New industries at the petrochemical and refining centre of Ruwais, above, and the industrial hub at Kizad should create extra demand for gas. Bloomberg
New industries at the petrochemical and refining centre of Ruwais, above, and the industrial hub at Kizad should create extra demand for gas. Bloomberg

UAE’s energy sector has a new lease of life



While oil abounds beneath the sands of the Arabian Peninsula, the region has struggled to produce large quantities of natural gas. But Adnoc's discovery of 15 trillion cubic feet of gas in Abu Dhabi, announced yesterday, brings that uncomfortable reality to an end.

This is the largest discovery in years, boosting existing reserves by 7.1 per cent. It will end the country’s dependence on pipeline imports and, most importantly, transform the UAE into a net gas exporter. On the back of Adnoc’s downstream strategy, unveiled earlier this year, which targets $45 billion of investment in refineries and chemical facilities, one thing is clear: the UAE’s energy sector is booming.

It is often said that gas is the fuel of the future. Even Saudi Arabia, an oil production behemoth, is turning to gas power plants to exploit the superior efficiency of this fuel. Meanwhile, gas provides more than 90 per cent of the UAE’s electricity. And, as a less polluting alternative to oil, markets across the world are increasingly eager to import it. The UAE, by becoming a net exporter, will be able to seize upon this growing global demand, generating billions of dollars for the UAE economy.

This discovery marks a new chapter for the UAE’s energy sector. The strategies employed earlier this year in Ruwais – which will soon house the world’s largest oil refinery – including inviting investors from India, China and Europe, will be replicated, meaning more agreements, more foreign investment and ultimately more growth. Thousands of jobs will be created for local workers, while homegrown companies will bid for scores of contracts.

Equally significant will be the auxiliary revenue of exporting sulphur. The UAE’s gas is unique in its high content of sulphur, which must be extracted before the gas can be burned or liquefied and sold. With Adnoc’s latest discovery, the nation is on track to become a leading exporter of this chemical element, which, as a vital component in fertiliser and therefore global agriculture. This is yet another vital revenue stream that will stand the UAE’s economy in excellent stead as it reaches out and grasps the future.

Much is made of the preparations for a post-oil future, based on the notion that economic security tomorrow requires diversification today – both within and beyond oil and gas. Thanks to this new bounty, UAE gas could soon power homes from Riyadh to Beijing.

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Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

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The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press

Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

If you go

Flights

Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.

The stay

Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

Hotel Data Cloud profile

Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)

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Top goalscorers in Europe

34 goals - Robert Lewandowski (68 points)

34 - Ciro Immobile (68)

31 - Cristiano Ronaldo (62)

28 - Timo Werner (56)

25 - Lionel Messi (50)

*29 - Erling Haaland (50)

23 - Romelu Lukaku (46)

23 - Jamie Vardy (46)

*NOTE: Haaland's goals for Salzburg count for 1.5 points per goal. Goals for Dortmund count for two points per goal.

Draw

Quarter-finals

Real Madrid (ESP) or Manchester City (ENG) v Juventus (ITA) or Lyon (FRA)

RB Leipzig (GER) v Atletico Madrid (ESP)

Barcelona (ESP) or Napoli (ITA) v Bayern Munich (GER) or Chelsea (ENG)

Atalanta (ITA) v Paris Saint-Germain (FRA)

Ties to be played August 12-15 in Lisbon