UAE at the forefront of burgeoning energy security industry
The UAE, a major player in the global energy market, is investing heavily to ensure that there is enough oil to power Asia’s major economies. The government’s latest ventures in Malaysia reflect the strategic thinking and vision of the UAE’s leadership in supporting global growth. The country has, over the last few years, taken significant strategic initiatives, such as the Abu Dhabi-Fujairah oil pipeline, to ensure uninterrupted supply of energy.
A number of Asian economic powerhouses rely on UAE energy and the country’s latest venture in Malaysia to build a 60 million barrel oil storage facility is in line with the UAE’s commitment to maintaining the smooth supply of oil, even in adverse situations.
In an increasingly volatile global market, uninterrupted supply of energy is crucial to power homes, offices, businesses and industries. It also helps to soothe oil prices that often fluctuate with crisis. Political uncertainties and regional conflicts as well as piracy could hamper the supply of energy that is crucial for global economic growth. In that respect, this strategic move will help the UAE to serve its energy partners better in adverse socio-economic and global environments.
The investment of up to Dh24.8 billion in strategic reserves also reflects the country’s growing clout in the global economy, especially among Asian economies. The Abu Dhabi Government’s investment arms are also partnering with the Malaysian government in the development of a financial centre and large mixed-use projects, which will help strengthen bilateral relations.
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