The Ras al Khaimah Government has awarded a 25-year oil and gas concession to a local company, RAK Petroleum.
The new concession covers an area of 850 square kilometres on the northern emirate's coastal plain that the company believes could contain oil deposits. It plans to start "fast-track" exploration next year.
"We believe that Ras al Khaimah is both underexplored and prospective. This concession is a natural addition to our portfolio of regional assets," said Bijan Mossavar-Rahmani, the managing director of RAK Petroleum.
If the company's hunt is successful, it could provide Ras al Khaimah with its first oil production. So far in the emirate, there are only minor amounts of gas and associated liquids called condensate from an offshore field.
RAK Petroleum is a 40 per cent partner in that development, from which it expects to produce 20 million cubic feet per day of gas and 1,500 barrels per day of condensate this year. The company also has one other Ras al Khaimah concession and five more in Oman, from which it is not yet producing oil or gas.
Far less developed than the UAE's wealthiest emirates of Abu Dhabi and Dubai, Ras al Khaimah has nonetheless attracted real estate and industrial projects in recent years and is home to cement manufacturers and the world's biggest ceramics company.
However, its latent development boom has been constrained by a severe shortage of electricity. New oil or gas discoveries in Ras al Khaimah would help to ease the emirate's energy crunch.
"We are pleased that a company that bears the name Ras al Khaimah will have the opportunity to explore for and hopefully develop the hydrocarbon resources of our emirate," said Sheikh Saud bin Saqr, the Crown Prince and Deputy Ruler of Ras al Khaimah.
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The specs: 2018 GMC Terrain
Price, base / as tested: Dh94,600 / Dh159,700
Engine: 2.0-litre turbocharged four-cylinder
Power: 252hp @ 5,500rpm
Torque: 353Nm @ 2,500rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.4L / 100km
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Number of employees: 1,200
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
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Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
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Industry: Tech Logistics
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Investors: Soor Capital, eWTP Arabia Capital, Aujan Enterprises, Nox Management, Cedar Mundi Ventures
Number of employees: 166
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Publisher: Ubisoft
Consoles: PlayStation 4&5, PC and Xbox Series S&X
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Dog:loyal, kind, perfectionist
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Common to all models unless otherwise stated
Engine: 4-cylinder 2-litre T-GDi
0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)
Power: 276hp
Torque: 392Nm
Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD
Price: TBC
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
12 restaurants opening at the hotel this month
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Three stars