UAE offers safe, trusted and stable investment environment

Sultan Ahmed Al Jaber, UAE Minister of State, and Michael R. Bloomberg, founder of Bloomberg L.P.

The UAE offers safe, trusted and stable investment environment. The country has the power to transform the global economy and make a big difference in the fight against climate change, industry's top officials said during Bloomberg Capital Markets Forum in Abu Dhabi.
Dr Sultan Al Jaber, Minister of State and ADNOC Group CEO, highlighted the need to strengthen existing relationships and forming new partnerships for economic growth.
"ADNOC is seizing opportunities together with partners to create new revenue streams across the value chain. In the last few months, we have completed a series of transactions that leverage our core capabilities," he said counting partnerships with Baker Hughes, Eni, OMV and OCI, acquisitions of stakes in VTTI and others.
Sultan Jaber said ADNOC is attracting 'significant investments' to enhance operations and exploring creative opportunities for new partnership. "Alongside our partners we are investing $45 billion to create one of the largest refining and petrochemical complexes in the world," he said referring to Al Ruwais project. "The door is very open for additional investments to create a full integrated manufacturing hub that will feed the fast growing demand for higher value products worldwide. We welcome all those who share our values to consider Abu Dhabi your home for stable, sustainable and long-term investment."
Michael R. Bloomberg, founder of Bloomberg L.P. and Bloomberg Philanthropies, noted the UAE's impressive rise as an important player and drew parallel with developed nations.
"The UAE is Singapore of the Middle East. They both have enormous number of things in common, in terms of growth, openness, diversity and opportunity, and that's why they are successful. And both are in neighbourhoods where some of the neighbours aren't as cooperative as you like them to be."
He said the UAE's 'meteoric' economic growth has enhanced the quality of life, which is now among the highest in the world. "Markets like the UAE have the power to transform the global economy, and that's not hyperbole."
'UAE can't ignore climate change'
Bloomberg, the UN Special Envoy for Climate Action, noted that global growth shouldn't be impacted because of 'political mistakes'. He said there were no winners but only losers in trade wars and warned countries against ignoring effects of climate change, which is one the most serious economic threats.
"Climate change is not only a serious environmental and health threat but a major economic threat," he said. "We're in a race against time with climate change. And right now, we're losing."
Bloomberg pointed out that countries like the UAE and the US, with long coastlines, cannot afford to ignore climate change. "Few countries are more vulnerable to the effects of climate change than the UAE. If the oceans rise any further, the UAE has big problems."
He said the UAE has shown seriousness and understanding by hosting the Abu Dhabi Climate Summit earlier this year. He hoped the UAE, as a key player in the world's energy economy, will take steps to avert climate crisis.
'Sustainable cities way forward'
Bloomberg, fresh from a chopper ride around the city, said Abu Dhabi's story of growth is still being written. He said the UAE Capital will have to continue diversifying its economy, by investing in the industries of the future, like clean energy. He added fighting climate change and driving economic growth are two sides of the same coin and one of the best strategies for doing both is investing in cities.
"People want to live in cities where they'll be safe and healthy, and also have access to opportunity, good public transport and a high quality of life. So building sustainability into Abu Dhabi's expanding infrastructure will only help it grow," he added.
- ashwani@khaleejtimes.com

Ashwani Kumar

Ashwani Kumar is a versatile journalist who explores every beat in Abu Dhabi with an insatiable curiosity. He loves uncovering stories that are informative and help readers form their own opinions.

ashwani@khaleejtimes.com