The planned network will source crude from Zirku Island and Das Island, where Adnoc gathers and treats oil produced at Abu Dhabi’s offshore fields, among other processing hubs, and transport it about 300km inland to the Jebel Dhanna terminal.

    The proposed pipelines will eventually connect to the West-East crude pipeline network currently being built from Jebel Dhanna to the emirate of Fujairah, which is expected to be commissioned in 2027.

    Boosting chemicals output

    Meanwhile, following major investments over the past three years to set up specialty chemical plants under the first phase of its chemical derivatives complex in Ruwais Industrial City, Taziz is firming up plans for the second phase of the complex.

    Taziz has partnered with local conglomerate Alpha Dhabi to undertake a joint feasibility and market study and, subject to FIDs and regulatory approvals, the second phase of the Taziz Industrial Chemicals Zone could produce up to 14 new chemicals, with total output capacity of about 2.2 million tonnes a year (t/y).

    The chemicals under study include styrene and polystyrene, acrylic acid and derivatives, polyols, methylene diphenyl diisocyanate (MDI), epoxy resins and linear alpha-olefins. These are widely used across construction, automotive, packaging, consumer goods, infrastructure and advanced manufacturing.

    Taziz, Germany-based chemicals producer Covestro and XRG – all wholly or majority-owned subsidiaries of Adnoc Group –  have launched a joint feasibility study to assess the development of a world-scale MDI plant in Ruwais Industrial City.

    The partners aim to establish a facility in the Taziz Industrial Chemicals Zone with a production capacity of 660,000 t/y of MDI. The study will evaluate the technical, commercial and economic feasibility of the proposed plant, with the aim of informing a future investment decision.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20622502/main.gif
    Indrajit Sen
  • Morocco extends deadline for El-Menzel pumped-storage plant

    15 October 2026

    Morocco’s Office National de l’Electricite (One) has extended the deadline for contractors to submit bids for the 362MW El-Menzel pumped-storage hydropower project.

    The new deadline is 25 November. Bids were previously due on 28 October.

    The project is located about 35 kilometres southeast of Sefrou in the Fes-Meknes region. The engineering, procurement and construction contract covers engineering, equipment supply, construction, installation and commissioning.

    The scope includes two reversible pump-turbine units, upper and lower reservoirs, underground water conduits, a 400kV substation and a transmission line connecting the facility to the national grid.

    One tendered the project in July following an earlier prequalification process that began in May 2023, when six consortiums submitted applications.

    Three consortiums were subsequently prequalified to bid for the main contract. These include:

    • China International Water & Electric Corporation (China) / Yellow River Engineering Consulting Company (China) / Harbin Electric International Company (China) / Harbin Electric Machinery Company (China) / Jet Contractors (Morocco)
    • Sinohydro (China) / Andritz Hydro (Austria)
    • Webuild (Italy) / Dongfang Electric International Corporation (China)

    The project aims to support Morocco’s renewable energy programme and help the country reach its target of sourcing 52% of its energy mix from renewables by 2030. It is being financed by the African Development Bank and Germany’s KfW Development Bank.

    One already operates the 464MW Afourer and 350MW Abdelmoumen pumped-storage stations, while the 300MW Ifahsa project is under development.

    In August, the Office National de l’Electricite et de l’Eau Potable (Onee) approved a MD248bn ($26.4bn) investment programme for 2026-30. The spending plan covers electricity and drinking water infrastructure.

    The programme allocates $21.9bn to electricity projects and $4.5bn to drinking water infrastructure. According to Onee, the private sector will finance about 72% of the investment.

    The electricity programme includes $11.1bn of investment to develop 11.6GW of renewable energy capacity and 2.6GW of energy storage. It also provides for 2,230MWh of battery energy storage systems, the El-Menzel pumped-storage hydropower plant and 3,744MW of gas-fired generation to support grid flexibility.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20621738/main.jpg
    Mark Dowdall
  • Contractors given extension on Riyadh airport aviation complex

    15 October 2026

     

    Contractors have been given an extension until 19 November to submit proposals for an estimated SR3bn ($817m) contract to build an aviation complex within the King Salman International airport master development in Riyadh.

    Government-owned aviation organisation Saudi Royal Aviation (SRA) tendered the contract in August, with an initial bid submission deadline of 8 October.

    Phase one of the programme comprised the concept design stage, which the design consultant has completed.

    SRA is now seeking to deliver the second phase, which covers design development, detailed design, procurement, construction, testing, commissioning and close-out of the works.

    The scope covers 30 landside buildings, including 16 screening areas and gates, plus 15 airside buildings, including four gates.

    The assets include maintenance hangars, workshops, office and administrative buildings (including interior fit-out), warehouses, storage, security and catering facilities, aprons and access roads, and site utilities and civil works.

    King Salman International airport will provide primary utilities to designated tie-in points, with the contractor taking responsibility from there.

    Although the site is within King Salman International airport’s boundaries, it is classified as landside and is a greenfield development. The contractor must therefore meet airport security, safety and access requirements, in addition to SRA’s own clearance processes.

    Project scale

    The King Salman International airport project covers an area of about 57 square kilometres (sq km), allowing for six parallel runways, and will include the existing terminals at King Khalid International airport. It will also include 12 sq km of airport support facilities, residential and recreational facilities, retail outlets and other logistics real estate.

    The airport aims to accommodate up to 100 million passengers by 2030. The goal for cargo is to process 2 million tonnes a year by 2030.

    Saudi Arabia plans to invest significantly in its aviation sector. The Saudi Aviation Strategy, announced by the General Authority of Civil Aviation, aims to triple Saudi Arabia’s annual passenger traffic to 330 million travellers by 2030.

    It also aims to increase air cargo traffic to 4.5 million tonnes and raise the country’s total air connections to more than 250 destinations.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/20619953/main.png
    Yasir Iqbal