Why is the UAE’s renewable energy sector attracting more private equity funding?
A growing number of private equity funds are investing in the UAE’s renewable energy projects and energy transition initiatives, encouraged by an abundance of capital and geopolitical stability.
The Emirates, the Arab world’s second-largest economy, plans to achieve carbon neutrality by 2050.
It hosted the Cop28 climate conference in December, and this introduced many companies and funds to the opportunities in the UAE’s fast-growing clean energy industry, according to experts and officials.
The Emirates is also home to some of the world’s largest sovereign wealth funds, such as the Abu Dhabi Investment Authority and Mubadala Investment Company, that want foreign investors to co-invest in large projects.
“We’re seeing a lot of hedge funds wanting to come here in Abu Dhabi, and Dubai,” said Massimo Falcioni, chief competitiveness officer at the Abu Dhabi Investment Office (Adio).
“Cop28 has put the UAE at the top spot” and “convinced [everyone] that this is the place to be for energy”, Mr Falcioni told The National.
“The geopolitical stability of the country guarantees stability in investment,” he added. “Long-term investments require a safe haven to put the money, and this is…
