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
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.