With the global Renewable Energy Market expected to reach GBP 1,088.8 billion by 2025 and growing local demand in the sector in the past ten years, the UAE’s clean energy portfolio has grown by more than 400% – the UAE makes a compelling case to become the region’s leading hub for Clean Technology.
Initiative-driven investments into the clean tech sector have enabled the UAE to withstand sudden fluctuations in oil and gas prices. The rapid shift away from reliance on hydrocarbons is at the core of the country-wide vision: The Energy Strategy 2050. This ambitious strategy aims to deliver a range of alternative energy solutions.
In December 2020, Dubai Electricity and Water Authority (DEWA – the monopoly utilities provider for the emirate of Dubai) actually implemented a reduction in the electricity tariff. This came as a result of the increased share in solar energy production in Dubai and the declining cost of that production enabling DEWA to pass the savings on to customers.
For UK tech companies considering Middle East expansion, current opportunities in the UAE’s clean technology energy sector has to offer includes Masdar, Mohammed bin Rashid Al Maktoum Solar Park and Emirates Nuclear Energy Corporation.
With the UAE planning to spend GBP 117.3 billion to achieve its goal of increasing clean energy contribution to 50% by 2050 (44% renewable & 6% nuclear), UK firms providing innovative tech solutions within this sector will benefit from the country’s developed infrastructure, clean energy plans and need for best-in-class solutions.
About the author:
Noha Al Dhahri
LinkedIn: Noha Al Dhahri