UAE Launches 11 Green Energy Projects Worth $43 Bn

The UAE Minister of Energy, Suhail al-Mazrouei (AFP)
The UAE Minister of Energy, Suhail al-Mazrouei (AFP)
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UAE Launches 11 Green Energy Projects Worth $43 Bn

The UAE Minister of Energy, Suhail al-Mazrouei (AFP)
The UAE Minister of Energy, Suhail al-Mazrouei (AFP)

The UAE Minister of Energy, Suhail al-Mazrouei, said on Monday that several factors will drive oil prices in 2023, mainly the end of China's zero-COVID policy, the US decision to refill the Strategic Oil Reserve, the sanctions imposed on Russian seaborne oil products, and ongoing global inflation.

Mazrouei also said that other factors may negatively affect oil prices, including the global recession, China's decreasing demand for oil, and the resumption of trade between Russia and Europe.

UAE has launched 11 environmentally friendly energy projects worth $43.2 billion in 2022, announced the Minister.

Mazrouei stated that the UAE's clean energy production in 2021 totaled 7,035.75 megawatts (MW), underscoring the country's pioneering efforts in the clean energy sector.

He told Emirates News Agency (WAM) that the launch of the UAE Energy Strategy 2050, the first unified energy strategy by the UAE, aims to integrate renewable and clean energy mix to achieve a balance between economic needs and climate goals.

It also aims to reduce dependency on other fuel sources over the next three decades.

The Minister added that the UAE has adopted the latest innovations that drive sustainable development, to ensure the renewable energy sector's sustainability. He said that the UAE was among the first countries to ratify the Paris Agreement.

He pointed out that the Ministry of Energy and Infrastructure established the features of the energy sector's future for the upcoming 50 years.

Mazrouei stressed that the contribution of clean energy to the energy mix in 2021 reached 19.63 percent, while the contribution of renewable energy reached 12 percent, and the contribution of peaceful nuclear power reached 7.55 percent by the end of 2021.

The global turmoil in energy supplies has created challenges related to energy security and will, therefore, lead to a focus on using the lowest-priced resources available locally, to meet the country's energy requirements, with an increase in exports in the non-oil sector from the UAE, he added.

He noted that the UAE has considerable potential in the field of solar power, and that its low cost will improve the country's energy security and competitiveness.

He explained that the progress achieved during the process of developing the four Barakah reactors, play a crucial role in reducing the carbon footprint of the UAE's energy sector, in reaching climate neutrality by 2050.

Mazrouei stressed that the Barakah Nuclear Power Plant is a leading innovative energy project in the energy transition process.

Once fully operational, Barakah’s four reactors would offset 22.4 million tons of carbon emissions annually, the leading cause of climate change.



Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
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Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)

The Istanbul stock exchange's main index was hit hard on Friday, closing 7.8 percent down on the third day of protests over the arrest of Istanbul mayor Ekrem Imamoglu.

The 53-year-old mayor -- Erdogan's main political rival -- was arrested on Wednesday, days before he was due to be named the CHP party's candidate for the 2028 presidential race.

The BIST 100 had already slipped by 8.7 percent on Wednesday following Imamoglu's arrest over allegations of "corruption" and links to a "terrorist organization".

The damage was limited to a fall of 0.5 percent on Thursday, but faced with a sharp fall on Friday, trading was suspended twice in the morning.

The index fell below 9,000 points during Friday trading for the first time since early November, a fall of more than 16.5 percent over five days.

Imamoglu's party has denounced his arrest as a "coup" and international organizations including the European Union have expressed concern.

It has also sparked street protests, which President Recep Tayyip Erdogan on Friday denounced as "street terror".