One of the biggest enterprises in Dubai serving the commodities market and providing mining, power and energy services, Dubal Holding has signed an initial deal with the investment corporation, Imdaad to develop projects aimed at boosting Dubai's sustainability objectives.
The UAE is ready to invest Dh600 billion (US$163.5 billion) to enhance clean and renewable energy projects over the next thirty years with an endeavour to achieve net zero by 2050.
Having an incredible budget of Dh74.5 billion (US$20.3 billion), the UAE has launched the Integrated Waste Management Strategy 2021-2041 this year. Around Dh70.5 billion would be yielded from the private sector only.
Dubai has already introduced programmes to increase the country's recycling rate in order to meet emissions and sustainability standards that will help the Emiratis with the goal of sending no waste to landfills by 2030.
The Dubai Government is also interested in patronising recycling, energy conversion and waste management.
The treaty between Imdaad and Dubal Holding is just the beginning of "our efforts to explore new avenues which will boost the nation's economy and overall development in the sustainability sector", commented Ahmad bin Fahad, the chief executive of Dubal Holding.
"This is in line with our commitment to evaluate and fund initiatives and projects that help achieve Dubai Industrial Strategy 2030 and Dubai Energy Strategy 2050," Mr bin Fahad decoded the company's strategy.
Presently, Dubal Holding is the proud owner of 50 per cent stakes in the Emirates Global Aluminium, another 60 per cent interest in OSE Industries and also holds minority positions in the Dubai Waste Management Centre Project and Sinoway Carbon, which is a China-based calcined petroleum coke facility.
The UAE will soon present a fully-working solar plant in the Al Dhafra region of Abu Dhabi, flaunting a 2-gigawatt capacity. Dubai's Mohammed bin Rashid Park is still under construction and, once finished, will have a wholesome 5-gigawatt capacity.
The Organisation of the Petroleum Exporting Countries (OPEC) considers the UAE as the third largest producer, and by expanding the hydrogen-producing processes, UAE is trying to penetrate 25 per cent of the market worldwide.
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