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Sun 5 Oct 2008 02:46 PM

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Dubai World launches green energy unit

New venture to explore investments in natural resources, including alternative energy.

Dubai World launches green energy unit
ALTERNATIVE INVESTMENT: Dubai Worlds new business unit will invest in natural resources, including alternative energy. (Getty Images)

Government-owned Dubai World on Sunday announced the formation of a new business unit, aimed at exploring new long-term investment avenues in natural resources.

Dubai Natural Resources World will drive the growth of the Group’s interests across oil and gas, alternative energy, mining and agriculture.

It will adopt a strategy of deriving long-term returns from all natural resources in a safe, clean and sustainable way, the company said.

Sultan Ahmed Bin Sulayem, chairman of Dubai World, said: “The ever-increasing consumption of natural resources has created an unsustainable situation globally that demands a proper balance in supply and demand. We believe this is a challenge, as well as an opportunity, which requires long-term commitment, substantial investments, and above all a clear vision towards a sustainable future for our next generations.

"Dubai World is in a position to take on the challenge and commit the resources required on a global scale.

“We have the right credentials for the task, having left some indelible footprints in the most crucial business sectors that are core to Dubai’s global economic growth.

"We are confident that the success achieved elsewhere can be replicated with Dubai Natural Resources World as well.”

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