Libya reopens oil, gas fields to foreign investors after 17 years
Libya is opening its oil and gas fields to foreign investors for the first time in more than 17 years, launching a licensing round that includes 22 onshore and offshore blocks.
Major international energy companies, including BP, Chevron, ExxonMobil, TotalEnergies, Shell, and Eni, have qualified to compete for exploration and development licenses, with awards expected early next year, The National reports.
The government has revised its production sharing framework to offer more attractive terms to investors and anticipates several hundred million dollars in new upstream investment.
While the move supports Libya’s broader economic recovery, ongoing political divisions and security risks continue to weigh on investor confidence.
Dubai revamps real estate rules to woo foreign investors
Dubai is taking new steps to make its prime property more attractive to foreign investors.
The emirate issued regulations on Sunday enabling private property owners of all nationalities in the Sheikh Zayed Road and Al Jaddaf areas to convert their ownership to so-called “freehold” status, The National reports.
Under freehold classification, an investor has a direct title of ownership of the property and the land on which it is built.
“This news is huge because it could be the beginning of what I suppose will be the opening up of all areas to be bought by non-locals,” Mario Volpi, head of brokerage at Novvi Properties, told the newspaper.
PIF’s Al Saif to drive data-led strategy for attracting new capital
Saudi Arabia’s Public Investment Fund has hired from within to lead its Investment Strategy and Economic Insights division as the kingdom looks to tap foreign investors and lucrative sectors to fund its massive economic transformation plan.
Fahad Al Saif will start in the role immediately and continue as Head of the Global Capital Finance Division, overseeing government asset transfers, fundraising and investor relations, according to a statement from the PIF.
Prior to joining the nearly trillion-dollar sovereign wealth fund in 2020, Al Saif was CEO of the Saudi National Debt Management Center and an adviser to the Finance Minister.
In his new role, Al Saif will be the official informant on what should drive the PIF’s overarching investment strategy and lead research on market trends and net zero strategies, according to the PIF.
UAE and Saudi jump up the rankings for foreign investors
The UAE and Saudi Arabia made big jumps this year in an influential ranking of the world’s most desirable places for foreign investors to put their money.
Kearney’s 2024 Foreign Direct Investment Confidence Index placed the UAE in eighth place globally and Saudi Arabia at No. 14, both rising 10 spots from 2023.
The ranking augurs well for Saudi Arabia in particular – Crown Prince Mohammed bin Salman has set an ambitious target to attract $100 billion in foreign investment within the next six years to pull off the massive economic transformation plans dubbed Vision 2030.
Gaining traction with outside financiers is crucial as the Public Investment Fund is currently the largest backer of Saudi mega-projects spanning from NEOM to Downtown Riyadh.
Despite progress, analysts remain skeptical the kingdom can hit its 2030 deadline and financing needs will continue to be met by the PIF, according to Bloomberg.
“It’s effectively still a public sector-led development model,” Monica Malik, chief economist at Abu Dhabi Commercial Bank, told Bloomberg in an interview.
“At the moment they’re using all their pockets of strength for this transformation plan and I think going forward it will still be predominantly a Saudi-led development plan.”
Growing cash needs at home will have knock-on effects to how the PIF chooses to spend abroad, analysts predict.
