The UAE has come a long way from the time the first oil well was struck and crude became the country's most important commodity, bringing wealth and prosperity to its people.
Now, 50 years on, the country is looking ahead to the next half a century, where hydrocarbons will no longer be the mainstay of the world economy.
The UAE is innovating along with other regional and global producers to diversify its assets, improve efficiency, turn to renewables as an alternative source and grow into a world leader in developing hydrogen.
Oil and gas, however, remain critical to the development of the country, with Abu Dhabi National Oil Company, the state energy giant, continuing to invest in developing hydrocarbon resources.
The UAE accounts for about 4 per cent of global oil production, with the bulk of the output from fields owned and managed by Adnoc. The country is also on track to raise its overall capacity of production to 5 million barrels per day by 2030.
The emirates, which generates power from gas is also substantially increasing the volumes of the fuel, which is lower carbon to meet its growing consumption requirements.
The UAE, Opec's third-largest producer, consumes around 7.4 billion cubic feet (bcf/d) of gas per day largely to meet power demand, with the total share of imported fuel at 30 per cent, energy consultancy FGE estimates.
Abu Dhabi is prioritising the development of gas from unconventional reserves, which are deposits that were earlier considered commercially unviable to exploit.
The UAE announced the discovery of additional reserves of 7 billion “stock tank” barrels of oil, 58 trillion cf of conventional gas and 160tcf of unconventional gas in 2019.
This pushed the country up the rankings in terms of hydrocarbon reserves, data from the US Energy Information Administration showed.
Last year, the UAE also announced the discovery of 80tcf of shallow gas reserves in an area between Abu Dhabi and Dubai — the biggest discovery in 15 years.
Adnoc has also advanced more efficient production of oil and gas over the past five years, deploying big data and artificial intelligence to produce hydrocarbons more efficiently.
In February, Adnoc said it generated $1.1 billion in business value through the deployment of Big Data and analytics at its Thamama Centre, which oversees upstream operations. The company accrued $2bn in cost savings over the past five years by employing advanced technology and digitalisation to optimise its drilling operations.
The Thamama centre, which is named after the most dominant reservoir formation in Abu Dhabi, is part of the company's continuing investments in advanced technology, digitalisation and artificial intelligence, in order to drive greater efficiencies.
Adnoc has also formed a joint venture known as AIQ with Abu Dhabi artificial intelligence firm Group 42 to develop and commercialise AI products and applications for the oil and gas industry.
AIQ, Group 42 and the world's largest energy services firm, Schlumberger, also have an agreement to develop and sell AI products for the global exploration and production market.
The UAE also plans to find additional uses for crude to meet the growing global demand for chemicals, as well as to create a manufacturing hub in the country. The country plans to triple petrochemical production capacity from 4.5 million tonnes — currently produced entirely by the Borouge facility in Ruwais — by 2025.
Adnoc is also an early starter among regional energy companies in terms of opening up assets to foreign investment.
Even in the midst of the pandemic, Adnoc helped attract Dh62bn ($16.8bn) in foreign direct investment to the UAE this year, mainly through various multibillion dollar transactions signed in the midstream and infrastructure segments.
Between 2016 and 2020, the state-owned firm helped drive Dh237bn in FDI flows to the UAE.
At the height of the pandemic, a consortium of the world’s leading infrastructure and sovereign wealth funds signed an agreement worth $20.7bn to invest in Abu Dhabi’s natural gas pipelines infrastructure. The transaction, the largest single global energy infrastructure deal at the time and the Middle East's biggest, will unlock $10.1bn of foreign investment into the UAE.
Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, South Korea's NH Investment & Securities and Italy’s Snam took stakes in Adnoc’s lucrative midstream assets.
Adnoc also entered into a $5.5bn deal with Apollo Global Management to lease some of its properties, which led to a further FDI inflow of $2.7bn.
The UAE has continuously tried to position itself ahead of the curve and in many respects is a bellwether of changing regional market dynamics. It has embraced the energy transition by taking a leading position in new fuels such as green and blue hydrogen as it looks to tap the growing market for low-carbon fuel.
Following the latest edition of Abu Dhabi International Petroleum Exhibition and Conference, by The National's estimate, the week-long event resulted in more than $13.7bn of investment pledged to develop the UAE's upstream and downstream sectors. The figure takes into account only planned investments and awards by Adnoc, and does not include preliminary agreements by other companies.
The UAE in line with the global efforts to transition away from fossil fuels will also now host the 28th Conference of Parties in 2023 following its pledge this year to reach net zero by the middle of the century.
The country created history by becoming the first Arab nation to pledge to offset all carbon emissions it creates domestically ahead of Cop26.
As the country looks forward to a new age away from oil, Adnoc is also adding renewables to its portfolio.
Along with Taqa, a major player in utilities, Adnoc will form a joint venture to invest in renewables.
The companies joined forces to create a global renewable energy and green hydrogen venture that will have a generating capacity of 30 gigawatts by 2030.
The two companies will partner on domestic and international renewable energy and waste-to-energy projects, as well as the production, processing, and storage of green hydrogen.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
UAE currency: the story behind the money in your pockets
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
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COMPANY%20PROFILE
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Key developments in maritime dispute
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
Shipping%20and%20banking%20
%3Cp%3EThe%20sixth%20sanctions%20package%20will%20also%20see%20European%20insurers%20banned%20from%20covering%20Russian%20shipping%2C%20more%20individuals%20added%20to%20the%20EU's%20sanctions%20list%20and%20Russia's%20Sberbank%20cut%20off%20from%20international%20payments%20system%20Swift.%3C%2Fp%3E%0A
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%3Cp%3E%3Cstrong%3EUndergraduate%20courses%3C%2Fstrong%3E%3Cbr%3EInterior%20Design%3B%20Product%20Design%3B%20Visual%20Design%3B%20Fashion%20Design%20%26amp%3B%20Accessories%3B%20Fashion%20Styling%20%26amp%3B%20Creative%20Direction%3B%20Fashion%20Business%3B%20Foundation%20in%20Fashion%3B%20Foundation%20in%20Design%3Cbr%3E%3Cstrong%3EProfessional%20courses%3C%2Fstrong%3E%3Cbr%3EFashion%20e-Commerce%20%26amp%3B%20Digital%20Marketing%3B%20Fashion%20Entrepreneurship%3B%20Fashion%20Luxury%20Retail%20and%20Visual%20Merchandising%3Cbr%3E%3Cstrong%3EShort%20courses%3C%2Fstrong%3E%3Cbr%3EFashion%20design%3B%20Fashion%20Image%20%26amp%3B%20Styling%3B%20Fashion%20Trend%20Forecasting%3B%20Interior%20Design%3B%20Digital%20Art%20in%20Fashion%3Cbr%3EMore%20information%20is%20at%20%3Ca%20href%3D%22https%3A%2F%2Fwww.istitutomarangoni.com%2Fen%3Futm_source%3DLocal%26utm_medium%3Dorganic%26utm_campaign%3Dgmb%26utm_content%3Ddubai%22%20target%3D%22_self%22%3Ewww.istitutomarangoni.com%3C%2Fa%3E%3C%2Fp%3E%0A
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
More on animal trafficking
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.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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