BARRELING FORWARD

The rapid global rise of the UAE arguably began with the discovery of oil. The country’s first commercial oil discovery was made in 1958 – onshore in the Bab-2 well and offshore at Umm Shaif, according to the Organization of the Petroleum Exporting Countries (OPEC) – of which the UAE has been a member since 1967. Towards the end of last year, the country beefed up its resource repertoire when the Supreme Petroleum Council announced the discovery of an estimated 22 billion stock tank barrels (STB) of substantial recoverable unconventional oil resources located onshore, as well as an increase in conventional oil reserves of two billion STB in Abu Dhabi, which scaled the UAE’s conventional oil reserves base to 107 billion STB of recoverable oil.

However, notwithstanding its stature among oil producing giants, the country very quickly prioritised its non-oil economy as a bailiwick and has unveiled a series of diversification initiatives across different sectors. Ranging from extraterrestrial endeavours and technological innovations to sustainability efforts, the UAE is well underway on a journey to build a futuristic tomorrow.