The Economic Balance Board announces its departure from the Millennium Investment Fund

Media In – Abu Dhabi 24 March 2018 and WAM

The Board of Balance of the Economy “Balance” today announced its departure from the Millennium Investment Fund after the objectives for which the fund was established.
Tariq Abdul Rahim Al Hosani, Executive Chairman of the Board of Economic Balance, said: “The Millennium Fund reflects the Council’s flexibility and efficiency in devising effective tools that can contribute to sustainable economic development in the UAE.
He pointed out that the Millennium Fund, which included 7 shareholders of the international defense companies, along with the Council of Economic Balance, achieved an internal investment return of its shareholders of about 13 per cent, with more than 85 million dirhams.
He added that the Fund provided the defense companies with innovative channels to enable them to fulfill their obligations towards the Industrial Development Unit, which is supervised by the Council of Economic Balance, which enabled them to contribute to supporting and enhancing the economic empowerment process that the Council seeks to achieve.
Mohammed Hilal Al Muhairi, Board Member of the Millennium Fund, said that the Fund has contributed to investing in 6 companies that have been carefully selected to contribute to the economic and social development of the UAE and has sold most of its shares in these companies to the national investors who contributed to these projects. Value of their investments.
He pointed out that the six companies that have been established are engaged in the sectors of education, contracting, insurance services and other economic sectors