UAE’s departure from OPEC will boost investment, Al Jaber says
By announcing its decision to leave OPEC last week, the UAE has seized an opportunity to attract more investment and strengthen the economy, ADNOC chief Dr. Sultan Al Jaber says.
“It serves our national interests and long-term strategic objectives, aligns with our industrial, economic, and developmental ambitions, and gives us greater ability to accelerate investment, expand, and create value,” Al Jaber, the state oil company’s Group CEO and the UAE Minister of Industry and Advanced Technology, said today in Abu Dhabi.
Al Jaber spoke at the opening of the annual “Make it in the Emirates” expo, a four-day government-sponsored trade show that promotes domestic manufacturing by offering incentives to attract global companies.
Among the event’s backers are ADNOC, L’imad Holding, International Holding Co., Mubadala and Dubai Islamic Bank.
The UAE’s exit from OPEC, which took effect May 1, was largely connected to its irritation with the oil cartel’s dictating of production quotas across the industry to keep prices high. UAE Energy Minister Suhail Al Mazrouei has said disruptions to oil shipping caused by the current conflict created favorable conditions to leave the organization.
Parting with OPEC “is part of a broader effort to reshape our economy and industrial base through a vision that connects energy, technology, and industry, aligning our resources with national priorities to build a stronger, more resilient economy,” Al Jaber said.