The UAE Ministry of Energy has unveiled its 2008-2010 strategic plan which incorporates 16 key initiatives.

The plan includes a study to update strategic oil reserves while another study will focus on developing water and electricity services by encouraging private investment.

It also includes a proposal for a nation-wide regulatory framework for the water and electricity sector.

The plan has been drafted following the recommendations of the UAE Government Strategy which was announced earlier this year. The strategy seeks to ensure a balanced sustainable development and high standard of living for the citizens and residents, said a statement.

Mohammed bin Dha'en Al Hamili, Minister for Energy, said the plan includes a number of key principles which primarily focus on protecting the country's financial and natural resources as well as safeguarding consumers' rights and investors' interests.

"The UAE's rapid progress necessitates meticulous planning to ensure the fast paced social and economic developments are effectively sustained,” said Al Hamili.

The ministry also plans to develop a comprehensive database on oil, mineral, water and power resources in order to assess the country’s capabilities and prepare forecasts. The ministry will also prepare geological and geo-physical maps and reports, covering an area of 68,500 sq km.

"Renewable energy research initiatives will be among the ministry's prime objectives. The ministry is vigorously pursuing efforts to gather relevant information and statistics to support research programmes. We are keen on promoting alternative energy resources as an essential prerequisite for sustainable development," Al Hamili added.

The Ministry of Energy will also closely review the GCC General Secretariat's study on water cooperation. On the international level, the Ministry plans to be actively involved in major global forums on energy issues, especially the United Nations Framework Convention on Climate Change (UNFCCC) and the Kyoto Protocol. – TradeArabia News Service