Dubai Discovers New Oil Field Amid Debt Woes

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DUBAI -Dubai announced Thursday the discovery of a new offshore oil field in the Persian Gulf that could boost its economy at a time when the United Arab Emirates’ second-largest sheikhdom is struggling with a multibillion-dollar debt pile.

“I can confirm that oil has been discovered and expect production to start within a year,” Sheik Ahmed bin Saeed Al Maktoum, the chairman of government-owned Dubai Petroleum Establishment, or DPE, told Zawya Dow Jones, confirming local media reports earlier Thursday that a new offshore oil field had been discovered in the emirate.

Full story: via The Wall Street Journal