UAE’s rapid economic growth fueled by Expo 2020, nuclear energy investment, new gas finds

UAE’s rapid economic growth fueled by Expo 2020, nuclear energy investment, new gas finds

Several indicators, supported by specialist international reports, show the UAE economy approaching significant milestones in various sectors and platforms, most notably the energy sector, where two gas finds have recently been announced in Dubai and Sharjah.. With the launch of Expo 2020 Dubai in October, the UAE economy is expected to make significant strides in all sectors, with the long-term financial proceeds of the World's Greatest Show projected to amount to AED122.6 billion, according to an independent study published by Ernst and Young.. The two engineering, procurement and construction contracts are expected to be completed in 2022, enabling the Dalma Gas Development project to produce around 340 million standard cubic feet per day (mmscfd) of natural gas.. The Federal Authority for Nuclear Regulation, FANR, announced the issuance of the operations licence for the first unit of the Barakah Nuclear Power Plant, which will produce electricity covering 25 percent of the country's needs, and will prevent emissions amounting to some 21 million tonnes annually.. Foreign deposits accounted for 29.2 percent of the total deposits held by national banks, surging to AED1.303 trillion at the end of December 2019.. In terms of global competitiveness, in 2019 the UAE ranked first in several