UAE intends to invest up to Dh200 billion in renewable energy

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Recently, an announcement was made that the UAE plans to make significant investments in the renewable energy sector, amounting to hundreds of billions of dirhams. Sheik Mohammed bin Rashid, Prime Minister and Ruler of Dubai, shared this news on social media, revealing that the updated national energy strategy received approval during the recent Cabinet meeting.

“Our objective is to triple the proportion of renewable energy within the next seven years and allocate national investments ranging from Dh150 to Dh200 billion during the same timeframe to address the escalating energy demand in the country resulting from rapid economic growth,” stated Sheik Mohammed.

Furthermore, he announced the endorsement of the national strategy for hydrogen, which has recently emerged as a crucial clean energy source.

This strategy aims to position the country as a producer and supplier of low-emission hydrogen within the next eight years. It will involve developing supply chains, establishing hydrogen hubs, and fostering the growth of this promising industry. A dedicated national research and development center for the hydrogen sector will also be found.

The recent Cabinet meeting created a new government ministry focused on promoting investment in the United Arab Emirates. Called the Ministry of Investment, Minister Mohamed Hassan Al Suwaidi will lead it. Sheik Mohammed conveyed the ministry’s aim: “Our objective is to strengthen the UAE’s investment vision, cultivate a favorable investment environment, and enhance the competitiveness of this sector within the country.

The meeting also addressed revising the United Arab Emirates’ legislation concerning the unlawful transportation of individuals and forced labor.

The law mandates a minimum fine of Dh100,000 and a minimum prison sentence of five years for those found guilty of such offenses.

Sheik Mohammed stated, “Today, we have approved several amendments to the law on combating human trafficking, which entail stricter penalties and establishing services for victims, including educational support and measures for their safe repatriation.

He added, “We have also criminalized incitement to commit this crime and heightened the penalties imposed on the perpetrators. The United Arab Emirates unequivocally condemns this form of criminal activity.

Sheik Mohammed emphasized that this unwavering humanitarian stance has been a fundamental principle of the nation since its inception.

Additionally, the approval of a Financial Stability Council was granted on Monday. The objective of this council will be to strengthen and safeguard financial stability within the nation. It will closely monitor potential risks and effectively address any financial crises that may arise to ensure the continuous progress of the country’s economic development. Sheik Mohammed emphasized the importance of developing proactive measures to prevent the exposure of the nation’s economic, financial, and monetary systems to significant levels of risk. Furthermore, as a globally recognized financial center, the UAE holds the trust of numerous investors worldwide. The Prime Minister expressed the commitment to uphold this trust, as it is vital for the best interests of the national economy.

WeRide is set to commence trials of various autonomous vehicles on the roads of the United Arab Emirates (UAE).

Furthermore, discussions were held regarding formulating a comprehensive national strategy for electric cars. This strategy encompasses developing a nationwide network of electric vehicle charging stations, regulating the electric vehicle market, and promoting related industries. The aim is to achieve emission reduction, energy consumption reduction, and the preservation of road quality throughout the UAE.

Sheikha Mariam bint Mohamed has recently been appointed National Center for Education Quality President. The primary objective of this center is to oversee and enhance the quality of education in the country, focusing on preparing the upcoming generation. Sheik Mohammed expressed his optimism regarding Sheikha Mariam’s inclusion in the educational system team under Sheik Abdullah bin Zayed’s guidance and his confidence in achieving exceptional national educational outcomes.

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