UAE 'can become a major draw for renewable energy investors'

30/04/2010 - Dubai Investment News
UAE 'can become a major draw for renewable energy investors'

Posted by Neil King

The UAE can attract global investors in renewable energy by becoming a leader in solar power generation, an expert has said.

Helene Pelosse, director general of the International Renewable Energy Authority, argued that the UAE's sunny climate means that it will never have the energy shortage concerns of other countries, Gulf News reported.

Speaking at the Emirates Centre for Strategic Studies and Research, Ms Pelosse suggested that worldwide concerns about oil supplies and the rising demand for electricity need not affect the Gulf.

"The potential for this region is huge, with each square kilometre of land receiving every year an amount of solar energy that is equivalent to 1.5 million barrels of crude oil," she said.

Ms Pelosse added that by tapping into this huge potential for solar energy generation, the Gulf region can become a major draw for renewable energy investors.

Last week, a report by the Dubai Chamber of Commerce & Industry observed that in recent years, government investments in Dubai have largely been channelled into financing infrastructure and public utilities.

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