The Dubai government conglomerate Dubai World has formed a new subsidiary, Dubai Natural Resources World, to invest in energy, mining and agriculture.

Dubai is the latest oil rich middle eastern country to begin to look at sustainable energy investment. In 2006 Abu Dhabi announced it wanted to become a hub of cleantech research and investment as part of its Masdar initiative.

Oil rich countries have an increasing awareness of Western democracies' desire to assert energy independence – which means weaning themselves off middle-east oil.

Dubai Natural Resources World priorities will be long-term investment and sustainable development, Dubai World said in a statement.

"Dubai Natural Resources World will drive the growth of the group's interests across the entire natural resources value chain, including oil and gas, alternative energy, mining and agriculture... in a safe, clean and sustainable way," it said.

Dubai World chairman Sultan Ahmad bin Sulayem said: "The ever-increasing consumption of natural resources has created an unsustainable situation globally that demands a proper balance in supply and demand."

The new company will invest in Africa, the Middle East and east Europe.