Dubai World forms natural resources unit
Dubai, October 5, 2008
Dubai World today announced the formation of a new business unit, Dubai Natural Resources World, designed to explore new long-term investment avenues, while contributing positively towards sustainable development.
Dubai Natural Resources World will drive the growth of the group's interests across the entire natural resources value chain, including oil and gas, alternative energy, mining and agriculture.
It will adopt a strategy of deriving long-term returns from all natural resources in a safe, clean and sustainable way, said a statement.
The creation of the new subsidiary is in line with Dubai World's commitment to enhance Dubai's global profile, and ensure retaining a leading-edge in its development and remains among the most favoured partners of the world's fastest-growing economies, it said.
Sultan Ahmed Bin Sulayem, chairman of Dubai World, described it as a step in the right direction coming at the right time: 'The ever-increasing consumption of natural resources has created an unsustainable situation globally that demands a proper balance in supply and demand. We believe this is a challenge, as well as an opportunity, which requires long-term commitment, substantial investments, and above all a clear vision towards a sustainable future for our next generations. Dubai World is in a position to take on the challenge and commit the resources required on a global scale.
'We have the right credentials for the task, having left some indelible footprints in the most crucial business sectors that are core to Dubai's global economic growth. We are confident that the success achieved elsewhere can be replicated with Dubai Natural Resources World as well.'
The driving force behind Dubai Natural Resources World is the alarming shortage of natural resource supply across the world, combined with the competition for resources in emerging new markets, he said.
'This has opened up an investment sector where carefully planned capital input can make a considerable difference in the supply-demand equation.'
Dubai Natural Resources World also sees this sector as a niche area where partnerships can lead to assured financial returns and opening avenues of co-operation in the development and promotion of alternative energy sources. The natural resources sector is technology-strong and works closely with research services, the statement said.
The company's vision is to formulate a growth strategy that is completely in tandem with environmental protection and conservation policies, it said. -TradeArabia News Service
More Energy, Oil & Gas Stories
- BP agrees retail price for Khazzan gas project
- Dron & Dickson unit boosts ME presence
- Gulf Petrochem chief wins award
- Qatari gas export revenue surges in April, oil down
- Adipec to recognise women empowerment
- New oil pipeline to Turkey soon say Kurds
- Qatar plans $46m investment in top solar group
- Bapco launches key competency project
- Sipchem picks HSBC as adviser for Sahara merger
- Sembcorp HV picks HSBC for Oman share sale