UAE Ministry of Energy and Infrastructure sees 140% profit in H1

By Arya M Nair, Official Reporter
  • Follow author on
UAE Economy
Representational image

The Ministry of Energy and Infrastructure has estimated a 140 percent increase in revenue in the first half of 2021, mainly due to investments in commercial activities and in private-sector ventures such as leased roadside areas, rest facilities, and advertising.

This increase signifies the start of the recovery from the COVID-19 pandemic and a return to normalcy. Being an energy-based economy, the country needed to work on its non-oil and energy sector in order to stay stable during the pandemic.

As the COVID-19 crisis worsens, call for long-term sustainable solutions has risen. The Ministry of Energy has been implementing laws and developing initiatives to limit carbon dioxide emissions and their adverse effects on the environment.

“This growth falls within the framework of the ministry’s keenness to encourage investment in outdoor advertising, and it has developed innovative solutions to reinforce this market by involving the private sector in advancing the energy, infrastructure, housing and transport sectors,” said Mr.Hassan Mohammed Al Mansouri, Under-Secretary of Infrastructure and Transport Affairs at the Ministry.

According to the Ministry, it aims to broaden the scope of its investments to include energy, infrastructure, housing, and transportation, in line with the UAE’s leadership vision and long-term goals for the next 50 years.

The directives of Mr. Suhail Al Mazrouei, Minister of Energy and Infrastructure highlights the ministry’s plans to develop an e-platform that will share investment opportunities with investors and facilitate contracts, in order to support the UAE Government’s digital transformation goals and to enhance the ministry’s partnership with the private sector and other active players in the investment sector.

The ministry recently conducted a survey, with the results indicating that the outdoor advertising industry will rebound and demand will increase in the fourth quarter of 2021.

Related: ADNOC Logistics & Services a key player in boosting UAE’s energy economy