Qatar firm UCC Holding posts gold mining executive role in Caracas amid US-backed investment push
Qatar-based UCC Holding advertised an executive director position for its new Gold Division in Caracas, marking one of the few foreign moves into Venezuela’s gold sector after recent U.S. encouragement.
UCC Holding, a Qatar-based conglomerate, listed an executive director role for a newly created Gold Division in Caracas, describing responsibilities that span exploration, project development, processing and commercial activities. The posting appears shortly after U.S. Interior Secretary Doug Burgum’s March trip to Venezuela, during which he announced security guarantees for foreign miners. Venezuela’s gold reserves, estimated at 2,343 metric tons and ranking fifth globally, remain largely untapped, with 19 of 24 mines inactive and the sector plagued by criminal and state interference.
Apart from UCC, only a few firms like Gold Reserve and Trafigura have publicly considered Venezuelan gold projects. UCC also advertised four airport-construction positions, hinting at a major EPC project, though details are scarce. The company’s leadership, brothers Moutaz and Ramez Al-Khayyat, have previously invested in energy ventures and a luxury resort in Albania alongside Ivanka Trump and Jared Kushner, and have lobbied U.S. lawmakers to lift Syrian sanctions. Their move into Venezuelan mining reflects tentative foreign interest spurred by the Trump administration’s outreach.
Why it matters
It shows rare foreign investment interest in Venezuela’s under-developed gold sector despite security and legal hurdles.
How this story developed
- Aug 28 U.S. Negotiates Long-Term Lease of Venezuelan Oil Fields to Cut Import Costs
- Aug 28 The White House has referred inquiries about the proposed deal to the Energy Department.
- Aug 29 Trump announced a partnership granting the United States a 55% effective output share in Venezuelan oil fields.
- Aug 30 The first publicly shared photographs of Nicolas Maduro since his January abduction were uploaded to his X account. The pictures show the former president detained by U.S. officials as he prepares for a trial on narco-terrorism and drug-trafficking accusations. The post was framed as a tribute to his grandchildren and supporters.
- Aug 31 Acting President Delcy Rodríguez announced a 25‑year bilateral energy project granting the United States majority control of more than 65 billion barrels of Venezuelan reserves.
- Aug 31 Trump said the deal will allow the United States to top up its Strategic Petroleum Reserve.
- Aug 31 The partnership was described as a 25‑year joint venture targeting 1.5 million barrels per day and projected to generate about $209 billion for Venezuela, with the United States holding a 55 percent interest and a 35 percent passive stake in the private partner.
- Sep 1 Pentagon’s Office of Strategic Capital joins the Venezuelan oil venture.
- Sep 2 U.S. Energy Secretary Chris Wright scheduled a visit to Venezuela to discuss the oil partnership.
- Sep 2 The administration revealed a $100 billion proposal that includes a disputed 35 % Pentagon equity stake and a 100‑year lease for the private partner.
- Sep 2 Nicolás Maduro and his wife Cilia Flores asked a Manhattan judge to throw out a drug-trafficking indictment, arguing they are immune as Venezuela’s head of state and first lady.
- Sep 3 Oral arguments on the dismissal motion are set for Nov. 17.
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