UAE to Provide $160 Billion Investment Opportunities In Energy Sector

UAE to Provide $160 Billion Investment Opportunities In Energy Sector

Published July 2nd, 2020 - 06:00 GMT











Highlights





The UAE is also bringing new high quality infrastructure projects in oil and gas sector.







The UAE will provide $160 billion (Dh587 billion) worth of investment opportunities to global investors in the energy sector over the next 30 years as the country looks to diversify its economy, a senior official has said.

"We are planning to diversify our energy resources to greener source, up to 50 per cent by 2050. And this policy initiative is going to offer investment options worth up to $160 billion over the next 30 years or so," said Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Industry.

He said this initiative will provide partnership potential [with foreign investors]. In the industrial sector, we are promoting Fourth Industrial Revolution technologies including machine learning, artificial intelligence, robotics, digitisation of economy and 3D printing," the minister said.

Last month, Abu Dhabi National Oil Company (Adnoc) signed $20.7 billion (Dh76 billion) worth of deals with world's leading infrastructure investors, sovereign wealth funds and pension funds to invest in Abu Dhabi's gas pipelines to as part of emirates' diversification strategy.

Analysts said that the deal