UAE
The United Arab Emirates is situated along the southeast coast of the Arabian Peninsula and comprises seven emirates – Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al-Khaimah, Sharjah and Umm Al-Quwain. The country is governed by the President; H. H. Sheikh Khalifa bin Zayed Al Nahyan (Ruler of Abu Dhabi) and Vice President and Prime Minister; H. H. Sheikh Mohamed bin Rashid Al Maktoum (Ruler of Dubai), each Emirate is also lead by its own Ruler. UAE is populated by over 8.5 million people, more than a million of which live in the capital, Abu Dhabi.
The discovery of oil in the UAE in the beginning of the 1960’s transformed the country to a very modern, cosmopolitan state which enjoys consistent growth through many sectors, primarily Energy Oil and Gas with the country having the seventh largest oil reserves in the world.
Despite the current downturn in the Oil and Gas industry, the UAE is resilient and conditions remain good, making the UAE one of the more optimistic places to trade in. According to MEED Projects, key Oil and Gas projects to be awarded in the UAE in 2015 included the $600 million Zadco-Umm Al Dalkh full-field development in the upstream sector; the $200 million Adgas-IGD expansion; the $100 million Emirates Gas-conversion of waste to CNG in the downstream sector; and the $50 million Dolphin Energy Northern Emirates pipeline in the transmission sector.
There are many large offshore projects including Upper Zakum Production Facilities which aims to reach a production rate of 750000 bpd and has an estimated value exceeding $8b. The projects; Umm Al Lulu, Al Nasr and the new Sarb Full Field Development hold a projected $10b combined spend with an expectation of production capacity of 300000 bpd between them.
More than a quarter of the UAE’s GDP is based on Oil and Gas input and production is in excess of 2.8 million barrels per day. In 2015 the UAE’s proven oil reserves were 97.8 billion barrels with Abu Dhabi holding 92.2 billion barrels, followed by Dubai with 4 billion barrels, Sharjah with 1.5 billion barrels and Ras al Khaimah with 500 million barrels.
Annually, the UAE plays host to one of the largest Oil and Gas events in the world, ADIPEC, which is surmised second after OTC in Houston, Texas. Represented at ADIPEC are the main NOCs and IOCs and 25 country pavilions including Scotland. In 2015 Scotland’s presence on the Scottish Pavilion, lead by Scottish Development International, doubled from the previous year demonstrating the high levels of Scottish companies looking to enter in to the market due to increased confidence and strengthening of relations between UAE and Scotland in the Oil and Gas industry.
