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EIA launches strategy aimed at achieving UAE’s development goals

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ABU DHABI, 29th November, 2021 (WAM) — Under the patronage of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Board of Directors of the Emirates Investment Authority (EIA), the authority announced the launch of a new strategy aimed at achieving the UAE’s development goals, in line with the "Principles of the 50".

In his speech on this occasion, Sheikh Mansour said the launch of the new strategy is part of the authority's efforts to realise the vision of the late Sheikh Zayed bin Sultan Al Nahyan and the Founding Fathers and continue their approach, in light of the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Their Highnesses Supreme Council Members and Rulers of the Emirates.

He also noted that, as it celebrates its Golden Jubilee, the UAE is committed to the foundations established by the Founding Fathers, and will continue its process of development and support its efforts to shape a prosperous future.

The EIA plays a key role in strengthening the country's prominent economic stature and pioneering process of development. Since its launch in 2007, the authority has created a federal investment establishment that handles assets allocated by the federal government.

Through its new strategy, the EIA aims to increase future levels of investment, thus contributing to driving the country's development.

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Iran gas flow to Turkey cut by technical failure: Officials

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Iran has cut gas flows to Turkey due to a technical failure, prompting Turkish authorities to order gas-fueled power plants to cut gas use by 40 percent, sector officials said on Thursday.

Turkish natural gas distributors were also asked to reduce supply to 60 percent for large consumers except for that used for heating, the Turkish sector officials said, adding that schools and hospitals will be exempted.

Iran notified Turkey of 10-day cut to natural gas flows, but talks are ongoing to start flows earlier, the officials added.

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Turkey, UAE sign FX swap deal worth $5 billion

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Turkey signed a $4.9 billion currency swap agreement with the UAE, boosting dwindling foreign-exchange reserves depleted by the country’s financial turmoil.

The three-year deal reflects a warming of ties that began last year after a decade of frosty relations that rippled across the Middle East. Turkey has already signed swap deals with Qatar, South Korea and China to prop up its reserves, which shrank more than 10 percent in December as the central bank intervened in the foreign-exchange market to stem the lira’s decline.

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Reserves totalled just under $110 billion on Jan. 7, according to official data, but fall significantly below zero when the central bank’s liabilities from swap deals with foreign counterparts or commercial lenders are stripped out. The lira, meanwhile, still lost about 40 percent of its value last month alone, when investors fled lira assets in search of protection against a worsening inflation outlook.

The run on the currency began after the central bank started a cycle of interest rate cuts in September at President Recep Tayyip Erdogan’s demand. Erdogan argues that lower borrowing costs will curb price pressures, contrary to what most central bankers think.

The size of Wednesday’s swap agreement in local currencies is 18 billion UAE dirhams or 64 billion Turkish liras, according to separate statements by both monetary authorities.

The deal followed a visit by Abu Dhabi’s Crown Prince, Sheikh Mohammed bin Zayed Al Nahyan, to Turkey in November.

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Turkey, UAE say they want deeper cooperation, trade after Dubai talks

UAE establishes $10 bln fund to support investments in Turkey

Turkey, UAE to sign accords on energy, technology at talks: Officials

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UAE energy minister looks ahead to supply 400,000 bpd, ‘not worried’ about short term

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UAE energy minister Suhail al-Mazrouei said on Wednesday that he was “not worried about the short term” when asked about predictions that oil prices will rise above $100.

The price of benchmark Brent crude gained 0.33 percent on Wednesday to $87.76 per barrel, as oil rose for a fourth day as an outage on a pipeline from Iraq to Turkey added to worries about an already tight supply outlook.

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“I will never give a prediction on a price. We will continue to do our work of increasing the supply of 400,000 bpd,” he told reporters on the sidelines of the Abu Dhabi Sustainability Week.

“I am not worried about the short term,” he said. “I am worried about the long term if there are voices saying we should not invest.”

Analysts are forecasting tight oil supply in 2022, driven in part by demand holding up much better than expected as the highly contagious omicron coronavirus variant spreads, with some predicting the return of $100 oil.

Mazrouei said all producing countries and international oil companies should invest in hydrocarbons to ensure a smooth energy transition.

Read more:

UAE’s ADNOC works to ensure reliable supply after fuel depot incident

Key Iraq oil pipeline to restart after explosion in Turkey

Global oil demand expected to remain ‘robust’ despite COVID omicron variant: OPEC

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