UAE Builds First Green Hydrogen Plant

UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)
UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)
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UAE Builds First Green Hydrogen Plant

UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)
UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)

The United Arab Emirates has started building the "first green hydrogen plant in the Middle East," and testing is underway, announced Energy Minister Suhail al-Mazrouei.

UAE aims to capture 25 percent of the global hydrogen fuel market by 2030. It is implementing more than seven ambitious hydrogen projects, targeting key export markets, including Japan, South Korea, Germany, and India.

Meanwhile, the UAE and Israel signed a memorandum of understanding (MoU) to deepen relations related to the energy sector and to launch a bilateral partnership that supports their goals regarding the future of clean energy.

"The UAE and Israel have both achieved several ambitious goals in all areas, most notably in energy, since the signing of the Abraham Accords Peace Agreement between the two sides over a year ago," Mazrouei said.

During his meeting with Israeli Energy Minister Karine el-Harrar at the Israeli pavilion at Expo 2020, Mazrouei stressed that the accord has helped create promising opportunities for both countries and the region.

"These partnerships will help achieve the transition to renewable energy, as well as draft projects and initiatives that support the Paris Agreement for climate change, which the UAE was among the first to ratify," he said.

The MoU, signed in the presence of many officials from both sides, stipulates the exchange of knowledge and expertise. It also calls for hosting high-level meetings to discuss issues related to energy storage, most notably clean energy, as well as infrastructure cybersecurity, fossil fuels, electricity grids, smart networks, problems of hydrogen and water, and ways of supporting the UAE and Israel's energy strategies.

It promotes investment and trade in energy, energy-related services and equipment, and highlights the strategic importance of developing common global approaches to promoting market access opportunities and the sustainable development of energy resources.

The MoU also affirms the commitment of both parties to sustainable development in implementing energy, science, and technology policies while considering ever-changing economic, social, and environmental considerations, such as climate change.



Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."