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Friday, September 22, 2023

UAE announces over $1.6B in industrial projects, including hydrogen plants


Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, on Wednesday announced more than 30 industrial projects worth more than AED6 billion ($1.63 billion), including the country’s first hydrogen electrolysis plant, to generate green energy.

Jaber made the announcement on Wednesday at the Make it in the Emirates forum in Abu Dhabi. The event is organized by the Ministry of Industry and Advanced Technology in partnership with the Abu Dhabi Department of Economic Development and the Abu Dhabi National Oil Company (ADNOC), of which Jaber is also CEO.

The hydrogen electrolysis plant will produce hydrogen that can be used to power low-emission vehicles instead of gasoline. It will be the first facility of its kind in the UAE.

During the forum, Jaber said that the UAE’s industrial sector had signed a further $2.7 billion in offtake agreements, bringing the total value of localized target products to $32 billion.

Jaber said his company, ADNOC, would allocate more than Dh20 billion to buy structural and metal products from state companies, Middle East Oil and Gas reported.

He added that the UAE’s industrial sector would announce competitive financing plans, including AED5 billion from First Abu Dhabi Bank and AED1 billion from Mashreq Bank, he added, according to the outlet.

Al Jaber also said that 5,000 sustainable jobs will be created in the UAE’s industrial sector through the country’s industrial plan, which is supported by Nafis (UAE Council for Talent Competitiveness) and the Ministry of Human Resources and Emiratisation.

“One of the major achievements of last year’s forum was the announcement by several leading national companies of their intention to invest AED110 billion over the next ten years to purchase 300 products from local manufacturers,” said Jaber.

“I am pleased to share that in the first year alone, 28% of these offtake agreements have been implemented, with a total value of AED 31 billion.”

Discussing the role of the industrial sector in reducing CO2 emissions, Jaber said: “It is the primary responsibility of our sector to demonstrate the feasibility of simultaneously achieving two goals: reducing emissions and achieving sustainable growth.”

“With this in mind, this year’s forum revolved around strengthening sustainable practices and fostering the adoption of Clean Energy Solutions Within the industrial sector,” he added.

Jaber appointed as chairman COP28 United Nations Climate Conference It will be held in Dubai in November. His appointment has drawn some criticism given that he is chief executive of one of the world’s largest oil companies. His defenders argue that, given that he is also chairman of the UAE renewable energy company Masdar, he is well placed to oversee the negotiations.


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