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UAE Economic Revival in 2010 will be Stimulated by Oil Sector

UAE : 18 February

The International Monetary Fund (IMF) expressed optimism that the UAE’s economy would grow 0.6 per cent in 2010 following a 0.7 reduction in 2009.

Washington-based fund said that the oil sector is poised to lead the recovery in gross domestic product (GDP) with a 2.7 per cent growth in 2010. It said that as a consequence of lower prices and Opec-mandated production cuts, hydrocarbon export incomes decreased by approximately 45 per cent in 2009, whereas imports reduced by 22 per cent due to an abrupt contraction in consumer goods imports. The reopening of capital markets as well as external borrowing mainly by Abu Dhabi individuals helped improve the international reserves situation by the end of 2009.

The IMF said its board of directors appreciated the measures taken by the UAE authorities to reinforce trust in the banking system, but observed that the Dubai World incident had emphasized the requirement for further unforeseen event planning steps.

The fund admired the UAE authorities for their “decisive response to shocks” from the international monetary disaster, reduced oil prices, and the rupture of the Dubai bubble. These shocks, with the proclamation that Dubai World would request a six-month debt moratorium, have increased significant questions for the UAE economy. Given its fundamental strengths, the outlook for the UAE economy continues to be favorable.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News

18 February

Shell to Support Kuwait Gas Field Development

Kuwait Oil Company (KOC) and Shell revealed an Enhanced Technical Service Agreement to build a 60 year affiliation for development of the Jurassic Gas fields.
Due to tough reservoir conditions, unusual geological configuration and complicated gas compositions the project is difficult as well as demanding. Therefore, as per contract, Shell will depute technical professionals to KOC [...]

10 February

Shell Signs Iraq Oil Field Deal

Sarah O’Connell, Sunday 7th February
Shell signs deal to develop Majnoon oil field.
Malaysia’s state run oil company, Petronas and Royal Dutch Shell have signed a twenty year deal to develop the Majnoon oil field.
Majnoon, which is located in southern Iraq is one of the world’s biggest oil fields, but currently produces only 46,000 barrels daily. [...]

09 February

Kuwait Plans $7.7bn Oil Industry Investment by April 2011

Speaking in Doha, Qatar earlier on today, Kuwaits’ Secretary General of the Supreme Planning Concil, Adel Al Wuqayan Kuwait revealed plans for the State to invest almost 8 Billion dollars ( KD2.21bn / USD7.7bn) in the oil industry starting from the 1st of April, 2010.
Further spending, based on an elevated oil price (£43) was announced [...]

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