The Kingdom can be viewed as very much an “oil & gas economy” which has developed over the past 50 years and the country has significantly developed downstream into petrochemicals, intermediates and fertilisers. However, the low oil prices observed in the early 2000s had an impact of slowing project development but since the mid-2000s, this has accelerated somewhat – with the Kingdom aiming to be a world supplier of petrochemicals through to 2050. GDP growth has seen no negative years through the past 10 years, while IPI has been more volatile and negative in a number of years.
Report Data: 2018
Within the 2018-2023 timeframe, gasworld business intelligence predict growth from 6.4% p.a. in a low scenario to 10.1% p.a. in a high scenario. Accordingly, the industry in the UAE is expected to achieve revenues of between $526m to $625m by 2023.
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