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02 March 2024

'UAE has enough funds to finance energy projects'

Rashid Ahmed bin Fahad (SUPPLIED)

By Abdel Hai Mohamed

The UAE has enough funds to efficiently finance its nuclear and renewable energy projects launched recently, said Dr Rashid Ahmed bin Fahad, Minister of Environment and Water.

"The UAE does not, and will not, face any problem in financing its nuclear and renewable energy projects valued at more than Dh90 billion. The cost of the nuclear energy project is Dh70bn, while the cost of Masdar City is more than Dh20bn," he told Emirates Business on the sidelines of the World Future Energy Summit.

"The country has entered the renewable energy sector with full conviction. The presence of presidents, ministers and CEOs from the world over at the summit is evidence that the UAE, particularly Abu Dhabi, has become a strong international player in renewable energy. There is global support and acceptance for this," he said.

"The UAE will continue the diversification of energy sources and there are huge investments to be announced in this sector along with those already made over the past two years.

"The Masdar project is one of the most important and pioneering renewable energy projects in the Arab region. Its positive effects will not be restricted to the UAE, but will go to the entire Arab World. It does not aim only to provide clean energy, but also to create an attractive environment for innovation. The UAE's programme in renewable energy is characterised by diversification. There are projects for the production of solar energy and others for the production of electricity from wind, along with the peaceful nuclear project. The cabinet gives high importance to renewable energy."


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