UAE companies foreign investments exceed US$100 billion

Abu Dhabi: The Highflyers Forum, hosted by the Ministry of Economy in order to highlight the successes of more than 130 successful UAE companies that have operations and investments abroad, was held at the Mina A'Salam Hotel in Jumeirah, Dubai, UAE, on 14th January, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and was opened by Sultan bin Saeed Al-Mansouri, UAE Minister of Economy. The initiative by the Ministry of Economy is a platform to underline the experiences and expertise of UAE companies that have investments abroad. According to the United Nations Conference on Trade and Development (UNCTAD), the total cumulative value of such investments across the world, is Dh350 billion. Majid Jafar, CEO of Crescent Petroleum and Vice-Chairman of the Crescent Group, gave the keynote address, entitled "Charting growth and prosperity: winning strategies to export UAE's mastery in a morphing global economy", in which he described how the major successes of UAE companies in foreign investment can be attributed to the open policy adopted by the UAE to the world, and the strong government support given for all UAE companies from the highest leadership of the UAE and all the relevant government ministries including the Foreign Ministry and the Ministry of Economy. He also described how many UAE companies have already become regional and global leaders in their sectors, following key strategies such as excellence in quality standards, understanding and adapting well to the local environment, and high levels of corporate governance: "We must continue to engage, as the UAE corporate community, in the national effort to ensure competitiveness, economic diversification and sustainability in the future", he said, while placing special emphasis on the key strategic decisions Emirati companies can take to export the UAE's economic expertise in achieving global competitiveness. Describing the Crescent Group's experience in foreign investments over the past 43 years as a UAE-headquartered company, Jafar said: "UAE companies have already successfully invested in over 100 countries worldwide, and we as the Crescent Group have current investments in 22 countries throughout the region and internationally, in sectors such as oil '&' gas, ports and logistics, power and engineering, real estate and construction, and private equity. Our oil '&' gas operations through Crescent Petroleum - the oldest private exploration and production company in the Middle East - have included experience as an international operator in numerous countries including Iraq, Egypt, Pakistan, Yemen, Canada, Yugoslavia, Tunisia, and Argentina," he added. The Highflyers Forum brought together prominent CEOs of UAE companies operating abroad and highlighted their successes in foreign investments, the challenges they face, and their strategies for future overseas expansion in international markets. In addition to the speeches and panels, the Forum featured the video and launch ceremony of the Highflyers Initiative by the Minister of Economy. - Emirates News Agency, WAM