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UAE invests AED132.5bn in renewable energy projects in 2022: Chairman of ADDED – Business – Energy

UAE invests AED132.5bn in renewable energy projects in 2022: Chairman of ADDED - Business - Energy

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED) has revealed that investors from over 170 counties have chosen the UAE to invest, grow, and expand over the past decade, reaffirming the trust of the global investment community in the country’s strong fundamentals and positive outlook.

Addressing the 8th World Investment Forum (WIF), organised by the United Nations Conference on Trade and Development (UNCTAD), which commenced in Abu Dhabi Today, Al Zaabi reiterated that Abu Dhabi and the UAE’s commitment to fostering collaboration, strengthening economic partnerships, and tackling the pressing global challenges of our era.

Al Zaabi said, “The UAE’s dedication to building bridges between nations and fostering economic relationships is set to unlock a world of opportunities. As a global hub for business and finance, the UAE has also made bilateral trade agreements, cementing our reputation as a reliable partner for international trade and cooperation.”

The UAE has successfully enticed a staggering US$23 billion in 2022 (AED 84.6 billion), up 10 percent from 2021, to be ranked 16th globally in FDI attraction. The country is now the world’s fourth-largest recipient of greenfield projects, with nearly a thousand ambitious ventures announced last year, an 84 percent increase.

The Chairman of ADDED said, “The UAE is also one of the world’s most active nations investing overseas, helping growth across 122 countries and 35 diverse sectors over the past five years. Our commitment to sustainable development is clearly demonstrated by substantial investments of nearly US$45 billion (AED165.6) in renewable energy. In 2022, the UAE FDI outflows dedicated nearly US$ 36 billion (AED132.5 billion) to renewable energy projects.”

In 2202, UAE’s FDI outflows increased by 10 percent to reach US$25 billion (AED92 billion), to be ranked 15th globally, reaffirming its role as a global leader in investments that help other countries to grow and prosper.

“The UAE was one of the first countries to commit to Net Zero by 2050, and as we prepare to host COP28, we have been clear on the urgent need for actions, with industry playing their full part in finding solutions to the global climate and energy challenges we face,” Al Zaabi said.

“Walking the talk, the UAE committed US$54 billion (AED 200 billion) last July to triple the contribution of renewable energy in the coming 7 years. In the past 15 years, we invested more than US$40 billion (over AED 147 billion) in clean and renewable energy sources, and we plan to invest an additional US$160 billion (AED 589 billion) over the next three decades on the road to net zero.”

UAE national champions are leading the energy transition at home and globally; the Abu Dhabi Investment Authority (ADIA) has made substantial investments in over 40 gigawatts of renewable energy projects, enough capacity to power 17 million homes. Masdar, the Abu Dhabi Future Energy Company, is not only reshaping the sustainability landscape in the UAE, but also an active investor in more than 40 countries, with a total value of over USD 30 billion.

Ahmed Jasim Al Zaabi said, “Our conversations at UNCTAD’s World Investment Forum to address challenges and develop solutions for priority issues in global investment and trade will feed into negotiations at COP28, to be held in November and December in the UAE. There could be no location more fitting for this event than the UAE, an economy that is going through a rapid transformation as it is forging ahead with diversification efforts, enhancing global connectivity and trade partnerships, as well as transforming into an increasingly sustainable and renewable energy-based economy. We are dedicated to building bridges between nations and fostering relationships to unlock a world of opportunities”.

Supported by the Ministry of Economy and ADDED, the lead partner, the 2023 World Investment Forum was officially opened in Abu Dhabi in the presence of heads of state, Rebeca Grynspan, Secretary-General of UNCTAD, eminent guests, and over 7,000 senior government officials, decision-makers, business leaders, and other investment stakeholders from 160 countries. WIF will run until October 20th at the Abu Dhabi National Exhibition Centre (ADNEC).