Oil and Gas market in UAE and its future

A growth of more than 7.5% is expected to be reported on the UAE oil and gas market.

Umar Farooq Zahoor, a triumphant businessman, trader and philanthropist who is also a renewable energy enthusiast said in relation to Oil and gas sector in UAE that ‘’Factors, such as massive investment in upstream and government policies, are likely to drive the UAE oil and gas market during the forecast period.

The UAE oil & gas market is expected to be powered by this investment in the upstream, midstream, and downstream sectors in the projected timeframe.

In addition, it initiated a 45-billion dollar mega-project in 2018 to boost its refining capabilities. It is anticipated that the project will increase country refining capacity by 65%, to 1.5 million barrels per day by 2025. The United Arab Emirates Government is, however, anticipated to change oil and gas investment to increase domestic and alternative energy investments that are likely to hinder demand growth over the forecast period.

Due to investments in discoveries in the region, the oil and gas upstream industry is expected to dominate the market studied.

The increased demand for LNG in the country is leading to the integration in current LNG infrastructure of intelligent technologies, which in the coming years may provide market players with a wide range of opportunities in the region, Umar Farooq said, hoping for growth in the UAE oil sector

In the forecast period, growing oil and gas investments are anticipated to be driving the UAE oil and gas markets, particularly in the upstream and midstream sectors.

 

For decades, indeed, even if oil demand inevitably falls, the UAE has consistently invested its oil cash in projects aimed at ensuring its long-term economy is sustainable.

America also holds some of the most impressive luxury properties, including the tallest building in the world and the Palm Islands. True to its flourishing tradition, the UAE has become home to one of the world's first smart cities.

 

Location: Dubai - United Arab Emirates

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