Emirates Investment Authority to double the size of its assets in next 10 years

Entity plans to achieve this goal by investing in new sectors or increasing investment through its existing assets

The EIA's primary aim is to manage the sovereign wealth of the UAE by investing in a diversified portfolio of assets in key economic sectors. Alamy

The Emirates Investment Authority (EIA) has unveiled a new investment strategy through which it aims to double the size of its assets in the next 10 years, state news agency Wam reported.

The entity plans to achieve this goal by investing in new sectors or increasing investment through its existing assets, which will help it generate more returns, it said in a statement on Monday.

The strategy was launched under the patronage of Sheikh Mansour bin Zayed, Deputy Prime Minister, Minister of Presidential Affairs and chairman of the board of directors of the EIA.

It is part of the authority's efforts to realise the vision of Sheikh Zayed, the Founding Father, and the nation's other founders, Sheikh Mansour said. As the UAE celebrates its Golden Jubilee, the EIA will continue to support its efforts to shape a prosperous future.

The UAE launched the Projects of the 50 — a series of initiatives to boost economic growth and prepare the country for a rapidly changing future.

In September, the government set out the accompanying Principles of the 50 to lay out the country's economic, political and developmental road map for the next five decades.

The principles represent core guidelines for all of the UAE’s institutions to strengthen the union, build a sustainable economy, harness all resources to build a more prosperous society, foster positive regional and global relations to achieve national goals, and support peace and stability around the world.

The EIA's latest strategy is in line with the Principles of 50, the statement said.

The organisation plays a key role in strengthening the country's economic stature, Wam said.

The EIA is the only sovereign wealth fund of the federal government of the UAE, its website says. Since its launch in 2007, the authority has created a federal investment establishment that handles assets allocated by the federal government.

Updated: November 29th 2021, 5:24 PM