Market outlook

Oilfield services company Schlumberger has announced a partnership with the Egyptian Ministry of Petroleum for the Egypt Upstream Gateway (EUG) project that will help digitise subsurface information. An industry-first solution, it will deliver a platform to improve the safety of Egypt’s subsurface data.

Norwegian Energy intelligence company, Rystad Energy, forecasted the UAE to see upstream investments reach a ballpark figure of close to $1 billion by 2025, with the spending increase driven by new drilling contracts, licensing awards, and future bid rounds.

The 10-zone, giant aquarium measuring over 7,000 square metres is expected to welcome an estimated 1 million visitors per year.

Oceanology International Middle East welcomes Emirates Tech’s participation to the debut edition which will be held on 7th to 9th September 2020 in ADNEC, Abu Dhabi.  

The 10-place leap that the UAE has achieved on the Global Food Security Index, moving from last year’s 31 in the rankings to this year’s 21, reflects the efforts of the UAE government to establish the country as a world leading hub in innovation-driven food security, a top official said.

Following a recent meeting with Imran Khan, Prime Minister of Pakistan, Eric Ip, group managing director of Hutchison Ports, confirmed that the company has started construction of the second phase of the Pakistan Deep Water Container Port project.

Aquaculture market expected to witness CAGR of 7.7% between 2019 & ’27

Syed Ali Haider Zaidi, Federal Minister for Maritime Affairs of Pakistan announced that the government had set a goal to transform Pakistan into a major maritime economic power via the development of the blue economy.

Saudi Arabia looks forward to strengthening its partnerships with the member states of the International Maritime Organization (IMO)

Sri Lanka has called for an overarching security architecture tasked to mitigate regional security challenges in the Indian Ocean Region, giving priority to the littoral states and sensitive to the interests of all maritime users of the Indian Ocean.

Dubbed as the ‘new frontier of African renaissance’, the maritime industry has huge economic potential across the continent and five countries in particular are poised to benefit

Focus must be shifted to Aquaculture, to achieve $5 trillion economy

Fisheries are facing an important crossroad and the world needs a new vision in the 21st century." Qu Dongyu, Director-General of the Food and Agriculture Organization of the United Nations (FAO)

In support of its strategy to empower the Arab maritime sector with academically-qualified professionals, study has started at the Arab Academy for Science, Technology and Maritime Transport in Sharjah. 

Wind power markets in the Middle East will add 12 GW of new capacity between 2018 and 2027, although the majority of this market is onshore, there is still a potential for offshore wind projects in the region. 

Countries bordering the Indian Ocean are home to 2.5 billion people. The UAE is a highly influential trading hub for the Middle East, Africa and Asia, with an appropriately strategic location which facilitates and eases daily business and the prospect of major international collaborations.

13% of the world’s wild-caught fish comes from the Indian Ocean. The UAE promotes the development of sustainable fisheries where fish processing for re-export has begun to grow in recent years.

The UAE’s maritime sector is expected to receive significant investment boosts in 2020 and beyond. The sector accounts for 30-35% of the total regional maritime sector investment at $65 billion.

The 19th meeting of the Council of Ministers of the Indian Ocean Rim Association, IORA, opened here today with the United Arab Emirates taking over from South Africa as the chairman for the next two years and pledging to work to "reinvigorate" the goal of creating an IORA Development Fund.

While the UAE is seen as an oil-rich country, its government has put climate change and the environment as a top priority in the national agenda and future development strategy. The UAE has made great strides in algae biofuel technology, which is an attractive proposition for Middle Eastern countries to offset the environmental impact of their respective oil and gas sectors.

10% of the world’s total oil reserves are in the UAE, as are the world’s sixth-largest natural gas reserves. Of the UAE’s 97.8 billion barrels of proved crude oil reserves, 95% is located in Abu Dhabi.

The UAE ranked 1st in marine protected areas (12.21%) in a global Environmental Performance Index (EPI) in 2018. This reflects the UAE’s ongoing efforts towards the preservation of vibrant yet fragile ecosystems.

The UAE currently spends nearly Dh12 billion ($3.25 billion USD) per year on water desalination, if this deep water technology can be harnessed for supplying the GCC it could also offer a solution to the growing salinity of the Arabian Gulf.