Day: September 23, 2021

DUBAI, Participants in the 97th edition of the Society of Petroleum Engineers’ Annual Technical Conference and Exhibition (ATCE), underlined the importance of accelerating investments in the oil and gas industry, and identifying disruptive technologies and knowledge-based solutions to the challenges of climate change, primarily the transition toward net-zero emissions.

Organised by Dragon Oil, an upstream oil and gas exploration, development, and production company fully owned by Dubai’s Government, the 2021 edition of the ATCE concluded in Dubai today after three days of reviewing ground-breaking papers through special technical sessions to accelerate the application of innovations in every technical discipline related to the oil & gas industry.

The event opened on 21st September with international speakers who addressed the strategies needed to maintain business continuity and the guiding principles to remain competitive. They discussed net-zero transition, post-pandemic business models and strategies, accelerating the uptake of new technology applications, funding future projects, energy mix collaboration, and more.

Farid Al Hashimi, Vice Chair of the Conference, said that oil and gas companies, including Dragon Oil, attach great importance to protecting the environment, and are keen to ensure a smooth transition to zero-emission. He highlighted in this regard Dragon Oil’s efforts in adopting the latest carbon capture and sequestration technologies, developing biodiversity action plans, reducing greenhouse gas emissions, and contributing to identifying effective and sustainable solutions to climate change challenges.

He called on international financial institutions and investors to fulfil their responsibilities and finance the oil and gas industry for global energy companies to develop petroleum extraction methods and upgrade existing oilfields and platforms. This, he continued, would help gradually reduce gas emissions, rather than limiting their investments to clean energy.

He pointed out that the reluctance of investors and financial institutions to invest in the oil & gas industry will adversely affect the development and modernisation processes undertaken by oil & gas companies. It will, in turn, reflect negatively on oil & gas production and ultimately lead to price hikes due to lower production.

The SPE’s 97th ATCE saw an impressive turnout, with nearly 4,500 people from 80 countries visiting the exhibition and attending its sessions.

During the conference sessions, oil and gas specialists discussed 400 out of 2,000, highest calibre peer-selected papers in the industry and sessions covering current applications and emerging technologies within all phases of E&P.

Up to 72 companies participated in the concurrent exhibition, which displayed a wide range of current and future technologies coupled with presentations and interactive screens, which provided visitors with an insightful experience to identify the latest oil and gas technologies and methodologies.

Source: Emirates News Agency

DUBAI, Dubai has recorded 1,835 real estate and properties transactions at the value of AED 6.8 billion in total during the week ending 23rd September 2021, according to Dubai Land Department (DLD).

The DLD weekly report said 157 plots were sold for AED1.2 billion, 1,249 apartments and villas were sold for AED2.6 billion.

The top three transactions were a land in Al Hebiah Fifth sold for AED190.56 million, followed by a land that was sold for AED 50.03 million in Um Suqaim First, and a land sold for AED190.56 million in Al Hebiah Fifth in third place.

Al Yufrah 2 recorded the most transactions for this week by 36 sales transactions worth AED30.94 million, followed by Al Hebiah Third with 31 sales transactions worth AED77.75 million, and Hadaeq Sheikh Mohammed Bin Rashid with 19 sales transactions worth AED332 million in third place.

The top three transfers for apartments and villas were an apartment was sold for AED 314 million in Burj Khalifa, an apartment was second in the list sold for AED 264 million in Marsa Dubai, and thirdly it was an apartment sold for AED192 million in Palm Jumeirah.

The sum of the amount of mortgaged properties for the week was AED3 billion, with the highest being a land in Wadi Al Safa 5, mortgaged for AED686 million.

A total of 76 properties were granted between first-degree relatives worth AED206 million.

Source: Emirates News Agency

Abdullah bin Touq Al Marri, UAE Minister of Economy, and Larry Hogan, Governor of Maryland, reviewed the prospects of promoting trade between the UAE and the American state’s markets, particularly at the private sector level.

A number of key sectors of commercial and investment cooperation and partnership between UAE companies and the Maryland business community were identified during the next phase, primarily information security and technology, healthcare, the space sector and defence industries.

This came at a meeting on the sidelines of the official visit of Abdullah bin Touq Al Marri who is leading a UAE large official and commercial delegation to USA to discuss ways of developing the economic partnership between both countries, including increasing and diversifying trade and investments over the next phase.

The UAE minister reviewed the promising opportunities offered by the investment environment in UAE to partners from all over the world, and the leading economic fundamentals, incentives and benefits offered by the new business climate in UAE as a vital gateway for American companies wishing to establish and expand their trade and investment activities in Asia and Africa set from UAE.

He said: “USA -UAE relations are a strong strategic relationship that is characterized by diversity and growth in various areas. We are keen to develop economic and commercial partnership with the State of Maryland and promote investments by UAE companies. We are also interested in inviting state companies to increase their trade with Emirates and to take advantage of the opportunities and partnerships offered by the promising sectors in UAE as a leading regional trade and investment center which provides a vital gateway facilitating access for American companies to large markets and big opportunities in Asia and Africa”.

He emphasised that the UAE companies, with their global and cumulative expertise through their investments in most countries of the world, and with their modern potentials and techniques, could effectively contribute to the overall development agenda in Maryland in partnership with their private sector and benefit all parties. He also invited the Maryland Ruler and the business community to participate actively in Expo 2020 Dubai.

He also discussed with Maryland Ruler the opportunities to increase and diversify UAE investments in the State. Both agreed to identify the health-care, manufacturing, technology and electronics sectors as key hubs for increasing joint trade and investment activities during the next phase. They also approved to encourage the private sector and companies of both parties to take advantage of their respective opportunities. In 2020, Maryland’s exports of goods and services to UAE generated some $63 million, while in 2017-2020 total exports amounted to approximately $314 million.

To that end, he called on Maryland companies to enhance their presence in the Emirates markets, and to take advantage of Expo2020 Dubai, which will be launched next October, as the world’s leading platform for offering products and services, reaching markets from different countries and forging new partnerships that serve their growth plans.

Source: Emirates News Agency