The potential for hydrogen is extremely strong in the Middle East and North Africa, thanks to the region's focus on the low-carbon fuel, a senior industry executive has said.
"We think that hydrogen is the next place for Mena and Mena is the next place for hydrogen," said Pierre-Etienne Franc, chief executive of Paris-based hydrogen fund Hy24.
The fund hopes to attract many investors from the Mena region as it expands its Middle Eastern presence, he told a hydrogen summit in Abu Dhabi on Wednesday.
The company, a joint venture between European private equity firm Ardian and Zurich-based FiveT Hydrogen, will focus on developing new projects that address the infrastructure and technology requirements for the production of the low-carbon fuel, Mr Franc said.
Hy24, which is backed by large companies such as TotalEnergies and Baker Hughes, raised €2 billion ($2.15 billion) to invest in green hydrogen projects last year.
Hydrogen, which can be produced from renewable energy and natural gas, is expected to become a critical fuel as economies and industries transition to a low-carbon world.
It comes in various forms, including blue, green and grey. Blue and grey hydrogen are produced from natural gas, while green is derived from splitting water molecules through electrolysis.
French investment bank Natixis estimates that investment in hydrogen will exceed $300 billion by 2030.
“Many countries starting with the UAE have already developed hydrogen papers and hydrogen strategies, which [show] the priorities you want to put between local use, export [and] decarbonisation,” Mr Franc said.
The UAE is bullish on hydrogen and has been drawing up a comprehensive road map to position itself as an exporter of the clean fuel and tap into its future potential.
The Emirates is investing Dh600 billion ($163 billion) in clean and renewable energy projects over the next three decades as it aims to reach net-zero emissions by 2050.
Although a large pipeline of clean hydrogen projects has been announced in the Middle East, they will need international commitment and co-ordination to reach the final investment decision phase, Mr Franc said.
“Everyone is waiting for the others … to take risks to move into decision and this is the core of the topic that we need to solve now.”
Ardian, a partner in Hy24, opened an office in The Abu Dhabi Global Market in January as part of its regional expansion plans.
The private equity firm, which has $140 billion of assets under management worldwide, is exploring opportunities to deploy capital in Mena’s hydrogen industry through Hy24, Yacine Zarrouk, managing director of investor relations at Ardian, told The National on the sidelines of the event.
“We're working closely with the Abu Dhabi ecosystem [for] potential partnerships … it goes from the actual production [of hydrogen] to the entire value chain,” said Mr Zarrouk.
A potential recession will not affect Ardian’s investment plans in the region, he said.
“It's not the first economic cycle that we'll be facing. It's something that we have seen in the past.”
Nabil Nachi, head of Middle East and Africa new business at Hyundai, said that promoting the use of hydrogen in the region's mobility sector would require government subsidies.
Mr Nachi, who was speaking during a panel at the same event, said the Korean car maker was in touch with its UAE partners to introduce mobility projects ahead of the Cop28 climate conference in November.
“It's still a very expensive technology [and] that's why they need a kick-start, at least at the beginning,” Mr Nachi said.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
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- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Killing of Qassem Suleimani
Jetour T1 specs
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Company name: Farmin
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Sector: AgriTech
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Cricket World Cup League Two
Teams
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
Fixtures
Saturday January 11 - UAE v Oman
Sunday January 12 – Oman v Namibia
MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
Most sought after workplace benefits in the UAE
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How to avoid crypto fraud
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Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
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Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
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Breakfast routine: a tall glass of camel milk
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Starring: John David Washington and Zendaya
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
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