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Dubai: The Gulf countries are investing Dh440.4 billion ($120 billion) or 60 per cent of the total Dh735 billion ($200 billion) investment planned in oil and gas sector by the Middle Eastern countries between 2006 and 2010, said a top official.
"Of this, Saudi Arabia is investing $50 billion, Qatar investing $28 billion, the UAE's investment reaching $19 billion while Kuwait and Oman are investing $13 and $10 billion respectively," Prince Dr Bandar Bin Salman Bin Mohammad Al Saud, Advisor to Saudi King His Highness Abdullah Bin Abdul Aziz and president of the Saudi Arbitration Group, told delegates at a conference on arbitration in oil and gas sector in Dubai yesterday.
"The Arab world holds 60 per cent of world oil reserves and 35 per cent of gas reserves while further discoveries are made continuously. International investment in oil and gas are also on the rise that will help us meet future demand."
He said, the investment made by the Gulf countries will help the region to boost supply in line with the global demand.
"I think with this huge investment, we will be able to meet the future demand of oil and gas and $200 billion investment is a large sum to invest," he said.
"Besides, all the GCC countries are increasing their investment as we move forward which will further boost the output."
UAE earned $42.3 billion in revenue from oil and gas last year which is 15.48 per cent of the $273.1 billion generated by the six GCC countries, with Saudi Arabia representing more than a half to $161.2 billion and Kuwait getting $47 billion.
Stressing the need of formulating arbitration in the international oil and gas sector, Mohammad Bin Dha'en Al Hamili, UAE Minister of Energy, told the conference: "The historical context of dispute resolution in the international oil and gas sector will allow us to review the current and emerging issues in international oil and gas arbitration.
"It is critical that we are able to dialogue and discuss in a balanced, pragmatic and realistic way. If we can meet the challenges in regard to the issues before us today it will be to the benefit of us all."
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