Cyprus signs agreements worth $1.8 billion to develop the “Kronos” gas field

The main Saudi market, TASI, opened trading on Tuesday with an increase of 1.5 percent, bringing the index to 9,909 points, continuing its gains for the second day in a row, after a wave of decline that pushed it to its lowest levels since 2021.

“Red Sea” stock topped the list of stocks that rose the most, with gains amounting to 9.96 percent, reaching 17.45 riyals, followed by “Fish” stock, rising by 9.83 percent to 53.75 riyals.

“Shams” shares also rose by 8.32 percent to 10.42 riyals, and “Rasan” shares rose by 8.17 percent to 133.70 riyals, while “Tabuk Agricultural” shares rose by 7.58 percent to 33.50 riyals.

In the leading stocks, “Saudi Aramco” shares continued to rise by 0.55 percent to 25.74 riyals.

Most Gulf stock markets rose in early trading on Tuesday, with diplomatic moves led by Saudi Arabia, Turkey and Pakistan to contain the military escalation, following a meeting of officials from the three countries with Iranian officials in Tehran on Monday.

In the Saudi stock market, the general index rose by 0.5 percent, supported by the rise of Al Rajhi Bank shares by 0.6 percent.

In the UAE, the Dubai Financial Market index rose by 0.6 percent, supported by a rise in Emaar Properties shares by 1.8 percent.

In a related context, DIB Holding, which owns the Dubai Investments Real Estate Complex, is seeking to raise up to $543 million through an initial public offering, in a move that may represent the first listing in the Emirates this year.

The Abu Dhabi Securities Market index also rose by 0.3 percent, while the Qatari index recorded the largest gains in the Gulf, rising 1 percent, with the share of Qatar National Bank, the largest bank in the region, rising by 0.7 percent.

The performance of the markets came amid continuing regional tensions. On Tuesday, the Saudi-led coalition in Yemen announced the interception and destruction of ballistic missiles and drones launched by the Iran-backed Houthi militia towards two regions in Saudi Arabia.

The Tehran meeting was the first high-level contact between Iran and the three countries, which signed a joint defense agreement last August, since the outbreak of the war that began with American and Israeli strikes on Iran, before the escalation spread to Saudi Arabia and Yemen.

Cyprus has taken a step closer to transforming its offshore natural gas into a source of income for the country, after it signed contracts worth up to $1.8 billion to develop the offshore “Kronos” gas field.

The Greek newspaper Kathimerni reported on Tuesday that the agreements - which were signed at the Presidential Palace - cover the construction and installation of the infrastructure necessary to develop the field that was discovered in Block No. 6 of the exclusive economic zone of Cyprus.

Production is scheduled to begin in 2028, after the final investment decision is approved next July.

The path of the energy project is aimed at export, as the gas will be transported to Egypt for processing and liquefaction in existing facilities, including the Damietta LNG terminal, before being shipped mainly to Europe.

The Kronos field's reserves are estimated at more than 3 trillion cubic feet of natural gas. Block No. 6 is managed by the Italian company Eni, with a 50 percent stake, along with the French company Total Energies.