Kuwait and Saudi Arabia signed an agreement in 2019 dividing up oil production in the neutral zone. Reuters
Kuwait and Saudi Arabia signed an agreement in 2019 dividing up oil production in the neutral zone. Reuters
Kuwait and Saudi Arabia signed an agreement in 2019 dividing up oil production in the neutral zone. Reuters
Kuwait and Saudi Arabia signed an agreement in 2019 dividing up oil production in the neutral zone. Reuters

Kuwait and Saudi Arabia to speed up oil projects in Gulf neutral zone


Ismaeel Naar
  • English
  • Arabic

Kuwait and Saudi Arabia have agreed to speed up efforts on projects in the neutral zone linking the two Gulf neighbours as the countries reiterated joint exclusive rights to the Durra gasfield, to which Iran also claims rights.

The Kuwaiti-Saudi joint permanent committee is monitoring progress on oil projects in the zone, and intends to eliminate any “impediments” that could hinder their completion, Kuwaiti Oil Ministry Undersecretary Sheikh Nimr Al Sabah said.

The committee was “working to develop and exploit the natural resources in the divided region, to meet the growth of domestic demand”, he said.

Kuwait Oil Minister Saad Al Barrak called on Iran to validate its own claim to the Al Durra gasfield, which is known as Arash in Iran, by demarcating its own maritime borders first.

Iran has previously said it has a stake in the field and called a Saudi-Kuwaiti agreement signed last year to develop it “illegal”.

“Until this moment, this is an exclusive right of Kuwait and Saudi Arabia in the Durra field, and whoever has a claim must start demarcating the borders. And if it has a right, it will take it according to the rules of international law,” Mr Al Barrak told Saudi state-run Al Ekhbariya television.

“The other side has claims that are not based on a clear demarcation of the maritime borders,” he added, referring to Iran.

Saudi Arabia said last week that the kingdom and Kuwait exclusively own natural wealth in the Arabian Gulf's maritime neutral zone.

The kingdom also urged Iran to start negotiations with Riyadh and Kuwait on the demarcation of the eastern border of the area.

Analysts have said Kuwait's comments on the field are because of its urgent need for domestic gas resources.

“This makes the Al Durra development a higher priority for them compared to Iran or Saudi Arabia. However, Saudi Arabia and Iran consider Al Dorra as a territorial concern because they aim to safeguard what they perceive as their rightful resources,” Naser Al Tamimi, political analyst and commentator with interests in energy politics, told The National.

“Looking forward, with the demarcation of the maritime borders still unresolved, this problem could raise tensions occasionally.

“There are fears from Gulf countries that Iran will try to exploit the issue to extract territorial, negotiating, or even economic gains.”

Kuwait and Saudi Arabia signed an agreement in 2019 dividing up oil production in the neutral zone that sits between the two countries, a move that analysts say could bring an additional 500,000 barrels of oil per day into the market.

Two major oilfields in the neutral zone between Saudi Arabia and Kuwait, the onshore Wafra field and the offshore Khafji ceased production in 2014 and 2015 respectively, but were restarted on July 1, 2020.

The meetings between Kuwaiti and Saudi Arabia come after Mohsen Khojsteh Mehr, managing director of the National Iranian Oil Company, said “preparations are fully in place to start drilling in the joint Arash oilfield”.

“Considerable resources have been allocated to the board of directors of the National Iranian Oil Company to implement the development plan for this field,” he said, Iranian state media reported.

What's in the deal?

Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024

India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.

India will also cut automotive tariffs to 10% under a quota from over 100% currently.

Indian employees in the UK will receive three years exemption from social security payments

India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery

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Name: Airev
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Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

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Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

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Dir: Shashanka Ghosh
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Verdict: 4 Stars

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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The specs

Engine: Dual 180kW and 300kW front and rear motors

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UAE currency: the story behind the money in your pockets
The specs: 2019 BMW X4

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Transmission: Eight-speed automatic

Power: 354hp @ 5,500rpm

Torque: 500Nm @ 1,550rpm

Fuel economy, combined: 9.0L / 100km

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RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

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Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')

Second leg, February 27

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UAE currency: the story behind the money in your pockets
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Seemar’s top six for the Dubai World Cup Carnival:

1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition

While you're here
Updated: July 10, 2023, 10:34 AM`