Media ININ Economy We Trust
10-04-2019 Media in\ Abu Dhabi
Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei said that the UAE is one of the most committed countries to the reduction of oil production approved by OPEC. The country’s production last March reached 3.043 million barrels, less than the agreed reduction of 3.072 million. .
In response to a question by the UAE news agency WAM, the UAE minister said that the UAE would increase its oil production only through coordination with producers from within and outside OPEC according to market needs, noting that the UAE’s capacity to produce oil is 3.5 million barrels per day, “But that does not mean that we will produce them and we produce what the market needs and achieve the required balance.”
He added that the UAE is committed to selling oil to those who import it for use and does not store it to influence the markets, pointing out that achieving the balance of the market needs more time.
Al Mazrouei pointed out that the Ministerial Committee to follow up the decision to reduce production will hold its meeting in Saudi Arabia next May to study the market and know the extent of the commitment of countries to the decision to reduce production, pointing out that the results of the commitment to reduce production during the month of March was better than February expected to be the results of this month encouraging Which would gradually reach the desired balance.
The Minister of Energy and Industry pointed to the commitment of Russia and Iraq to the decision to reduce production during the month of March expected to increase their commitment during the month, which reflects on the balance of the market.
OPEC and a group of outside producers, including Russia, have agreed to balance oil markets largely by curbing supply, which is reflected in the balance of the market and in the interest of producers and consumers.
His remarks were made on the sidelines of his participation in the Bloomberg Summit which kicked off in Abu Dhabi today, during which he stressed the existence of joint investment projects between the UAE and Saudi Arabia in various sectors including petrochemicals.
The Bloomberg Investment Summit kicked off today in Abu Dhabi with a group of leading financial and economic leaders, regulators and innovators to discuss the most important opportunities and risks facing investors in a volatile market.
The summit covered a range of regional and global issues ranging from investment in various sectors in the Middle East, the next phase of the oil sector, investment opportunities in the digital world, artificial intelligence techniques and cybersecurity.
The meeting was attended by HE Ahmed bin Ali Mohammed Al Sayegh, Minister of State and Chairman of the Board of Directors of Abu Dhabi Global Market, and Mohsen Al Kaabi, Chief Executive Officer of the Oil and Petrochemicals Sector at Mubadala Investment Company, Waleed Al Mekrab Al Muhairi, Group Executive Vice President and Chief Executive Officer, Mubadala Investment and Infrastructure. And Royal Abu Dhabi, Standard Chartered Bank’s Chief Executive Officer in the UAE, and a group of asset management experts, private equity firms, hedge funds, banks and energy companies.
HE Ahmed Ali Al Sayegh said that the oil and gas sector in Abu Dhabi is one of the most attractive sectors for foreign direct investment. Over the past two years, he has succeeded in attracting more than $ 21 billion through land and sea concessions and investing in the entire hydrocarbon value chain.
The UAE attracted direct foreign investments of US $ 15 billion last year, equivalent to 22% of total foreign direct investment flows in the Middle East and North Africa region, ranking first in the region.
He pointed out that the year 2019 was prepared for Abu Dhabi, after the government launched last year the program of development accelerators tomorrow 21, which has now begun to achieve remarkable achievements to strengthen the status of Abu Dhabi and a destination for business and living and tourism, where will invest 50 billion dirhams over the next three years through four main themes within tomorrow 21 : Business, investment, community, knowledge, innovation and lifestyle.
He said that 100 initiatives have been developed, 80% of which will be launched this year, and that 21 days have been designed to be a dynamic initiative that will allow the expansion of new priorities within the four axes. That the value of government investment allocated to support the digital transformation through HUB71 will reach more than one billion dirhams.
He pointed out that the Abu Dhabi Global Market has since been focused on supporting innovation until the market became the first jurisdiction in the Middle East and North Africa to start licensing financial technology companies in 2016. The first market was also the launch of the first digital business environment for technology companies In the Middle East and North Africa region, which is now the second most dynamic digital business environment in the world. The market has also launched a new licensing system for technology companies offering several advantages and facilities to companies.
