Wednesday , 22 November 2017

WGES 2017: Dubai’s National Bonds signs $653 mln deal to finance clean energy projects

Alternative energy concept with wind turbines, solar panels and nuclear energy power plant. Image for illustrative purposes only

Dubai Electricity and Water Authority (DEWA) on Tuesday signed an agreement with National Bonds to set up a 2.4 billion UAE dirham ($653.4 million) green fund at the World Green Economy Summit (WGES) that opened in Dubai today.

“The fund will also be the first major green fund that will have a dedicated arm for Sharia-compliant investments,” Saeed Mohammed Al Tayer, chairman of WGES and the CEO and managing director of DEWA told the audience at the summit.

National Bonds is a Sharia-compliant savings scheme and 100 percent owned by Dubai’s sovereign wealth fund, the Investment Corporation of Dubai.

This investment forms the first major investment into the 100 billion UAE dirham ‘Dubai Green Fund’ run by DEWA to finance investments in green energy that was announced as part of the Dubai Clean Energy Strategy 2050, which was launched two years ago.

About 50 billion UAE dirhams worth of investment is being made into solar projects in Dubai by 2030, part of a strategy aiming to see 75 percent of the emirate’s total power output generated from clean energy sources by 2050.

Al Tayer also announced the first international participants in the World Green Economy Organisation (WGEO) – a body set up by the United Arab Emirates through a global partnership with United Nations Development Programme (UNDP).

The foundation stages of WGEO were completed with six platforms launched in a 12-month period, Al Tayer said, and the seventh platform had now been created through this international participation.

“This new platform officially sees light today as three countries have joined it so far that are the UAE, Republic of Korea and Republic of Italy,” Al Tayer said.

“This is only the beginning; we aspire to have more countries joining Countries Platform from all over the world to intensify collective efforts to tackle climate change,” he added.

About Marc Mcilhone

Marc Mcilhone is ArabBrains’ Editor – sourcing news and features content and overseeing the work of the site’s contributors. Marc’s work is informed by his technical background in architecture having worked for some of the UK’s leading practices on projects within the education, healthcare and housing sectors. Marc has a particular interest in how innovators are creating sustainable solutions that have a positive impact on people’s everyday lives.
Please email press releases and news to: editor@arabbrains.com

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