Dubai investment firm to target sustainability

 Dubai government conglomerate Dubai World announced on Sunday it has formed a new subsidiary, Dubai Natural Resources World, to invest in energy, mining and agriculture.

The company's priorities will be long-term investment and sustainable development, Dubai World said in a statement.

"Dubai Natural Resources World will drive the growth of the group's interests across the entire natural resources value chain, including oil and gas, alternative energy, mining and agriculture ... in a safe, clean and sustainable way," it said.

"The ever-increasing consumption of natural resources has created an unsustainable situation globally that demands a proper balance in supply and demand," said Dubai World chairman Sultan Ahmad bin Sulayem.

"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," he said without revealing the capital of the project.

The new company will invest in Africa, the Middle East and east Europe.

Dubai World is one of two conglomerates controlled by the government of Dubai, along with Dubai Holding, which oversee mega construction projects at home and big investments overseas.

The booming Gulf emirate of Dubai is a member of the seven-strong oil-rich United Arab Emirates.

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