Experts: The discoveries establish the UAE as a global energy resource

Reda Mosallam, an economist and managing partner at the “Truth” Economic Consultancy Company, confirmed that the new discoveries announced by the Supreme Petroleum Council will add new strength to the oil and gas sector in the UAE, as well as increase the support for oil as an important economic commodity.

He explained that the petroleum discoveries will support the UAE’s strength in the international oil market, and double the petroleum reserve, indicating that the UAE’s monetary reserve has global strength.

He added that the new oil discoveries will support the UAE dirham in international markets, noting that the UAE is a major player affecting the market in terms of quantity, prices and meeting demand, along with America, Saudi Arabia and Russia.

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