Dubal Holding, the investment arm of the Dubai government in the commodities and mining, power and energy, and industrial sectors, and facilities management company Imdaad signed a preliminary agreement to invest in projects designed to support Dubai’s sustainability initiatives.
Dubai has taken measures to boost recycling, meet international standards for emissions and sustainability and help propel the emirate towards its goal of sending no waste to landfills by 2030.
This year, the emirate launched the Integrated Waste Management Strategy 2021-2041, with a budget of Dh74.5 billion ($20.3bn), of which the private sector’s contribution will amount to Dh70.5bn.
The Dubai government will also encourage innovation in waste management, recycling, and energy conversion.
The agreement between Dubal Holding and Imdaad is part of “our efforts to explore new avenues which will boost the nation's economy and overall development in the sustainability sector”, said Ahmad bin Fahad, 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 said.
Dubal Holding’s current portfolio of assets includes a 50 per cent stake in the Emirates Global Aluminium, a 60 per cent interest in OSE Industries, and minority positions in the Dubai Waste Management Centre Project and Sinoway Carbon — a calcined petroleum coke facility based in China
The UAE is investing Dh600 billion ($163.5bn) in clean and renewable energy projects over the next three decades as it aims to achieve net zero emissions by 2050.
It is building a solar plant in the Al Dhafra region of Abu Dhabi, which will have a capacity of 2 gigawatts. It also developing the Mohammed bin Rashid Solar Park in Dubai, which has a 5 gigawatt capacity.
The UAE, Opec’s third-biggest producer, has a hydrogen strategy and aims to capture about 25 per cent of the global market.