• Short Summary

    During 1972 oil revenue will bring Abu Dhabi an estimated 200 million pounds sterling. This?

  • Description

    During 1972 oil revenue will bring Abu Dhabi an estimated 200 million pounds sterling. This income is helping finance many vast commercial and industrial building projects in the Sheikhdom. Abu Dhabi's oil was first found under the sea in 1958. A company..two thirds British and one third French..shipped out the first cargo in July 1962. That year Abu Dhabi received 700-thousand pounds sterling. Two years after the submarine find, the desert yielded its first barrel. Since then the country's oil production has increased thirty times, and the volume has proved too much for other countries to resist. Japanese teams have recently joined the search in Abu Dhabi, and are leasing a barren island off the coast as a staging post. Here they plan to erect a complex of steel and aluminum, at their own expense. Foreign businessmen interested in investment have been attracted by the low 2 1/2 per cent duty, and the waiving of company tax until income exceed half a million pounds.

    Sheikh Zaid's personal share of the oil revenue is approximately a quarter. Much of this is distributed for the welfare of his native subjects, each of whom is given a plot of land and other benefits. Away from the city and its palaces the desert is still the way of life for 8,000 nomadic tribesmen. Aware, but unattracted by the fact that they're richer per-person than anywhere else in the world, they remain content with the harsh desert traditions.

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    Reuters - Source to be Verified
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    Available on request
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