The Ministry of Energy of the United Arab Emirates (UAE) has unveiled details of its 2008-2010 strategic plan that incorporates 16 key initiatives including a proposal for a nationwide regulatory framework for the water and power sector, Saudi Gazette reported today. Among those in the plan include a study to update strategic oil reserves while another study will focus on developing water and electricity services by encouraging private investment. The plan has been drafted following the recommendations of the UAE government strategy announced earlier this year. The strategy seeks to ensure a balanced sustainable development and high standard of living for the citizens and residents. Mohammad bin Dha'en Al-Hamili, the Minister of Energy, said the plan includes key principles which primarily focus on protecting the country's financial and natural resources as well as safeguarding consumers' rights and investors' interests. --MORE