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Dubai geared for production at its newly discovered oil field

Dubai Oil Fields
Credits-Public Domain/monikawl999

Most of the GDP for Dubai comes from tourism. It is not as rich in oil as its cousin Abu Dhabi. However, a newly discovered oil field in Dubai promises more revenue for Dubai. This is the first discovery of an oil field in Dubai since the discovery of oil in Dubai in the 1960’s. The oil field is named ‘Al Jalila’ in honour of the daughter of his Highness Shaikh Mohammad Bin Rashid Al Maktoum. The ‘Al Jalila’ is expected to be fully operational by the end of the year 2011.

The production level of crude from Dubai will go up, though it is yet unclear as to how much it will affect production levels. The officials of UAE are currently satisfied with the economy of the Emirates and are urging companies to go ahead with their restructuring plans. The overall prominence of this oil field in the economy of Dubai is still hazy.

Analysts claim that it is most likely to be a small field if you take into consideration the speed at which Dubai was able to develop it. The general consensus is that the oil field will be able to slow down the fall of the Dubai economy rather than completely halt it.

It was stated at the annual Middle East Petroleum and Gas Conference in Dubai that the UAE banks have sufficient liquidity to finance the economic growth of UAE. It is implied that the economic problems of US and Europe have no direct impact on the economy of UAE.

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