The emirate is home to 68,500 millionaires with at least $1 million in liquid assets and 206 centi-millionaires
uae1 hour ago
The UAE firm Silwana Diamond has executed an agreement with ADA Energy in Guinea-Bissau to extract three billion barrels of oil. The Silwana Diamond Group has announced the execution of a strategic concession agreement for oil exploration with ADA Energy, located in the Guinea-Bissau and acting as a representative of the National Petroleum Corporation ‘Petrojeen’.
The agreement grants concession rights to Silwana Diamond to explore and extract oil from oil fields in Areas (4 & 5) in the Guinea-Bissau, where the oil reserves in these two areas are estimated at 3 billion barrels of crude oil. The Emirati company will obtain one billion barrels in the first years with a value of $70 billion.
The agreement was signed by Dr Firas Abu Hudeeb, chairman of the board of directors of the Emirati Company (Silwana Diamond), and Dr Mohamed Al Adeeb, chairman of the board of directors of Ada Business in Guinea-Bissau.
The event was attended by Franklin Rossetti Rodrigues, adviser of the president Guinea-Bissau and director of public relations; Sheikh Nasser bin Sultan bin Majid Al Qasimi, co-founder of Silwana Diamond, Danielson Gomez, director of the National Petroleum Corporation in Guinea-Bissau ‘Petrogen’ and Abdulaziz Al Adeeb, vice-president of Ada; Orlando Viagas, Minister of Natural Resources and Energy of the Republic of Guinea-Bissau; Teodoro Obiang, Minister of Natural Resources and Energy of the State of Equatorial Guinea, Saleh A; Zarooni, office manager of Sheikh Marwan bin Mohamed bin Rashid Al Maktoum, experts from global oil sector.
Silwana Diamond’s share is 50 per cent of the oil reserves as the UAE company will annually produce 36 million barrels of oil from Areas (4 and 5) at a rate of 50,000 barrels of oil per day from (Area 4) so that the rates of annual extraction are above 17 million barrels.
Abu Hudeeb stated that the Silwana Diamond Group owns the Silwana Infotech Company, which is the backbone of the group, and is specialised in ERP systems solutions, e-currency, mobile applications, web design, electronic banking and e-marketing, which, in turn, promote the financial, commercial and technological entity of the Group. — business@khaleejtimes.com
The emirate is home to 68,500 millionaires with at least $1 million in liquid assets and 206 centi-millionaires
uae1 hour ago
Here's how much it will cost to tank up your car this month
uae1 hour ago
The currency logged its sharpest intra-day fall in more than two weeks on Monday
asia2 hours ago
Aaron Pierre and Kelvin Harrison Jr have come on board to voice the younger versions of Mufasa and Scar
entertainment2 hours ago
US FDA is gathering additional information on the matter, while Indian authorities have recently inspected the plants of the companies
asia2 hours ago
The total size of the offering remains unchanged at 900 million shares, representing 25 per cent of the company’s total issued share capital
markets2 hours ago
India's foreign ministry called the Washington Post report 'unwarranted and unsubstantiated', which stated that an officer in the intelligence service was directly involved in the plan
world3 hours ago
More than 34,000 people have been killed in the Palestinian territory since war broke out
world3 hours ago