Mubadala Energy, the oil and gas unit of Abu Dhabi’s Mubadala Investment Company, and Masdar have signed an agreement to explore opportunities related to decarbonisation and energy transition initiatives.
The partnership will primarily focus on the Mena region and South-East Asia, while also exploring “other regions of mutual interest”, the companies said on Monday.
The partnership will include “synergistic” areas such as decarbonisation and energy efficiency solutions for oil and gas assets, joint investments in new energy projects and collaboration on emissions management initiatives, they said.
“Energy transition and decarbonisation are key drivers shaping the global economy,” said Bakheet Al Katheeri, chief executive of the UAE investments platform at Mubadala Investment Company.
“By bringing together two of Abu Dhabi’s leading international energy champions to leverage their deep expertise, we are creating a catalyst for innovation.
“I’m confident this collaboration will accelerate solutions to complex challenges and create opportunities for strategic investment.”
Established by Mubadala in 2006, Masdar has taken a leadership role in the global clean energy sector and has also helped to drive the nation’s economic diversification and climate action agenda.
It is currently active in more than 40 countries and has invested or committed to invest in projects worth more than $30 billion.
In May, the company said it had almost doubled its clean energy capacity and carbon dioxide displacement in two years.
Masdar grew its renewable energy capacity to 20 gigawatts in 2022, producing 18,000 gigawatt hours of clean energy and reducing carbon dioxide emissions by 10 million tonnes.
“Masdar believes that energy sector investments must support scalable clean energy alternatives, new solutions for hard-to-abate industries and more efficient use of natural resources, to mitigate climate change while ensuring a sustainable energy supply,” said Masdar chief executive Mohamed Al Ramahi.
The UAE is investing heavily in clean energy projects and has announced several initiatives as it seeks to reach net-zero emissions by 2050.
The country is developing new clean energy projects such as the Barakah nuclear plant, a two-gigawatt solar plant in Abu Dhabi's Al Dhafra region and the five-gigawatt Mohammed bin Rashid Al Maktoum Solar Park in Dubai.
This month, the UAE Cabinet also approved the updated version of the UAE Energy Strategy 2050 and the development of the National Hydrogen Strategy.
Under the updated objectives of the UAE Energy Strategy 2050, the Arab world’s second-largest economy will invest Dh200 billion ($54 billion) by 2030 to ensure energy demand is met while sustaining economic growth.
“Aligned with the UAE’s net-zero ambitions, we continue to action a clear strategy to recalibrate our business and play a more proactive role in supporting the energy transition drive towards lower carbon energy,” said Mansoor Al Hamed, chief executive of Mubadala Energy.
“This means we are doubling down on gas across our value chain, exploring investments in new energy sectors such as blue hydrogen and carbon capture, utilisation and storage, and looking at other technological levers to decarbonise operations,” Mr Al Hamed said.
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7.05pm: Longines Gents La Grande Classique Dh155,000 Handicap 1,200m.
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7.40pm: Longines Equestrian Collection Dh150,000 Maiden 1,600m.
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8.15pm: Longines Gents Master Collection Dh175,000 Handicap.
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8.50pm: Longines Ladies Master Collection Dh225,000 Conditions 1,600m.
Winner: Cosmo Charlie, Pat Dobbs, Doug Watson.
9.25pm: Longines Ladies La Grande Classique Dh155,000 Handicap 1,600m.
Winner: Secret Trade, Tadhg O’Shea, Ali Rashid Al Raihe.
10pm: Longines Moon Phase Master Collection Dh170,000 Handicap 2,000m.
Winner:
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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