In the early 1990s Dr Amin Badr-El-Din created the UAE Offsets Group (UOG) and was Chairman and CEO of the UOG for a decade. Under his chairmanship the UOG became a key catalyst for economic development and one of the central institutions of the United Arab Emirates for economic activities diversification.
The UOG was established with the mandate to generate wealth among the people of the UAE and assist with the global integration of its economy by the creation of commercially viable and sustainable ventures. This was achieved through partnerships and strategic alliances between the domestic private sector and international businesses.
The UOG, in its flexibility and methods of working with joint venture partners, is unique among offsets operations in the world. It pioneered an offsets output-based formula related to profits generated by joint ventures based on value-added to the national economy.
The UOG successfully negotiated offsets agreements with over fifty of the largest global corporations and has accepted obligations from numerous of these totaling several billion dollars. Implementation of these obligations has started with approximately thirty companies on stream and reached hundreds of companies, many of which went public.
Furthermore, the UOG administered the Offsets Program in the UAE with global recognition as the one to be emulated by other countries and has advised other countries on the implementation of such programs.
Dr Badr-El-Din subsequently guided the development of the UOG, which widened its scope to become the “think tank” for the government and be the corner stone for the economic growth of the country through initiating strategic investment projects associated with venture capital operations.
The UOG led the way for the government into privatization including the creation of ADWEA www.adwea.ae, the energy infrastructure project (Dolphin) www.dolphinenergy.com, Industrial Development Program, and MUBADALA sovereign fund.
The UOG was split later into several institutions each focusing on a single economic activity, including one known by the UOG’s Arabic name MUBADALA www.mubadala.com.