Energy minister: No impact of oil on UAE economy

Suhail Bin Mohammed Faraj Faris Al Mazrouei told a Russian delegation that the UAE's efforts towards economic diversification will lead to non-oil investments

Economic diversification will create non-oil investments in the UAE.
Economic diversification will create non-oil investments in the UAE.

The ongoing slump in global oil prices has not impacted the UAE's economy, the country's energy minister said. 

Suhail Bin Mohammed Faraj Faris Al Mazrouei made these remarks during the UAE-Russia Taskforce Meeting, currently being held in St Petersburg.

Speaking at the meeting, Al Mazrouei said: "Low oil prices should create investment opportunities in non-oil sectors for the purpose of diversifying the economy." 

Representatives from each side discussed opportunitives for investment in the UAE and Russia, according to state agency WAM.

"We had constructive discussions with the Russian side, which will enable us to go ahead on a number of bilateral issues of mutual concern regarding regional co-operation, mutual investment opportunities and economic co-operation,'' Al Mazrouei added. 

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020