The Middle East is well placed to tap into green hydrogen due to its track record in developing low cost renewable energy and offers increasing opportunities for private players, according to Natixis.
The French investment bank estimates that investments in hydrogen, an alternative fuel, will exceed $300 billion through to 2030. The green variant of the gas is manufactured using renewable power sources.
"In terms of production costs [for renewables], the Middle East has really led the way in the last few years and converting that to very low-cost hydrogen production is obviously the natural next step," Ehsun Zaidi, Middle East head of investment banking at Natixis, said.
Hydrogen development is high on the agenda of both the UAE and Saudi Arabia as the countries aim to decarbonise their economies.
Abu Dhabi announced the formation of a hydrogen alliance earlier this year to step up investment into the clean fuel. Saudi Arabia has plans to sell green hydrogen through pipelines to Europe.
The kingdom aims to be an exporter of hydrogen as it adjusts to the global energy industry's shift to cleaner fuel sources.
Last year, a consortium comprising industrial gases company Air Products, Saudi-based clean energy company Acwa Power and Neom, the planned futuristic mega city in the kingdom’s north-west, agreed on a $5 billion project to produce hydrogen using solar and wind energy.
In a report published on Monday, Natixis noted that $70bn of funding to develop hydrogen will largely be led by the public sector.
The main challenge for the sector is to attract private capital to "complement these sources of public funding", said Ivan Pavlovic, the author of the report.
Hydrogen has attracted significant funding in the EU through an enhanced package to build 40 gigawatts of internal market capacity and 40 gigawatts of neighbouring market capacity in North Africa and Ukraine.
The gas is already being trialled for use through public-private partnerships in the waste management sector in France, Mr Pavlovic said.
The use of hydrogen as a fuel in transportation could further accelerate demand, attracting more private capital.
"In addition, but obviously taking a much [more] forward looking approach with a potential introduction by 2035 of hydrogen-fuelled aircraft, you could have a two-fold source of hydrogen demand in these places – one coming from infrastructure and the other one coming from the aircraft," he said.
McKinsey estimates that the development of a hydrogen economy could generate $140bn in annual revenue by 2030 in the US alone.
More than 30 countries have already unveiled hydrogen roadmaps worldwide, with 228 large-scale hydrogen projects announced across the value chain, according to the Hydrogen Council's Hydrogen Insights 2021 report.
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs: 2018 Jaguar E-Pace First Edition
Price, base / as tested: Dh186,480 / Dh252,735
Engine: 2.0-litre four-cylinder
Power: 246hp @ 5,500rpm
Torque: 365Nm @ 1,200rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.7L / 100km
more from Janine di Giovanni
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Killing of Qassem Suleimani
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
