Investments exceeding USD 15 billion announced during World Future Energy Summit 2018

More than USD 15 billion worth of projects and funding was announced at the World Future Energy Summit (WFES) and its co-located events, the International Water Summit and EcoWaste Exhibition, which took place during Abu Dhabi Sustainability Week 2018 from 15-18 January, hosted by Masdar. The deals, which combined a number of local, regional and international agreements, strengthen the UAE’s position for advancing renewable energy and clean technology, said the organiser.

Over the four days, 850 exhibiting companies from 40 countries welcomed more than 33,000 attendees; and more than 100 start-ups participated in the event, where over 10,000 pre-arranged business meetings were held, as per the organiser. Exhibiting companies and a total of 18 national pavilions showcased some of the world’s latest and most advanced technologies, which are expected to play an integral part in the future of the energy industry.

Waste-News1“As a business-first event that provides a global platform for all those involved in the energy sector, the World Future Energy Summit 2018 has proven one of the most successful editions to date. The figures speak for themselves and have exceeded all expectations,” said Naji El Haddad, Group Event Director for the Middle East, Reed Exhibitions.

During the four-day World Future Energy Summit, the International Solar Alliance hosted its first-ever gathering in Abu Dhabi, and signed a letter of intent with YES Bank for its first financing commitment of up to USD 5 billion by 2030. The organisation also signed nine solar projects across five ISA member countries, including UAE, Saudi Arabia, Nigeria, India and Spain.

Saudi Arabia announced its intention to launch up to USD 7 billion worth of renewable energy projects in 2018, as part of the country’s plan to have 9.5 gigawatts (GW) of solar and wind capacity installed by 2023. The majority of the funding is expected to be spent on solar plants, with four (GW) of solar energy projects to be contracted throughout the year.

The sixth edition of the International Water Summit, held in strategic partnership with Abu Dhabi Water & Electricity Authority (ADWEA), saw the announcement of two landmark water-related projects. First, ADWEA announced the completion of a USD 435 million strategic desalinated water reserve in the capital. Constructed in the Liwa region, the megaproject will house 26 billion litres and is the world’s largest manmade water reserve.

ADWEA also announced a USD 1.2 billion project to build the world’s largest reverse osmosis water desalination plant in Abu Dhabi, with operations set to begin in October 2021. The greenfield reverse osmosis seawater desalination plant will have a capacity of 200 million imperial gallons of water per day, and will be located at the Taweelah power and water complex, approximately 45 kilometres north of the capital.

Abu Dhabi’s Centre of Waste Management (CWM) – Tadweer announced five contracts totaling USD 45 million of investment in waste management projects during the EcoWaste exhibition. The contracts, signed with a range of local and international private companies, are set to expand environmental waste solutions throughout the emirate, as well as generate significant job opportunities.

Masdar and Bee’ah announced financing commitments that had been secured for the Sharjah Multi-Fuel Waste-to-Energy Facility. The facility comes as part of the Emirates Waste to Energy Company – a joint venture between Masdar and Bee’ah – and will have the capacity to treat 300,000 tonnes of waste and a power capacity of 30 MW.