UAE to Revise Energy Strategy to Align with Climate Neutrality Goal

The Minister of Industry and Advanced Technology, Managing Director and ADNOC CEO, Sultan Al Jaber, at the Abu Dhabi CEO Roundtable (Asharq Al-Awsat)
The Minister of Industry and Advanced Technology, Managing Director and ADNOC CEO, Sultan Al Jaber, at the Abu Dhabi CEO Roundtable (Asharq Al-Awsat)
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UAE to Revise Energy Strategy to Align with Climate Neutrality Goal

The Minister of Industry and Advanced Technology, Managing Director and ADNOC CEO, Sultan Al Jaber, at the Abu Dhabi CEO Roundtable (Asharq Al-Awsat)
The Minister of Industry and Advanced Technology, Managing Director and ADNOC CEO, Sultan Al Jaber, at the Abu Dhabi CEO Roundtable (Asharq Al-Awsat)

Emirati Minister of Energy and Infrastructure Suhail al-Mazrouei said the ministry intends to start revising its energy strategy at the beginning of 2023 to align it to achieve climate neutrality by 2050.

Mazrouei said that the review of the energy strategy includes the expansion of renewable energy and the implementation of new projects in areas such as hydrogen energy, hydropower, and waste-to-energy conversion.

It will also include a study of solutions that can be followed regarding traditional methods of electricity production to examine the possibility of adopting carbon dioxide capture, in parallel with a survey about its cost.

The Minister said that the world had witnessed remarkable changes in recent years concerning the climate. The energy strategy review will contribute to determining the optimal mix for the UAE to achieve supply security and reach climate neutrality by 2050.

The minister explained that the volume of electricity production capacity currently amounts to about 35 gigawatts all over the country and will increase in the coming years with the entry of many new projects at total capacity.

Mazrouei was speaking ahead of the launch of the Abu Dhabi International Petroleum Exhibition and Conference 2022 (ADIPEC), which kicked off on Monday.

ADIPEC will be hosting 54 of the top national and international petroleum and integrated energy companies, in addition to 28 international pavilions, providing the optimal platform for stimulating trade activities throughout all segments of the energy sector supply chain.

The event is expected to be attended by more than 150,000 energy experts from 160 countries, alongside 2,200 exhibitors who will unveil the latest innovations in the sector.

Mazrouei said that UAE aims to increase clean projects' share of its energy mix to 50 percent by 2050, while the current allocation of clean energy projects within service or under construction reached 24 percent.

The UAE government is working to keep pace with the increasing demand for energy through its reliance on natural gas and renewable energy sources, said the minister.

Meanwhile, 35 leading energy chief executives discussed delivering energy security, equitable access to energy, and climate progress simultaneously during their participation at the 8th annual Abu Dhabi CEO Roundtable.

They also discussed the building blocks required for a practical, realistic energy transition.

Chairman of the Abu Dhabi Executive Office and Chairman of the Executive Committee of the Abu Dhabi National Oil Company (ADNOC) Board of Directors, Sheikh Khaled bin Zayed Al Nahyan, welcomed world energy leaders to the Roundtable.

Sheikh Khaled stressed the importance of the forum in strengthening Abu Dhabi's position as a global energy center.

The Minister of Industry and Advanced Technology, Managing Director, and ADNOC CEO, Sultan al-Jaber, said that holding this forum annually confirms UAE's ability to create a platform that brings together different opinions and viewpoints with the aim of providing practical solutions to support energy security, equitable access to energy and climate progress with realistic and practical solutions to the energy transition.

The hydrocarbon industry is uniquely positioned to provide practical solutions to the trilemma of secure, accessible, sustainable energy and will play a critical role in delivering a successful energy transition, said the Minister.

"Ensuring energy security is fundamental to economic and climate progress, and global economies will continue to rely on reliable supplies of energy that our industry provides," he said.



Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia to Host World Investment Conference on November 25-27

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the World Association of Investment Promotion Agencies (WAIPA) and Invest Saudi will hold the 28th annual World Investment Conference (WIC) in Riyadh from November 25 to 27.

The event will gather global leaders in investment, government, and international organizations to tackle the theme “Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities”.

On the occasion, Saudi Minister of Investment Khalid Al-Falih said: “Under the wise leadership of Custodian of the Two Holy Mosques King Salaman bin Abdulaziz Al Saud and Crown Prince Mohammed, the Kingdom, driven by its ambitious Vision 2030, has become a premier world investment destination and is experiencing unprecedented growth in overall investment amounts and diversity.”

This year’s World Investment Conference in Riyadh “will be a platform for sharing our nation’s strategic vision with our partners, and an invaluable opportunity to highlight our status as a trusted partner for sustainable economic growth,” he added.

“We look forward to welcoming investment leaders from around the world to forge partnerships that will benefit both the Kingdom and global economies,” he stressed.

Vision 2030 has driven significant economic reforms in Saudi Arabia, attracting substantial foreign investment. Over 28,900 foreign investment licenses have been issued, reflecting the Kingdom's transformation into a major global investment hub.

Key factors contributing to this growth include 100% foreign ownership in specific sectors, streamlined commercial register procedures, simplified visa issuance, and other investor-friendly initiatives that have created a favorable and appealing environment for investors in various sectors, including renewable energy, logistics services, and AI.

The Kingdom's attractive investment landscape has also facilitated the development of a dynamic economy that leads in innovation and growth.

WAIPA Executive Director and CEO Ismail Ersahin said: “WAIPA is excited to bring the 28th WIC to Riyadh, a city that perfectly embodies the future of investment. The conference will provide a crucial platform for Investment Promotion Agencies and investors to discuss emerging opportunities in a rapidly evolving global landscape.”

“We deeply appreciate Saudi Arabia’s vision and leadership, which will ensure that this edition of WIC is an impactful gathering for all participants,” he remarked.

Key highlights of this year’s WIC are a range of conference tracks, such as high-level dialogues with government ministers, insightful sessions on technology, sustainability, and economic cooperation, as well as practical masterclasses for investment professionals, a dedicated entrepreneurship track that will emphasize the transformative role of startups and innovators, and exclusive matchmaking sessions that will facilitate strategic partnerships between investors, SMEs, and potential collaborators.

Participants will also have the opportunity to celebrate the achievements of Investment Promotion Agencies on the Awards Track, honoring innovation and excellence in investment facilitation.

This year’s WIC promises to be a pivotal forum as it aligns with global investment drivers: the disruptive influence of technology and AI, global supply chain resilience, energy transition toward sustainability, and the transformative role of entrepreneurs and startups in reshaping investment landscapes traditionally led by multinational corporations.

Leaders and stakeholders will discuss and explore how these factors are redefining economies and driving forward-looking investment models worldwide.

With its focus on scaling investment opportunities, WIC is designed to equip attendees with the tools, knowledge, and connections necessary to drive meaningful economic impact.