October 6, 2008 / 10:32 AM / 12 years ago

Dubai World sets up energy and commodities unit

DUBAI (Reuters) - The Dubai government’s sovereign wealth fund Dubai World has set up a unit to invest in energy, mining and agriculture, a Dubai World spokesman said on Monday.

The new unit, Dubai Natural Resources World, will look for investment opportunities in oil and gas production and refining, and mining facilities, Dubai World said on its website. The spokesman declined to give more details.

Soaring demand and a squeeze on supplies will offer sizeable returns from all natural resource assets, Dubai World Chairman Sultan Ahmed bin Sulayem said in comments posted on the website.

“The company aims to build a diversified portfolio of investments in natural resources companies or assets for which a significant proportion of their operations...are located in emerging markets,” Sulayem said.

Besides opportunities in the Gulf, the new fund is eyeing expansion into Africa, Russia and Central Asia, he said.

Dubai World’s largest holding company manages and supervises a portfolio of businesses and projects for the Dubai government across 100 different cities in the world.

Reporting by Luke Pachymuthu; editing by Simon Webb

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