Logo of Phnom Penh Post newspaper Phnom Penh Post - UAE prince seeks to invest in Cambodia

UAE prince seeks to invest in Cambodia

Content image - Phnom Penh Post
Sheikh Ahmed bin Dalmook bin Juma al-Maktoum on Wednesday discussed with Suy Sem working together to find oil and gas investments in Cambodia. Photo supplied

UAE prince seeks to invest in Cambodia

The UAE has expressed interest in Cambodian oil and gas exploration. Minister of Mines and Energy Suy Sem said this was the result of his discussions with Sheikh Ahmed bin Dalmook bin Juma al-Maktoum, a member of the royal family who visited him on Wednesday.

The ministry spokesperson Cheap Sour who said this, added that while no agreement or decision was made in the meeting, the two parties expressed a commitment to exchange information on the sector’s development.

“It is the first time that the UAE has expressed its interest in the Cambodian oil and gas sector. We’re creating [lines of communication] to facilitate getting in touch with each other and working closely through e-mail,” Sour said.

The UAE comprises seven emirates – Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al-Khaimah, Sharjah and Umm al-Quwain – located along the southeast coast of the Arabian Peninsula.

With the exception of Dubai, most of the UAE economies rely on petroleum production and oil revenues.

A major producer, the UAE extracts around three million barrels per day (bpd) of crude oil and plans to boost output to 3.5 million bpd by the end of this year.

On Tuesday, Sheikh Ahmed met Prime Minister Hun Sen in Phnom Penh and vowed to provide a $500 million credit line to the Kingdom to import goods from Arab countries.

MOST VIEWED

  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Ream base allegations must end, urges official

    A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • Cambodian diaspora laud Manet’s UN Assembly visit

    Members of the Cambodian diaspora are rallying in support of Prime Minister Hun Manet’s forthcoming visit to the 78th UN General Assembly (UNGA 78) in the US’ New York City this week. Their move is an apparent response to a recent call by self-exiled former

  • After three deferrals, Capital Gains Tax to take effect Jan 1, 2024

    The General Department of Taxation (GDT) will implement the Capital Gains Tax starting January 1, 2024 to after being deferred three times as industrial players warn that the implementation might have some negative impact on the property market growth, which is down due to the economic downturn.