The UAE’s investments in the maritime industry are expected to reach $66 billion (Dh242 billion) in the next three years, according to industry estimates released at the Dubai Maritime Summit kicked off on Monday.
BG Group has witnessed its largest investor Capital Group offload its stake in the company over the past week. The American investment management firm sold the shares in phases.
GE Oil & Gas won two contracts from Petroleum Development Oman (PDO) for the supply, testing, installation and commissioning of a fleet of electric motor driven centrifugal compressors, a report said.
The fleet will be deployed across PDO's Saih Nihayda Depletion Compression Phase II, Kawther Depletion Compression Phase II, Yibal Khuff Depletion, Burhaan West and Fahud Gaslift Compression projects, added the dayofdubai.com report.
Even with low prices, oil and gas sector will generate much needed cash to fund other infrastructure projects.