ID :
10918
Thu, 06/26/2008 - 15:21
Auther :
Shortlink :
https://oananews.org//node/10918
The shortlink copeid
UAE takes part at Asian International Investment, Property Show 2008
Seoul, June 26 (WAM) - The first Asian International and Property Show 2008 kick started in Korean capital Seoul Wednesday, with huge participation from UAE, Europe, USA and Canada. The conference, which will be held from June 25-27, aims at boosting international investment cooperation in property development areas in Asia, which is currently experiencing qualitative shift in regard to investment volumes.
The event was inaugurated by UAE Foreign Trade Minister Sheikha Lubna Al Qasimi and Senior Korean officials. Over 150 firms converged to Seoul to attend the event.
Sheikh Lubna delivered a keynote speech in which she emphasised that the event was a critical at time oil prices have soared to historic highs fuelled by growing demand in Asia in addition to intense speculation in international financial markets.
"Despite efforts by all parties to rein in runaway fuel prices the current turmoil in oil markets continue unabated. I sincerely hope this market volatility will soon dissipate. In spite of these unusual prices, the world's need for oil continues to grow. Global energy consumption is double the levels of the 1970's and is set to rise further in the coming decades.
OPEC expects world energy demand to exceed 118 million barrels per day by 2030, from around 83 mb/day in 2005", she added.
Lubna noted that oil-producing countries are unequivocally committed to provide uninterrupted sustainable oil supplies at affordable prices to help secure sustained economic growth. "We are aware of the importance of reliable stable supplies at reasonable prices to growing economies in regions such as Asia. Producers and consumers are both in need of stability."
In recent years, The UAE has invested heavily to ensure that there is sufficient spare capacity to replace the occasional unexpected cessation of supplies caused by the weather, geopolitical tensions or the occasional accident. That spare capacity exists but financial speculators many of whom have never seen an oil tanker or a refinery continue to drive prices up as they hedge against inflation, the weakening US Dollar and seek new opportunities for quick returns in commodity markets.
She indicated that "even as we struggle to tame the market and return sanity to oil prices, it is clear that hydrocarbons will undoubtedly remain a key element in the global energy mix for many years to come. However, we owe it to ourselves and to our children to minimise the waste of non-renewable energy resources." Abdul Salam Al Madani, chairman of Index Holding told Emirates News Agency in an interview that "this important Asian gathering comes at a time Gulf, Indian Peninsular, South East Asia, Europe and Africa witness property boom".
The event was inaugurated by UAE Foreign Trade Minister Sheikha Lubna Al Qasimi and Senior Korean officials. Over 150 firms converged to Seoul to attend the event.
Sheikh Lubna delivered a keynote speech in which she emphasised that the event was a critical at time oil prices have soared to historic highs fuelled by growing demand in Asia in addition to intense speculation in international financial markets.
"Despite efforts by all parties to rein in runaway fuel prices the current turmoil in oil markets continue unabated. I sincerely hope this market volatility will soon dissipate. In spite of these unusual prices, the world's need for oil continues to grow. Global energy consumption is double the levels of the 1970's and is set to rise further in the coming decades.
OPEC expects world energy demand to exceed 118 million barrels per day by 2030, from around 83 mb/day in 2005", she added.
Lubna noted that oil-producing countries are unequivocally committed to provide uninterrupted sustainable oil supplies at affordable prices to help secure sustained economic growth. "We are aware of the importance of reliable stable supplies at reasonable prices to growing economies in regions such as Asia. Producers and consumers are both in need of stability."
In recent years, The UAE has invested heavily to ensure that there is sufficient spare capacity to replace the occasional unexpected cessation of supplies caused by the weather, geopolitical tensions or the occasional accident. That spare capacity exists but financial speculators many of whom have never seen an oil tanker or a refinery continue to drive prices up as they hedge against inflation, the weakening US Dollar and seek new opportunities for quick returns in commodity markets.
She indicated that "even as we struggle to tame the market and return sanity to oil prices, it is clear that hydrocarbons will undoubtedly remain a key element in the global energy mix for many years to come. However, we owe it to ourselves and to our children to minimise the waste of non-renewable energy resources." Abdul Salam Al Madani, chairman of Index Holding told Emirates News Agency in an interview that "this important Asian gathering comes at a time Gulf, Indian Peninsular, South East Asia, Europe and Africa witness property boom".
