It’s been a while since the Dubai government announced the creation of a solar park through which the emirate will replace conventional energy sources with sustainable ones. At the end of May, Dubai officials inaugurated the first stage of the Mohammed bin Rashid Al Maktoum Solar Park – a 200 MW clean energy park – which has increased Dubai’s share of green energy to 4%. Our company formation agents in Dubai can help foreign investors interested in opening companies in the energy industry.
The Dubai government’s project is very ambitious, as the total capacity of the solar plant is 800 MW and the park will be developed in 3 stages. The first one was the 200 MW plant, the second and third ones being projected for completion in 2019, respectively in 2020. Each of them will generate 300 MW of clean energy. The project will also have a fourth phase which will start towards the end of 2020. This last phase will be the most spectacular one, as it will have the tallest solar tower and the largest thermal storage capacity in the world.
By 2020, Dubai companies and households will benefit from energy from renewable sources in a proportion of 7% and 25% by 2030. By 2050, Dubai aims at having the lowest carbon footprint in the world. This will also transform it into the greenest city at a global level.
Our company registration advisors in Dubai can offer more information on how to set up a business in the clean energy sector.
The Dubai government announced that private companies are welcome to join in renewable energy schemes developed by the government. They will be allowed to build and run power plants, including in the Mohammed bin Rashid Al Maktoum Solar Park.
At the moment, the UAE has some of the highest utility costs in the GCC region, which is why the new clean energy project is expected to represent a very appealing collaboration for private companies which aim at reducing the energy bills. On a long-term, clean energy will represent a great incentive for future foreign investors seeking to enter the UAE market.
If you are interested in opening a company in Dubai in the energy industry, please contact us.