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Energy prices may be less important than logistics, storage and long-term planning as West Asia tensions reshape global energy markets, Ahmed Bin Sulayem, Executive Chairman and CEO of Dubai Multi Commodities Centre (DMCC), said on Friday, highlighting scope for India and the UAE to strengthen energy and supply-chain resilience.
Speaking on the sidelines of the BRICS Business Forum in New Delhi, Bin Sulayem said countries such as India and BRICS members need to look beyond short-term movements in oil prices and focus on their ability to store resources and plan ahead. So it's more about who can store, who can plan ahead, and nations like India and BRICS; they do plan five or ten years ahead of time. So a lot of the moves are not short-term moves, he said. His remarks come as the BRICS Business Forum brings together business and government leaders ahead of the BRICS Summit, with discussions focused on trade, investment, finance, technology and sustainable economic development. Indias 2026 BRICS chairship has focused on resilient supply chains, economic cooperation, digital technology and inclusive growth. Bin Sulayem said the current challenges also created opportunities for greater economic cooperation, including in energy and commodities. Ironically, within challenges, there are opportunities, he said, adding that the UAE was using its oil resources to invest in nuclear and renewable energy. Sustainability is the key word for both India and the BRICS nations, he further added. On areas for deeper India-UAE cooperation, Bin Sulayem pointed to precious metals, gold and critical minerals, including cobalt and coltan, as well as food security and agriculture. He also highlighted India's role in the global diamond industry, saying the country cuts and polishes 90 per cent of global diamonds. India in nature is a very entrepreneurial culture, Bin Sulayem said, adding that he had discussed steel expansions and companies moving headquarters to Dubai with Indian businesses associated with DMCC. He said there was significant scope to explore cooperation between India and the UAE in clean energy, artificial intelligence, agriculture and food security. Looking ahead, Bin Sulayem said the focus now needed to shift from discussing plans to implementing them. Now we've discussed the plans, we've discussed what the steps are. I think the next thing is to execute them, he said. (ANI)
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