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INTELLIGENT VERTICAL: ENERGY
SEIZING THE
POTENTIAL OF THE
ENERGY SECTOR
Declining reserves and revenues, along with rising
domestic energy demand, require a shift to enable
performance and sustainability.
T
he energy and utilities sector in
the UAE must harness innovative
strategies to overcome some of the
greatest sustainability challenges in the GCC,
Booz Allen Hamilton has said in a report
entitled ‘The Future is Innovation’.
Combined, the Gulf Cooperation Council
(GCC) states hold almost a third of proven
crude-oil reserves and approximately a fifth
of global gas reserves. However, declining
reserves and revenues along with increased
consumption due to rapid industrialisation,
population growth and rising domestic
energy demand, are testing the region’s
capacity to its limits.
Policy changes and shifting national
budgets across the GCC indicate that the
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region’s governments are responding to
these challenges, and the region’s key
energy and utilities players will need to
adapt to new realities.
In the UAE, a Masdar-led consortium is
developing the 800-megawatt Mohammed
bin Rashid Al Maktoum Solar Park in
partnership with Dubai Electricity and Water
Authority (DEWA). It is set to be the largest
single-site solar park in the world based
on the IPP model, and falls in line with
the Dubai Clean Energy Strategy 2050 to
advance the country’s sustainability goals.
Another pillar of the Dubai Clean Energy
Strategy 2050 is the Dubai Green Fund. The
fund is in place to support sustainability
projects and is driving securitisation, with
“
THE KEY TO
SUSTAINABLE
SUCCESS LIES
IN INNOVATION,
WHICH IS A FORCE
CONSTANTLY
PROMOTED
YET ALL TOO
INFREQUENTLY
EMBRACED.
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