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24 February 2024

Abu Dhabi to pump Dh100bn into oil sector

By Staff Writer

The oil sector in the UAE has grown by 11 per cent (SUPPLIED)

Abu Dhabi is set to pump about Dh100 billion into projects in the oil sector in the next five years as it pushes ahead with plans to boost crude output and expand its oil-related industry.

According to figures released by the Abu Dhabi Chamber of Commerce and Industry, citing government estimates, the emirate invested around Dh55bn between 2001 and 2007 to develop its hydrocarbon sector. Abu Dhabi controls the world’s fifth largest oil resources.

“The oil sector accounts for a large part of Abu Dhabi’s investments. The emirate is expected to have pumped about Dh11bn into this sector in 2007 and there are indications such investments could total Dh100bn between 2008 and 2012,” the chamber said in a study published this week

The study said such large investments have boosted the UAE’s oil sector, which has grown by an average 11.7 per cent annually over the past seven years. Its contribution to the gross domestic product grew from Dh66bn or 44 per cent in 2001 to a record Dh227bn or 55.7 per cent in 2007.

Abu Dhabi has been engaged in a programme to expand its oil and gas sector to meet growing demand.