BR100 Decreased By (-0.15%)
BR30 Decreased By (-0.74%)
KSE100 Decreased By (-0.41%)
KSE30 Decreased By (-0.67%)
BECO 5.80 Decreased By ▼ -0.23 (-3.81%)
BML 58.03 Increased By ▲ 5.28 (10.01%)
BOP 33.85 Decreased By ▼ -0.40 (-1.17%)
CNERGY 8.15 Decreased By ▼ -0.01 (-0.12%)
DCL 11.77 Decreased By ▼ -0.57 (-4.62%)
FCCL 53.35 Decreased By ▼ -0.54 (-1%)
FCSC 5.40 Increased By ▲ 0.18 (3.45%)
FFL 17.89 Decreased By ▼ -0.14 (-0.78%)
FNEL 1.31 Increased By ▲ 0.01 (0.77%)
HUMNL 11.06 Increased By ▲ 0.06 (0.55%)
KEL 8.05 Decreased By ▼ -0.06 (-0.74%)
KOSM 5.45 Increased By ▲ 0.07 (1.3%)
MLCF 87.19 Decreased By ▼ -0.86 (-0.98%)
NBP 184.60 Decreased By ▼ -1.88 (-1.01%)
PACE 11.62 Increased By ▲ 0.90 (8.4%)
PAEL 40.31 Increased By ▲ 0.37 (0.93%)
PIAHCLA 26.10 Decreased By ▼ -0.07 (-0.27%)
PIBTL 17.09 Decreased By ▼ -0.23 (-1.33%)
PPL 228.40 Decreased By ▼ -4.38 (-1.88%)
PRL 34.59 Decreased By ▼ -0.36 (-1.03%)
PTC 67.35 Decreased By ▼ -0.21 (-0.31%)
SEARL 91.00 Increased By ▲ 0.07 (0.08%)
SSGC 26.90 Decreased By ▼ -0.27 (-0.99%)
TELE 8.53 Decreased By ▼ -0.04 (-0.47%)
THCCL 66.14 Increased By ▲ 6.01 (10%)
TPLP 9.29 Increased By ▲ 0.53 (6.05%)
TREET 24.59 Increased By ▲ 0.05 (0.2%)
TRG 71.69 Decreased By ▼ -0.06 (-0.08%)
WAVES 10.98 Increased By ▲ 1.00 (10.02%)
WTL 1.28 Increased By ▲ 0.02 (1.59%)
Markets

UAE channels oil money into alternative energy

Published November 23, 2015 Updated November 23, 2015 06:45am

imageABU DHABI: Rising from the desert outside Abu Dhabi, Masdar city is laying the groundwork for when the United Arab Emirates' oil wells run dry.

Driverless electric cars shuttle between energy-saving buildings topped with arrays of solar panels.

Traditional Arabic architecture mixes with modern technology, as narrow shaded alleys run between brick-coloured buildings, focusing the wind and keeping temperatures low.

On the edge of the complex, a 10-megawatt solar farm lined with photovoltaic panels provides clean energy.

First announced in 2007, Masdar city in the suburbs of Abu Dhabi has not yet become the city of 40,000 authorities promised, with only a few hundred people, mainly students, in residence.

But the complex -- which hosts the International Renewable Energy Association Agency (IRENA) and the Masdar Institute for Science and Technology -- is at the forefront of the UAE's efforts to focus on renewables.

The company that bears its name has invested huge sums on green energy -- an unusual move for a country better known as an oil and gas producer and exporter.

Sitting on 5.9 percent of the world's oil reserves and 3.1 percent of its natural gas, the UAE, a federation of seven sheikhdoms, is a key player in the global energy market.

The discovery of commercial quantities of oil in the UAE in the late 1950s transformed the area, turning a few pearl-diving towns wedged between the Gulf and the desert into an economic powerhouse.

But its rulers know the oil won't last forever, with Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed al-Nahyan warning earlier this year that the country's last tanker load will be exported in 50 years.

"We understood that for us to maintain our leadership in the (energy) sector, we have to get into renewable, and we have done that," Masdar chief executive officer Ahmad Belhoul told AFP.

Copyright AFP (Agence France-Presse), 2015

Comments

Comments are closed for this article.