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UAE to invest $54.5 billion in energy sector

The country aims to boost the growth of the hydrogen sector

UAE to invest $54.5 billion in energy sector
[Source photo: Anvita Gupta/Fast Company Middle East]

The UAE is gearing up to accelerate the hydrogen sector and establish its global position among the world’s largest producers of low-carbon hydrogen.

As part of its newly updated National Energy Strategy, the UAE will invest $54.5 billion in the energy sector over the next seven years. The country also aims to increase the share of clean energy by up to 30% of the national total by 2031.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced on Twitter that the latest cabinet meeting approved the updates on the UAE National Energy Strategy 2050, which aimed to increase reliance on renewable energy, improving energy efficiency and promoting the use of clean energy.

“The plan aims to establish the country as a producer and source of low-emission hydrogen over the next eight years by developing supply chains and creating hydrogen hubs to develop this promising industry, in addition to establishing a specialized national research and development center for the hydrogen sector,” Sheikh Mohammed said.

The UAE also approved its National Hydrogen Society. As part of the UAE’s initiatives and projects to invest in new clean energy sources, the country unveiled the strategy to support low-carbon local industries, contribute to achieving climate neutrality, and enhance the UAE’s position among the largest hydrogen producers by 2031.

Moreover, the cabinet meeting introduced the creation of a new government ministry with a mandate to focus on investment in the UAE and ensure the country remains a global destination for investment. The Ministry of Investment was launched, with Mohamed Hassan Al Suwaidi as its minister. Al Suwaidi is also the Managing Director and Chief Executive of Abu Dhabi-based investment and holding company ADQ.

The government also granted preliminary approval for self-driving cars to autonomous vehicle company WeRide. The company will begin its testing phase of autonomous vehicles on UAE rides.

National policy was also discussed, including establishing a national network for electric vehicle charging stations, regulating the electric vehicle market, promoting associated industries to ensure emission reduction, energy consumption reduction, and maintaining the quality of roads in the UAE.

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